Can I complete a new appraisal?

[Ultraviolet]

Lender places an order for a purchase appraisal (my client). Another appraiser in our office appraised this property last month for a different borrower, different client, deal obviously fell through. The other appraiser in my office is not approved with the client who is now requesting the appraisal for the new borrower so a file transfer (with permission, of course) would not work.

How would everyone handle this situation?

 

[larryhaskell]

Rae:

Without know the working arrangements in your office, it's a little difficult to respond. If you simply share office space but you are all independent contractors I can't see how it would be a conflict. However, if there is one owner and the two of you are employees, it would be the owners call. If the previous deal just fell apart, you shouldn't need permission from the previous lender. If you take the assignment, treat it as a new job and charge the full fee.

 

[Anonymous]

Of course you can accept the assignment. Of course you mest inspect the property!

 

[Restrain]

New order, new appraisal, new date of appraisal. Also new fee

Roger

 

[Larry Lyke]

Rae --

Because you can't ship a "backdated" appraisal to this customer without betraying yourself -- like everybody said, new appraisal.

In my location, the changing seasons betrays the date on the appraisal. Plus I use auto-dated photos in all of my appraisals.

 

[Ultraviolet]

Thank you all for the input. I work in an office where there is a single owner and I am an employee. Pending the ok from the boss, this will be a new order. Actually, I won't even look at the other file and will open a completely new file with my own sketch, photos, etc.

Hooray for new fee :lol:

 

[Richard Carlsen]

Rae

Why not really make it really hard on yourself and skip visiting the property altogether and not looking at the comp data? You could also type the report on an old Underwood.

You wouldn't do that would you? Of course not.

So why would you purposefully deprive yourself of the possibility of learning something unknown about a property by not reading the other appraisal. If you have access to information contained in another report that is germane to your report, why not look at it? You owe it to your client to gather as much information as is necessary and relevant to complete your report. An old appraisal is very relevant. Especially on so recently completed. I would not deprive myself of learning something that I might have overlooked just because someone else did the same house. You must use your own professional judgment as to what is useful or not. But if the report is available to you, by all means, read it.

 

[Pamela Crowley (Florida)]

I agree with Richard. Take a copy of the sketch along and check some of the measurements as you go.

Take it easy on yourself!

 

[Ultraviolet]

Richard & Pam:

The house is a production house with plenty of model match resale comps so it's a really easy assignment. Thanks for the insight, though. I am taking a business ethics class right now and maybe I'm going overboard :lol: :lol: :lol:

 

[Don Clark]

I agree with Richar and Pamela. As a matter of fact, when we do a review and develop a different opinion of value, we are actually using someone elses appraisal as the basis for our work. In accordance with 2003 USPAP, it is possible to complete a new assignment and use the previous appraisal of another appraiser as the basis of the new assignment. Of course I would get the other appraisers approval as, according to the members of the ASB who taught the USPAP instructor course, and as confirmed by a careful reading of USPAP, the "appraisal" is the intelectual property of the appraiser. The "report" is what is owned by a client. Two completely different things. But, in the interest of serving your client well, I suggest following richards advice concerning making yourself as aware of any information you can acquire, as possible.

Don