Assignment Of An Appraisal

[Blue1]

Lender says client has an appraisal done 1 month ago for a divorce. The client on that report is willing to re-assign the report to the new lender (client) That same new lender wants to use appraial, calls appraiser for "re-assignment" and appraiser refuses and tells lender they need a whole new appraisal.

Questions:

1) Why not re-assign the report, charge a re-type fee and be done with it? Why would an appraisal done for a divorce be different from one done for a lender?

2) Does the lender really need a "re-assigned" appraisal in the first place? Can't they just use the appraisal as is?

 

[Pamela Crowley (Florida)]

It's a new assignment. Is the divorce over with? If not, your original client relationship is not finished.

USPAP sucks sometimes.

 

[Mountain Man]

I agree with Pam, it's a new assignment. But I'd also say the purpose of the orginal report is not the same as it would be for a lender.

Request like this are part of the reason why I am starting to do short narratives for non-lender clients. The lenders don't know what to do with those things.

 

[Dave Smith]

Check out the thread at:
http://appraisersforum.com/forum/index.php...1&hl=assignment

 

[Paul Ness MAI]

New intended user...new intended use...new assignment. It may have all the same data and same value conclusion, but it's a new assignment. The appraiser may be nice and charge a reduced fee. Also, the reason the lender can't just accept the first appraisal is because they are required by law to only accept appraisals engaged by lenders or mortgage brokers.

 

[Blue1]

Thanks all..........I appreciate the input.

Dave,

Thanks for pointing out that article in REV. I gave the article to the lender.

 

[Blue1]

New twist....

NOW the original appraiser tells lender that it's "against the law" to do a new appraisal for a different lender (with permission from their client) if it is within 6 months.

I say that the original appraiser CAN do another appraisal in the same property (within 6 montns) as long as they get a release from the 1st client.

I don't think it would be "against the law" what say you all?

 

[Pamela Crowley (Florida)]

With all that crap going on.... I would decline a second appraisal on that property. To much hastle.