Appraisal on Same Property for different client

[bnmappraisal]

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.

It is true, we are bound by confidentiality and I do make that clear with my private/non-lending clients. Even some of them tell me NOT to disclose any information to their agent, even though their agent is the one who referred me! I abide by that, as should any respectable appraiser
(I won't lie, that is sometimes an awkward conversation with the agent, but eventually they understand the difference of what/who a "client" is)

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

Some companies have staff - nothing wrong with that. As @Tim Hicks (Texas) stated prior (and i paraphrase) you don't have to be licensed to do some of the stuff we do

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.

That raises some other questions, I guess
One being - Was it in the original agreement (verbal or written) that the appraiser completing the assignment would be the one inspecting AND writing the report or?

 

[bnmappraisal]

What's fishy IMO is the liklihood that the same appraiser would receive both assignments, unless he marketed himself to the recent client because of his prior involvement.

And I agree GAMA (my bold) which contradicts the whole "no prior/future interest" in the subject property
THAT would definitely be an issue, IMO

 

[glenn walker]

Love ya, T4V but ... Have to agree with Glenn (my bold)

And I agree GAMA (my bold) which contradicts the whole "no prior/future interest" in the subject property
THAT would definitely be an issue, IMO

If Client told me was not to share it with anyone , I would have done it as a restricted report , sat down with him/her and laid out who was the Client and if there were any other intended users, that needed to be included. I also would have used a General Certification where any other assumptions may have needed to be addressed. After that I could care less what he/she did with it but I would not have accepted the lender order on it and at time of order I would have told them, to reassign it to another appraiser .

 

[Long Walk]

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.

Was there an engagement letter signed? Maybe reviewing that to better understand how the appraiser saw confidentiality officially might help. If you and your agent were present for the confidentiality discussion, you would do well to write statements soon to memorialize the conversation, with particular emphasis on any promises promises made that you relied on. If this becomes a complaint against the appraiser, statements written soon after the events will generally be considered more reliable than if you wait a long time. That exercise will help to jog everyone's memory as to what was said versus what was heard.

 

[Overimprovement]

I am confused with OP's concerns about property secrecy...if a 2nd, new appraiser has to visit property, is there something THEY are going to NOT discover about the property that the 1st appraiser DID?

OK, it is not on google maps for some reason, fine. A new appraisal will not change that. Perhaps (guessing here) there is some large, unpermitted addition or illegal use that the county does not know about, but 1st appraiser does. Won't the 2nd appraiser find this out too, and have to disclose it? Whoever it is?

Unless the 2nd appraisal order is a desktop. If that is the case, then I can see the angst, but otherwise, I do not.

 

[Fernando]

Fernando & Zoe

Can't speak for Zoe but I have. It's because it has been over 3 years since I did it and I didn't check my database.
Since I wasn't aware of this, it's like a new assignment.

 

[Tom4value]

but they would have to disclose that they previously appraised the property which sort of defeats the confidentiality agreement

Yes, but not if the original client said no at the time of the assignment.

 

[dahofman]

Thank you everyone for your input through this. It is a very odd situation that has come about and there are many other details that I could mention that would (I’m sure) further go to validate our concerns.

I am not only concerned about his involvement in both sides of the transaction, but I am very concerned about the quality of the company’s underlying appraisal of the property to me.

I think when it comes down to it, I really just want to feel like the appraiser is following through with his word to me. Though it is a relatively small community where I live, I wouldn’t think it would be difficult to find another appraiser.

I have given notice to the appraiser of my concerns and asked him to decline the new assessment. I am uncertain as to what he will do, but to me it seems simple -Follow through with his word.

Thanks again for everyone’s education and wisdom.

I am confused with OP's concerns about property secrecy...if a 2nd, new appraiser has to visit property, is there something THEY are going to NOT discover about the property that the 1st appraiser DID?

OK, it is not on google maps for some reason, fine. A new appraisal will not change that. Perhaps (guessing here) there is some large, unpermitted addition or illegal use that the county does not know about, but 1st appraiser does. Won't the 2nd appraiser find this out too, and have to disclose it? Whoever it is?

Unless the 2nd appraisal order is a desktop. If that is the case, then I can see the angst, but otherwise, I do not.

Definitely not the case. My profession requires ethical standards in private and public affairs. I would never jeopardize my livelihood or risk harm to another.

It is true, we are bound by confidentiality and I do make that clear with my private/non-lending clients. Even some of them tell me NOT to disclose any information to their agent, even though their agent is the one who referred me! I abide by that, as should any respectable appraiser
(I won't lie, that is sometimes an awkward conversation with the agent, but eventually they understand the difference of what/who a "client" is)

Some companies have staff - nothing wrong with that. As @Tim Hicks (Texas) stated prior (and i paraphrase) you don't have to be licensed to do some of the stuff we do

That raises some other questions, I guess
One being - Was it in the original agreement (verbal or written) that the appraiser completing the assignment would be the one inspecting AND writing the report or?

I was never told that anyone other than the original appraiser would have a hand in the appraisal. I didn’t find that out until I received the report. It indicated that office staff had pulled comparable properties.

My concern is that they 1) didn’t have my tax information, and 2) my property information is unlisted because of my profession. Therefore, I am wondering how the pulled comparable properties for my home.

In reviewing the comparable properties listed in the report, all we’re ranch style homes decades older than my home. My home is a two story home with a finished basement. None of the comparable resembled my home, had the quality of my home, or were built in the same decade.

I have some significant concerns about what was done. To me, it seems like the only item that was similar in the comparable properties was above ground square footage.

 

[glenn walker]

Very Easy-Change the locks and tell -the appraiser to go F-=Off--Then get a good attorney -DONE-

 

[George Hatch]

Thank you everyone for your input through this. It is a very odd situation that has come about and there are many other details that I could mention that would (I’m sure) further go to validate our concerns.

I am not only concerned about his involvement in both sides of the transaction, but I am very concerned about the quality of the company’s underlying appraisal of the property to me.

I think when it comes down to it, I really just want to feel like the appraiser is following through with his word to me. Though it is a relatively small community where I live, I wouldn’t think it would be difficult to find another appraiser.

I have given notice to the appraiser of my concerns and asked him to decline the new assessment. I am uncertain as to what he will do, but to me it seems simple -Follow through with his word.

Thanks again for everyone’s education and wisdom.


Definitely not the case. My profession requires ethical standards in private and public affairs. I would never jeopardize my livelihood or risk harm to another.

I was never told that anyone other than the original appraiser would have a hand in the appraisal. I didn’t find that out until I received the report. It indicated that office staff had pulled comparable properties.

My concern is that they 1) didn’t have my tax information, and 2) my property information is unlisted because of my profession. Therefore, I am wondering how the pulled comparable properties for my home.

In reviewing the comparable properties listed in the report, all we’re ranch style homes decades older than my home. My home is a two story home with a finished basement. None of the comparable resembled my home, had the quality of my home, or were built in the same decade.

I have some significant concerns about what was done. To me, it seems like the only item that was similar in the comparable properties was above ground square footage.

Well, square footage IS one of the primary variables of effect on their values. A simple search will often consist of just 2 variables, age and square footage. Homes of similar age tend to share similar design/appeal, floorplans, ceiling heights and overall condition. I almost NEVER mix/match sales of extremely different ages because they're just too different in these other attributes. Unless that's all there is, which that occasionally happens too.