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Buyer Wants To Use Seller Appraisal.

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Ross,

I agree with you that, in trying to solve some issues, the new 2004 A-Os raised others. I also totally agree with you that this “re-printing” and “re-appraising” between lenders is a major waste of everybody’s time and effort. It is also unnecessary. Per FIRREA, any lender can use an appraisal done for any other lender, provided they do a review. There’s absolutely no requirement that a report done for Lender A show Lender B’s name if B makes the loan. It is common practice in commercial assignments to use reports done for other lenders. I just don’t see why residential lenders don’t follow the same guidelines. It just makes too much sense, I guess. :angry:

That being said, Doug’s case is different. He didn’t appraise the property for a lender, but for the seller. FIRREA & FDIC compliance requires the appraisal be ordered by a lender or lender’s agent (like a mortgage broker), not a party to the transaction. This is a case where a new appraisal must performed. It’s up to the lender if they’ll go with the retrospective option or not.
 
Sorry gang but I'm about fed up with all this "give me" because "you owe me" stuff. Go to your Dr. for the same thing you saw him/her about last week or your attorney for more advice on that fight with the neighbor or your ex. What's the fee? Where's the discount?

Let's see. The assessor charge me property tax last year and I paid it, but I don't see any discount this year, in fact it went up. Come to think of it, so did my house, car and health insurance, none of which I've used in the last 10 to 20 years.

Okay - they're going to pay a fee for an appraisal. It might as well be you since you've already been there and done it. You want to give a little discount - fine. But to cut it in half??????????????? It's your neck on the line! It's your phone going to ring from that stupid UW in Timbucktoo who doesn't even know where the state is located, much less the town or what the market is like, even though you disclosed all that in the report.

Just some wood for the fire. :onfire: :onfire: :sniper: :sniper: :allcolors: :allcolors: :evil: :evil: :gunfire: :gunfire:
 
You are right, Alex, that prior report in Doug's situation WAS done for the seller and not another lending entity. Kind of like an apple....and an orange. I am convinced that so many of these situations are kindled merely because somebody goes flappin' their gums too loudly saying....."Yo, lookie here, I got this appraisal report.....do you guys want to use it" ? I am sure the first thought to enter the mind of a Client B is......you know, we just might be able to get that appraiser to..... . On the surface that looks innocent, but some of the rules have changed.

I have proceeded through the past few years with ever so minimal requests for these re-assignment enticements, but should they come up I will lean on my approach to pointing out clearly that "the past is the past, and that report was done for someone else.....but here is what I can do to help you out....if you just...."

We appreciate your words here as one from the client / lending community. Invite some of your colleagues to come over and read. Our hot tub holds about 500 (?) active participants. BYOB
 
Alex--
(1) There is no need to disclose in the new appraisal that you have appraised the property for anybody else (no need to reference the prior assignment).
(2) You do have to be engaged by the new lender/client to complete the new appraisal assignment.
(3) Again...assuming there are no issues of "confidentiality" here...treat this new assignment request from this new lender/client just as you would any other request for an appraisal assignment.
(4) Don't let the issue of the fact that the subject for both appraisals are the same property. You can appraise the same property a "zillion" times for a "zillion" lender/clients (again, assuming no conflict with confidentiality or prior agreement with a client not to appraise the same property for any one else: and, some obvious conflicts such as appraising a property for a seller and then having a prospective buyer come along and ask you to appraise the same property...I don't believe that I'd want to get involved in that scenario!) and all of the appraisals could have the same effective date.
--Lee Lansford, IFA (AQB Certified USPAP Instructor)
 
Error in my immediately prior posting!
A sentence is incomplete and is corrected here:
"(4) Don't let the issue of the fact that the subject for both appraisals are the same property create confusion."
--Lee Lansford, IFA
 
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