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Appraisal update/recert

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stacy158

Thread Starter
Freshman Member
Joined
May 6, 2007
Professional Status
Certified Residential Appraiser
State
Florida
I know, I know...I read the posts on this already, but I'm still not sure of my specific situation compared to the other posts. Ok, I did an appraisal September 2007 and the MB called yesterday and said he never submitted the loan and now he's ready. He asked for an update or recert....whatever I could give him. (He first asked me to change the date of the original appraisal lolololol!!) So, as long as I make a new work file and pull new comps, can I give a 1004D along with the original report? I pulled new comps and the value happenss to still be there. I talked to my old boss yesterday and he said..."No more recerts or updates at all." I never heard this. Thanks in advance!! ~Stacy
 

USPAP Compliant

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
North Carolina
NO NO NO.

It can never be a recertification unless the original report was done "subject to".

If you are changing the effective date......it is a new assignment.


This stuff is not difficult. The ADVICE is there for you to read in

AO #3

Page A-7 in the back of the 2008/2009 USPAP
 

CANative

Elite Member
Joined
Jun 18, 2003
Professional Status
Retired Appraiser
State
California
Mr. Compliant...

No recerts because that's not what the client is asking for. An update is a new assignment with a new effective date. That's what the 1004D is for. But I don't think a 1004D type of new assignment is credible in these times of market turmoil.

Just offer to do a new 1004. Reinspect the property. Everyone will sleep better.
 

leelansford

Elite Member
Joined
Mar 29, 2002
Professional Status
Certified Residential Appraiser
State
Illinois
I know, I know...I read the posts on this already, but I'm still not sure of my specific situation compared to the other posts. Ok, I did an appraisal September 2007 and the MB called yesterday and said he never submitted the loan and now he's ready. He asked for an update or recert....whatever I could give him. (He first asked me to change the date of the original appraisal lolololol!!) So, as long as I make a new work file and pull new comps, can I give a 1004D along with the original report? I pulled new comps and the value happenss to still be there. I talked to my old boss yesterday and he said..."No more recerts or updates at all." I never heard this. Thanks in advance!! ~Stacy

My suggestion: Schedule an appointment to view the Subject. Communicate the results on the URAR/1004.
Don't work for nothing but negotiate whatever fee is acceptable to you.
 

Michael Chu

Member
Joined
Feb 9, 2006
Professional Status
Certified Residential Appraiser
State
Georgia
"Just offer to do a new 1004. Reinspect the property. Everyone will sleep better."

True. But the real reason for the request is that they like the value opinion in September.
LO to appraiser: "Yes, change the effective date; yes, get new comps; no problem!"
"But, whatever you do, don't change the value."

:fiddle:
 

Fred

Elite Member
Joined
Jan 15, 2002
Professional Status
Retired Appraiser
State
Virgin Islands
I can only hope someone who was on the ASB in 2003 is reading this and remembers my response to the exposure draft that – if you “clarify” this issue, by publishing these opinions confusion will reign supreme. I have no doubt that left to his or her own resource thes, original poster would produced work and a report that did nothing to dissuade the public trust in our glorious profession.

Keep in mind that I don’t know what a 1004D is, but I think the answer certainly yes, you can give them one – as long as that means you
1. develop an opinion that meets Std 1 benchmarks (identify the problem, the solution and execute the solution, etc) and
2. communicate to them in a way that meets the benchmarks of Std 2 (sufficient information and nor misleading, etc), which includes the possibility of incorporating you prior report by reference.
 

CANative

Elite Member
Joined
Jun 18, 2003
Professional Status
Retired Appraiser
State
California
Steve... Here's the business end of a 1004d (update section. The lower section is for use as a completion certificate for subject to appraisals)

I stated that the OP could use this form. I just wouldn't believe the resuts given the hoohaw these last few months... particularly in Florida)

 

Mike Kennedy

Elite Member
Joined
Sep 28, 2003
Professional Status
Certified Residential Appraiser
State
New York
said he never submitted the loan and now he's ready. He asked for an update or recert....whatever I could give him. (He first asked me to change the date of the original appraisal lolololol!!) So, as long as I make a new work file and pull new comps, can I give a 1004D along with the original report?


The bold says it all.

New Assignment, re-inspect (including NEW INTERIOR PHOTOS), new comps ....... new, current market data analysis.....

discount fee by amount of time it took you to measure the house.

NOT A 1004D.


P.S a "customer" (unless you are certain he/she really is joking) asking an Appraiser to "just change the date" is IMO, not a LOLOLOLOL!! matter.
 
Last edited:

CANative

Elite Member
Joined
Jun 18, 2003
Professional Status
Retired Appraiser
State
California
P.S a "customer" (unless you are certain he/she really is joking) asking an Appraiser to "just change the date" is IMO, not a LOLOLOLOL!! matter.

It's not really a big deal either. Appraisal matters are not really an MB's biggest concern or area of expertise. They don't understand appraiser minutae and don't really need to. That's our job.
 

Mike Kennedy

Elite Member
Joined
Sep 28, 2003
Professional Status
Certified Residential Appraiser
State
New York
They don't understand appraiser minutae and don't really need to.


Sure they do and most of us know it. Some, unfortunately, do not.
 
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