Appraisal update/recert

[stacy158]

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

 

[Bob Ipock]

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]

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.

 

[Lee Lansford]

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]

"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."

 

[Fred]

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]

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]

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.

 

[CANative]

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]

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.