Appraisal Reassignment

[Joe LaRosa]

Are we obligated to reassign an appraisal report to another lender if the original lender issues a release on behalf of the homeowner?

Homeowner paid for the appraisal - original lender denied loan - homeowner is now shopping with other lenders who are requesting that the appraisal be recerted to them.

Not crazy about the ideal of recerting a report to a lender which I have no knowledge of. Have done recerts in the past that have turned out to be real nightmares. Any legalities that would support my concern of not reassigning the report?

Thanx!

 

[Jeff Horton]

USPAP Advisory Opinion AO-3 I think it is cleary covers this.

Also if you seach the archives this subject come up quite fairly regularly. I think if you just scroll down you will see at least one discussion in the last couple of weeks. There was a linke to the AO in one of the posts.

Jeff <*><

 

[Jeff Horton]

Here is the link to AO-3 Just noticed I had it saved on my desktop

http://www.appraisalfoundation.org/html/US...OPINION%203.htm

Jeff <*><

 

[Ross (CO)]

Joe, I have not done many "re-cert's" also, but as you use the words "nightmares" and "legalities" in your posting above, there is one easy solution. Some folks have heard the phrase "I don't do windows", well perhaps it can be as easy for us to simply say "I do not do Recert's, but if you would prefer to have a new appraisal done with current market data then let me know and I will gladly assist you. Do you have my fax # to send that order to me ?" ..........You wait for the reply. If they do not get you to do the Re-Cert, what else can they do ? I would not be surprised if they attempted to get another un-related appraiser then to re-cert your original report. Or else, you charge $25 or $50 less than full fee to do the Re-Cert.....and you wait for their reply. Being in-control can be a two-way street.

 

[Joe Birrell (NY)]

It's a new original report, reissued to a new lender, with an appropriate fee. The problem is usually the "fee". Everybody seems to expect you should do this for free. If they don't like what you tell them, I respond that I'm not the Postal Service and therefore I'm not obligated to take every assignment that comes in the door.

 

[Ross (CO)]

Sorry, folks, I got caught in a maelstrom there, and could not escape the process of the "REFRESH" message screen, and therefore my post was triplicated. I have gone to the "EDIT" icon in upper right corner of the third posting display and I can not find the simple outlet of DELETE for that message, and then as well the second repeat posting. Could someone please give me some guidance on the edit/delete steps for yanking duplicated postings. Thanks. Ross (CO)

 

[Jeff Horton]

It didn't register with me that it was for a new lender. They can use the report as is. FIREA (I think) alows them to use your report with another lenders name. If the insist (and most do) I offer to do a new report for a discounted price. I figure that I can redo the appraisal cheaper than anyone it going to do from scratch.

 

[Blue1]

If it were me, I'd get a release from your original client (signed in writing). At that point, you may change the name on your report to the new client and charge an appropriate fee.