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Change from Refi assignment to REO - New appraisal?

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al002kim

Thread Starter
Sophomore Member
Joined
Nov 30, 2007
Professional Status
Certified Residential Appraiser
State
California
I've got an refi order from lender and submitted accordingly but inthe same day, they asked me to include REO addendum... I know this is only a page addendum, but in my opinion, this should be a new scope of work, there will be a need to re-inspect the property "in details" for any deficiency (such as smoke detectors in bedrooms) and also a need for new listing comparables in the area. And also, the lender never told me the property is in process of foreclosure or such, and I didn't notice any NOD in the public records...
Should I tell them this is a new appraisal assignment and charge another fee or just include a REO addendum and add an additional fee?
Thanks in advance!
 

Blueprint

Senior Member
Joined
Aug 25, 2005
Professional Status
Certified Residential Appraiser
State
Oregon
It is an entirely different scope of work. You should have been informed that the property was going into foreclosure from the start. It would definately be a new assignment in my book.
 

al002kim

Thread Starter
Sophomore Member
Joined
Nov 30, 2007
Professional Status
Certified Residential Appraiser
State
California
That's what I thought, I've sent an email this should be a new assignment, thanks!
 
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