Can I complete a 1004D/Final for a report done by another appraiser?

[waukon]

I just received a call from a client asking if I could complete a final for a new construction appraisal that was completed by another appraiser. The original appraiser is on vacation until September and the bank is needing the final within the next week to close the loan. Is it acceptable to complete this, and if so, are there any necessary steps to take in explaining that I was not the original appraiser?

 

[Pilgrum]

If you are completing the bottom part ok. You are just saying the work is completed. IF they want you to say the value is the same, increased or decreased then you are providing an appraisal.

 

[waukon]

Yes, it is only the bottom part for the completion of construction, they do not need the update. Do I need to use any sort of statement that says I did not complete the original report?

 

[Pilgrum]

I don't think so but you may want to put some type of CYA disclaimer in

 

[Smokey Bear]

Have you seen the original appraisal? Does it specify subject to completion per specs and plans? If so, you need to verify that the quality of finish is the same as what was specified in the original appraisal as well as GLA, etc.

 

[Bob Ipock]

You need to know exactly what was appraised and what has been completed. You need either the original plans & specs. or a copy of the original appraisal.

How else will you know what was supposed to be built and if the improvements have been completed as proposed in the original plans & specs?

 

[waukon]

No I have not seen the original appraisal yet, but was told that if I do the completion they will send me a copy to verify the finish, quality, etc.

 

[CANative]

Insist on getting a copy of the original appraisal. As well as the plans and specs. You gotta know what is "finished."

 

[sputnam]

Yes and No. You can do a certificate of completion. You need a copy of the original appraisal plus plans & specs or a good list of what wasn't complete. You can't update someone else's appraisal.

 

[3 Putt]

This is from the Fannie Mae Guidelines...

Completing an Appraisal Update
The original appraiser should complete the appraisal update; however, lenders may use substitute appraisers.
When updates are completed by substitute appraisers, the substitute appraiser must review the original appraisal and express an opinion about whether the original appraiser’s opinion of market value was reasonable on the date of the original appraisal report.