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Assignment Of An Appraisal

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Blue1

Elite Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
California
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?
 
Joined
Jan 13, 2002
Professional Status
Retired Appraiser
State
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

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified General Appraiser
State
Georgia
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. :D
 

Paul Ness MAI

Member
Joined
Jan 14, 2002
Professional Status
Certified General Appraiser
State
Pennsylvania
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

Elite Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
California
Thanks all..........I appreciate the input.

Dave,

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

Blue1

Elite Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
California
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?
 
Joined
Jan 13, 2002
Professional Status
Retired Appraiser
State
Florida
With all that crap going on.... I would decline a second appraisal on that property. To much hastle.
 
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