Appraisal on Same Property for different client

[dahofman]

Great question. It’s been two weeks. I’m not sure if it has changed too much. Maybe though?

Maybe I missed a comment somewhere, but what is the time difference between to the prior appraisal and this new one. The sales market is constantly changing and a new value may be supported by more recent sales. I keep hearing about a market correction. Honestly, there are fewer sales that three months ago in this area and prices appear to be down in some areas and not in other areas. The time frame between the two valuations could require a new value (higher or lower) depending on the market. Double dipping? Each assignment is a different assignment with a different scope of work. The appraisal could turn out identical in value (the form should not be identical), but it could be different based on market changes. The only aspect the appraiser is saving is the actual measurement of the property because he/she would still be required to inspect the property for this new client.

It’s been two weeks since my appraisal.

 

[dahofman]

Please explain this question. Is the appraiser from your market area? Once he/she inspected your property, they have the physical characteristics of your property. The use of comparable sales is typically from MLS and public records. A secretary or trainee can print comparable sales for the appraiser, but it is the appraiser's job to select the most similar comparable sales for comparison. Are you saying the appraiser never visited your property? How would you know if he/she did not select the comparable sales?

Sorry if I confused you. It is strange. So, my property isn’t visible by the GIS/beacon because the property records and information is hidden. It is due to my job. I was confused about how comparable a could be pulled if they couldn’t use beacon or whatever program that would normally get used.

 

[dahofman]

As far as appraising the same property more than once, it can done per USPAP as long as you disclose that you appraised the property to the new client and the confidentiality agreement did not specifically state the appraiser could not accept another assignment for the property from the original client. Everything that was confidential regarding the physical characteristics will be evident upon the new inspection. I have done more than one appraisal for the same property many times in less than three years. Typically, it is the same lender ordering a new appraisal, but sometimes it is a new lender. I have done listing appraisals in small towns and had to do the loan appraisal for the lender when sold. As long as you disclose and do your job correctly, there is no harm or foul. I have also had to do a new appraisal on a property because the physical characteristics were changed (lot size, additions, etc).

Is that even after an agreement between the parties that the appraisal would remain confidential and that the appraiser would not handle a future appraisal for a lender?

 

[dahofman]

Just wanted to say thanks everyone for the guidance and assistance. This is a difficult gig I’m sure.

 

[Tim Hicks (Texas)]

Is that even after an agreement between the parties that the appraisal would remain confidential and that the appraiser would not handle a future appraisal for a lender?

If there was an agreement that the appraiser would not handle a future appraisal for a lender, then the appraiser is violating USPAP and should not accept the assignment. Do you have this in writing?

If the goal is to keep the subject information confidential, wouldn't it be better to have fewer appraisers inspecting the property? If you are selling the property, the home will no longer be hidden from public records for the buyer unless they have the same type profession that allows hidden information.

Good luck, I think the appraiser should withdraw from the assignment. I hope there are other appraisers in the area.

 

[George Hatch]

Sorry if I confused you. It is strange. So, my property isn’t visible by the MLS because the property records and information is hidden. It is due to my job. I was confused about how comparable a could be pulled if they couldn’t use beacon or whatever program that would normally get used.

Certain details about the property and the ownership may be redacted but the property itself is not "invisible" to public records. This is what a County Assessor's map looks like in my region:

 

[Tim Hicks (Texas)]

I don't mean to hijack thread, but how many of you have accepted an assignment and didn't realize you had the done the appraisal previously until you set up the file the day for the inspection?

 

[Tim Hicks (Texas)]

Certain details about the property and the ownership may be redacted but the property itself is not "invisible" to public records. This is what a County Assessor's map looks like in my region:

View attachment 66867

View attachment 66868

In this area, they will redact it from tax records. Even the plat will show a hole where that lot belongs. This is typically for law enforcement, judicial employees, etc.

 

[dahofman]

If there was an agreement that the appraiser would not handle a future appraisal for a lender, then the appraiser is violating USPAP and should not accept the assignment. Do you have this in writing?

If the goal is to keep the subject information confidential, wouldn't it be better to have fewer appraisers inspecting the property? If you are selling the property, the home will no longer be hidden from public records for the buyer unless they have the same type profession that allows hidden information.

Good luck, I think the appraiser should withdraw from the assignment. I hope there are other appraisers in the area.

Not in writing. Indicated it to myself and my realtor together while at the property. He was going through his introductory comments and talked about his confidentiality throughout the process.

Also, the staff at the company apparently acknowledged that another appraiser may need to handle it.

The problem with this is that both individuals (licensed in the office) we’re involved in my appraisal. To me, that seems to be an issue as well.

 

[glenn walker]

Also, to those who think that I am concerned about the original valuation being different…that’s not it at all. I want someone who is going to stand by his word.

Let me ask you this…If a new appraiser is reviewing the same property and features, then shouldn’t the evaluation be close in proximity?

If the answer to that is no, then that seems to a problem with the profession. Not me.

Is that even after an agreement between the parties that the appraisal would remain confidential and that the appraiser would not handle a future appraisal for a lender?

I don't mean to hijack thread, but how many of you have accepted an assignment and didn't realize you had the done the appraisal previously until you set up the file the day for the inspection?

Fernando & Zoe