Appraisal again for a house just did a few months ago

[David S]

Got a quote to do a appraisal for the house I just did late last year, different AMC, different lender. Do I have to disclose this before acceptance or disclose it in the report is enough? Last time I appraised at high 3m. At that time, it was pending but lender just let me do drive by, no contract to review. I checked again this morning, the sale was closed early Jan this year for low 3m. Will previous client be unhappy for this? I believe that assignment was from seller's lender, kind like SS situation. I pulled the comps right now, it should be around 4m.

 

[J Grant]

Got a quote to do a appraisal for the house I just did late last year, different AMC, different lender. Do I have to disclose this before acceptance or disclose it in the report is enough? Last time I appraised at high 3m. At that time, it was pending but lender just let me do drive by, no contract to review. I checked again this morning, the sale was closed early Jan this year for low 3m. Will previous client be unhappy for this? I believe that assignment was from seller's lender, kind like SS situation. I pulled the comps right now, it should be around 4m.

Disclose any prior service before you accept the assignment (or they will cancel it if it's an issue). Do not wait to disclose it in the report.

The rest, I have no idea.

 

[David S]

Disclose any prior service before you accept the assignment (or they will cancel it if it's an issue). Do not wait to disclose it in the report.

The rest, I have no idea.

Thanks! So we DO need to disclose this before acceptance? Let me message again. Anyway, my quote hasn't approved yet. Why they probably don't like me to do 2nd assignment?

 

[Overimprovement]

Thanks! So we DO need to disclose this before acceptance? Let me message again. Anyway, my quote hasn't approved yet. Why they probably don't like me to do 2nd assignment?

If you are asking again, the answer is still yes. For whatever reason, sometimes AMCs/lenders don't like recent prior service. Had it work out both ways. I once did the same house twice in 2 weeks. Disclosed prior service at acceptance, no issues, full fee. All I did was retake pics. I believe that is necessary because some would say prior pics are the property of the the prior client. Since you have to reinspect anyway to truthfully change the inspection date, you might as well snap fresh pics.

 

[J Grant]

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Yes, an appraiser must disclose any prior services related to the subject property within the three years prior to accepting an assignment. This is required by the Uniform Standards of Professional Appraisal Practice (USPAP).

Elaboration:

• USPAP Requirement:
  USPAP mandates that appraisers disclose any prior services, not just appraisals, regarding the subject property within the three years preceding the engagement.
• Disclosure Scope:
  This disclosure applies to all services, including appraisals, appraisal reviews, and other services related to the property, whether performed by the appraiser or in another capacity.
• Purpose of Disclosure:
  The disclosure is intended to promote transparency and avoid potential conflicts of interest, ensuring the appraisal process remains impartial and trustworthy.
• Timing:
  The disclosure must be made prior to accepting the assignment and also included in the report's certification.
• Information Required in Disclosure:
  The appraiser must disclose the fact of prior service, but not necessarily for whom it was performed, the appraised value, or the exact timing of the prior service.

 

[sputnam]

Got a quote to do a appraisal for the house I just did late last year, different AMC, different lender. Do I have to disclose this before acceptance or disclose it in the report is enough? Last time I appraised at high 3m. At that time, it was pending but lender just let me do drive by, no contract to review. I checked again this morning, the sale was closed early Jan this year for low 3m. Will previous client be unhappy for this? I believe that assignment was from seller's lender, kind like SS situation. I pulled the comps right now, it should be around 4m.

You have to do both.

 

[Mark K]

You have to do both.

^^^ What he said.

I can't tell if you've quoted it yet or not but if so, inform them ASAP.