Appraisal on Same Property for different client

[Terrel L. Shields]

What "disclosures" are you worried about. What "confidential" information about the seller would concern the lender.

If confidential why would he share that here?

 

[Dublin ohio]

If confidential why would he share that here?

Could share the "type" of information

 

[Terrel L. Shields]

err...maybe

 

[Tom4value]

Wow, sorry but that's ridiculous...file a complaint. Where do you come up with this?

The results and information can remain confidential. Disclosure about a prior service must be disclosed but that doesn't include reporting the results.

To assume the appraiser would not honor the prior agreement also seems extreme and judgemental...we're expected to act as professionals and unless there's something to the contrary that's how most would proceed.

No, this is a USPAP violation! If the client requests at time of acceptance of the assignment that the results are to remain confidential, the appraiser is strictly prohibited from performing an appraisal on the property for 3 years.

 

[Dublin ohio]

perhaps about prior damage or fire or any number of things

It was requested at the beginning that the information and results remain confidential to myself and my realtor. I put my property on the market after the evaluation.

Any physical characteristics such as previous fire damage would have to be disclosed in the RPD.

 

[glenn walker]

No, this is a USPAP violation! If the client requests at time of acceptance of the assignment that the results are to remain confidential, the appraiser is strictly prohibited from performing an appraisal on the property for 3 years.

Cite that in USPAP !

 

[Tom4value]

What "disclosures" are you worried about. What "confidential" information about the seller would concern the lender.

Doesn't matter. At time of acceptance of the assignment, the client gave orders to not perform an appraisal on the property. No justification is needed. USPAP dictates that the appraiser is prohibited from doing so for three years.

 

[Basically Rectangular]

What "disclosures" are you worried about. What "confidential" information about the seller would concern the lender.

OP most likely either listed higher than or accepted a contract price which is higher than the original appraisal, and now does not want the original appraiser to complete the assignment since they both know that the original opinion of value is lower than what they are now under contract for. The confidentiality argument is nonsense because the appraiser may not disclose any information (to this lender, or any entity other than the state board) regarding the original appraisal other than the fact that an appraisal was performed.

Unless the confidentiality agreement specifically required the appraiser to refrain from disclosing his/her involvement in performing an appraisal itself, there should be no breach of confidentiality if the appraiser merely discloses that he performed an appraisal on the property.

I would definitely back out of the assignment, it seems like a sh#t show in the making.

 

[Fernando]

Appraiser should not take the 2nd assignment. I see potential problems. Times are tough but should know when to step away.
OP should call lender and insists on getting a new appraiser.

 

[George Hatch]

The definition of confidential information includes some limitations, and so does the definition of assignment results as referenced alongside in the Confidentiality section.




So if the info being withheld from the 2nd client and their users consists of elements that could be referred to as physical characteristics then withholding that would be a no-go as far as our professional standards are concerned. That is, unless specifically instructed otherwise resulting in getting covered as confidential instead. Either way, an appraiser has professional obligations to their other client too, so lying by omission to them via hiding behind Confidentiality isn't professional conduct either.

But what would be automatically covered under assignment results is the value conclusion from the 1st appraisal (as Basically Rectangular mentioned above) ; so in the event the contract price was higher than the 1st appraisal then would be info that isn't anyone's business other than the original client.

If the 1st client is telling the appraiser to withhold from the new client most other types of info about the property that they already know then that's an untenable situation for the appraiser. In that event their best course of action is to withdraw from the 2nd assignment. Then it's not their problem if the 2nd appraisal ends up spotting and disclosing the info that the 1st client wants to keep secret.