Change in GLA from Plans & Specs

[PropertyEconomics]

Does it require new comps if you are saying its not worth less that X .. sure. We are in agreement there I hope.

So far, the OP has not indicated an answer to one of my questions above.....on exactly that element.

Are comparables for a 3100sf comparable to a 4000sf subject? Possibly. Probably not in most markets for new construction. Were any original comps 4000sf? Does the market indicate any CURRENT sales truly similar to a 4000sf dwelling? Only the OP can tell us.

At $200-300sf in MANY markets - indicating the NEW subject is not less than the Value rendered for a clearly INFERIOR orig subject - is meaningless and misleading.

So if a client asks me to appraise a property and tell them if the value of that property is worth more or less than $200,000 ... that is a misleading and meaningless report? That is the scope of work they asked me to complete and it is a scope of work I can comply with. It is not a scope of work that is so narrow or carrying conditions that are contrary to USPAP ... thus my scope of work is to do a report providing the information they asked for and I can do so and am in agreement with their scope requirements. Both the appraiser and the client are in agreement with the scope of the assignment.
Are you telling me that I cant do that without being misleading? Come on now .. surely thats not what you are saying. Is it?

 

[Mr Rex]

"Does it require a new 1004? No."


Does the Market demand one? Only the OP can decide. Does the SOW decision for the new assignment rest with the client - or the Appraiser?

It rests with the appraiser. If the OP is well versed in USPAP, she will realize that she doesn't need a new 1004. I know what you would decide, as you apparently have an abbreviated version of USPAP that I'm not familiar with.

 

[Mike Kennedy]

So if a client asks me to appraise a property and tell them if the value of that property is worth more or less than $200,000 ... that is a misleading and meaningless report? That is the scope of work they asked me to complete and it is a scope of work I can comply with. It is not a scope of work that is so narrow or carrying conditions that are contrary to USPAP ... thus my scope of work is to do a report providing the information they asked for and I can do so and am in agreement with their scope requirements. Both the appraiser and the client are in agreement with the scope of the assignment.
Are you telling me that I cant do that without being misleading? Come on now .. surely thats not what you are saying. Is it?

Intended Use.

 

[Mike Kennedy]

It rests with the appraiser. If the OP is well versed in USPAP, she will realize that she doesn't need a new 1004. I know what you would decide, as you apparently have an abbreviated version of USPAP that I'm not familiar with.

Does "must concur with the original appraisal report:, and "must concur with the analysis and conclusions in the original appraisal report" include the analysis (including the accurate description) of the subject property? Does "I have updated the appraisal by incorporating the original report" mean verbatim as delivered to the client?

Does, "Have the improvements been completed in accordance with the REQUIREMENTS and CONDITIONS stated in the original appraisal report" mean otherwise?

Does, "I certify that I have performed a visual inspection of the subject property to determine if the conditions or requirements STATED in the appraisal have been satisfied." allow for or require any other statement except Yes or No for the intended use of the original appraisal AND the updated appraisal?
:new_smile-l:

 

[Mr Rex]

As always, you have blinders on to SOW. Your only answer is a 1004.

 

[Esox]

I have a question for those of you that feel a new appraisal is needed. What if you do an appraisal from plans and specs and the P & S indicate the property will have vinyl and carpet flooring, laminate counters, modular tubs, and vinyl siding? You go back for the final after completion and the house has tile and wood flooring, granite counters, tile in the baths, brick and hardi-plank siding.

If I understand what you're saying, then a different house was built and a new appraisal is needed?

Kevin

 

[Mike Kennedy]

As always, you have blinders on to SOW. Your only answer is a 1004.

Try answering direct questions. Thanks.

 

[Mr Rex]

Repeat your question, I must have missed a cogent response.

 

[Mike Kennedy]

Define Concur

 

[Mr Rex]

Define appraisal. Don't forget to include those appraisals that are not 1004s.