Asked to remove effective date on 1004D

[Woodworker]

I just completed a final inspection on a newly constructed house that I appraised (pending completion)and confirmed that it was indeed finished. Using the 1004D form, I signed it, filled in the effective date of appraisal update and the inspection date.

The lender is asking me to remove the effective date and leave it blank. Why would they ask me do this? I thought that this is the date that I am stating as being the confirmed completion date which, typically, is the the same as the inspection date. Am I looking at this wrong? I don't feel right about leaving the date blank.

 

[lizhorvath]

I wouldn't. Sounds shady. If it looks like a duck and quacks like a duck...

 

[Ray Miller]

You did your job. It sounds like your are dealing with a bottom feeding, scum sucking chicken killing weasel.

It's starting to smell like a dead fish. I would add the address to the Mortgage Fraud list of Pams site.

http://www.mortgagefraudwatchlist.org/


Just my thinking.

 

[Woodworker]

Am I correct that the effective date would be the same as the inspection date since this is when I am stating that the house is completed?

 

[Tim Hicks (Texas)]

If you are doing a final inspection that line is supposed to be blank. You have the effective date of the original report in the top section, you date the inspection date and date of signature of report lines. You are not changing the effect date of the original appraisal. That line is for when you do an appraisal update. When you do an appraisal update you are changing the effective date of the opinion of value and you put the date on that line.

 

[Don Clark]

If you are doing a final inspection that line is supposed to be blank. You have the effective date of the original report in the top section, you date the inspection date and date of signature of report lines. You are not changing the effect date of the original appraisal. That line is for when you do an appraisal update. When you do an appraisal update you are changing the effective date of the opinion of value and you put the date on that line.

I would agree with that.

I do not use the 1004D. I use the old Satisfactory Completion addendum.

 

[Tim Hicks (Texas)]

I would agree with that.

I do not use the 1004D. I use the old Satisfactory Completion addendum.

Don, out of curiosity, why would you not use the 1004D for a final inspection? If you only fill out that section, it really does not vary much from the old Satisfactory Completion form.

 

[Don Clark]

Don, out of curiosity, why would you not use the 1004D for a final inspection? If you only fill out that section, it really does not vary much from the old Satisfactory Completion form.

I am old, stuck in my ways

But, it is listed as a "Major Form" in the software and would remove the original appraisal form.

 

[Jo Ann Meyer Stratton]

When I use the 1004D for a final inspection, I have Not Applicable in bold capital letters typed into the top portion of the form and also in the effective date of the appraisal update. We are only verifying the condition and/or completion of the construction per the requirements of the original appraisal--the original appraisal report with it's original effective date is still valid. So now that value as of June 1, 2007 subject to installation of ceramic tile is finally true since the ceramic tile has been installed. No current market data has been considered.

 

[Webbed Feet]

I counter as I do not agree.

If you are doing a final inspection that line is supposed to be blank. You have the effective date of the original report in the top section, you date the inspection date and date of signature of report lines. You are not changing the effect date of the original appraisal. That line is for when you do an appraisal update. When you do an appraisal update you are changing the effective date of the opinion of value and you put the date on that line.

Mr. Hicks,

I have to counter Mr. Clark and you also.

When using the 1004d for "Updating" the appraiser is NOT "changing" the effective date of any past appraisal whatsoever. An "Update" is NOT an extension of any prior real estate appraisal. An "Update" is a new assignment! As such, an "Update" is a completely new real estate appraisal with a brand new opinion of value and brand new effective date. The old prior appraisal is not "changed" at all. I am absolutely at a loss as to why it seems so many appraisers cannot seem to post correctly regarding this. The problem seems to be bunches of appraisers insist on continuing to think of an update as being an extension of the prior appraisal.

I agree with the first part of your post..

Don, out of curiosity, why would you not use the 1004D for a final inspection? If you only fill out that section, it really does not vary much from the old Satisfactory Completion form.

Not that he answered but I will. Why send out a form that has such a huge potential for fraud as the 1004d does? Here is the appraiser's signature at the bottom and all it takes is two checkboxes above and one date entered on to the form by PDF hacking and POOF!.. the hacker has a brand new appraisal with your signature on it! Plus one that fails to comply with USPAP to boot! .... Ouch.

Fannie..... retire this horrible 1004d form! .... No "Update" form should EVER have been turned into a one page form that included a certificate of completion! Bad idea! Bad Fannie! Bad Fannie!

Webbed.