Appraisal update/recert

[Bob Ipock]

He asked for an update or recert....

1) The client did ask for a recert......see above.

2) Read lines 37-44 of AO # 3. USPAP 2008/2009 page A-7

"Regardless of the nomenclature used" (no mater what the client calls it or what form you put it on) ...when you offer a more current value (new effective date) "of a property that was the subject of a prior assignment, this is NOT an extension of that prior assignment.............it is simply a new assignment"

 

[PropertyEconomics]

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.

I agree with you Greg. No since even having the discussion with them. Tell them what you have to do, that you can handle it and move on. No since even arguing about what cant be done .. just tell them what can and then do it.

 

[Marcia Langley]

It works out better for both the appraiser and the client if you just do a new 1004. Either way, the client is getting his "update" but the reporting format is more suitable.

Either way, you still have to do a new inspection and a new assignment.

 

[Bob Ipock]

Exactly....but it sure makes sense to be familiar with either what USPAP has to say about an issue or what the AO's or FAQ's might say.

I would rather base a decision on following an AO or FAQ answer than just pulling something out of my ....memory.

The best $40.00 any appraiser can spend is a the search-able USPAP edition.
If and when your state board has a beef with you...it may be your best defense. You may hate it, disagree with it or choose not to comply with it.....but USPAP will be your best friend or worst enemy in front of your appraisal board.


https://commerce.appraisalfoundation.org/detail.asp?fseq=110

 

[stacy158]

Thanks

Thanks for your responses.....and direction. They will be getting a "new assignment - A full 1004" with a small discount since I already did it once back in September. They can take it or find someone else! Just trying to do the right thing...

 

[joe huffman]

FannieMae guidelines indicate that when a loan is to be submitted the date on the appraisal report can not be over four months old.... depending on your personal business practices, your market, you could use the 1004D or do a new 1004. Each would be a new assignment.

 

[Fred]

Steve... Here's the business end of a 1004d (update section.

You shouldn't have gone to the trouble.

 

[Mike Garrett RAA]

And the next blind man felt the elephants butt and said..."an elephant stinks!" So does this topic and it's not our fault.

You can "UPDATE" the appraisal using the 1004D, that is what it was designed for.

There is such a thing as a "RECERTIFICATION OF VALUE" but that is not what the client needs (in this case).

Doing a complete new appraisal is probably appropriate due to the volatility of the market based on that others have posted about the market in your area. The client should understand this prior to you accepting a new assignment (communication with the intended user to determine the proper SCOPE OF WORK).