Change in GLA from Plans & Specs

[Mike Kennedy]

The orignal subject WAS built and added to. The original subject had to be built, first, then added to. The framing of the property she appraised is EXACTLY like that shown on the plans, the footprint is EXACTLY like that shown on the plans. The addition is the finished attic space and the garage / shop. The property was accurately described in the original appraisal report and can accurately be described in its current condition.
I dont have an 1004D in front of me .. does it use the words EXACT ORIGINAL SUBJECT?

Post 34 - info requirements verbatim from the 1004D.

"must concur with the original appraisal report:, and "must concur with the analysis and conclusions in the original appraisal report"

"Have the improvements been completed in accordance with the REQUIREMENTS and CONDITIONS stated in the original appraisal report"

"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."

 

[Mike Kennedy]

Ask me a direct question Mike, I will answer, not like you, drifting off to who knows where.

Post 62. Asked twice - still unanswered. Drifting are ya? Tisk.

 

[Mr Rex]

Post 62

Quote:
Originally Posted by Mike Kennedy
Have you ever answered direct questions with anything other than another irrelevant (per this thread) question?[/quote]
:laugh:
Have you ever asked a direct question? (we will get to answering later)


posts 15 & 34:new_smile-l:
__________________
Revoke USPAP Contract Review & Remove the $$ Bullseye- NOW!

 

[PropertyEconomics]

Post 34 - info requirements verbatim from the 1004D.

"must concur with the original appraisal report:, and "must concur with the analysis and conclusions in the original appraisal report"

"Have the improvements been completed in accordance with the REQUIREMENTS and CONDITIONS stated in the original appraisal report"

"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."

So it never states EXACT ORIGINAL SUBJECT .... ah haaaa ... so a prior piece of advice you gave was in error. Thats cool .. we all make mistakes.
The requirements and conditions of the original appraisal report HAVE BEEN MET ... and exceeded. The requirements stated in the original report HAVE BEEN SATISFIED .. and exceeded.
I concur the value of the subject property, as completed, is not less than that as stated within my original appraisal report. IF the property is now worth $400,000 it is certainly worth the $350,000 I put in the original appraisal report .. wouldnt you concur???

 

[Mr Rex]

So it never states EXACT ORIGINAL SUBJECT .... ah haaaa ... so a prior piece of advice you gave was in error. Thats cool .. we all make mistakes.
The requirements and conditions of the original appraisal report HAVE BEEN MET ... and exceeded. The requirements stated in the original report HAVE BEEN SATISFIED .. and exceeded.
I concur the value of the subject property, as completed, is not less than that as stated within my original appraisal report. IF the property is now worth $400,000 it is certainly worth the $350,000 I put in the original appraisal report .. wouldnt you concur???

You will have to wait, the only answer is a new 1004

 

[Richard Carlsen]

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?

APPRAISAL: (noun) the act or process of developing an opinion of value; an opinion of value. (adjective) of or pertaining to appraising and related functions such as appraisal practice or appraisal services.
Comment: An appraisal must be numerically expressed as a specific amount, as a range of numbers, or as a relationship (e.g., not more than, not less than) to a previous value opinion or numerical benchmark (e.g., assessed value, collateral value).

Note that USPAP says that the appraisal must be expressed as either a specific amount (ex - $250,000), a range of numbers (ex - $230,000 to $260,000) or a relationship (ex - more than $200,000).

If the clients needs are to know if the value is below $200,000 or above $200,000, reporting that it is above $200,000 is a valid expression of an appraisal demonstrating a value that is in relationship to the requested $200,000 benchmark by the client.

How you report it is what would make the report misleading, not the fact that the reported value is above $200,000 as that legitimate expression of value is the assignment. It is neither misleading nor is it meaningless as it is specifically responds to what the client requested in the assignment.

In your analysis, you may in fact determine that the value is $250,000. Therefore you would respond to the assignment by stating in your report that the value is above $200,000, exactly the reporting of value the way the assignment requested.

 

[Mike Kennedy]

So it never states EXACT ORIGINAL SUBJECT ....

Fannie Selling Guide 2007
XI202, Existing Construction (re certification of completion)


"Generally, the original appraiser should complete any required certification of completion; however, the lender may use a substitute appraiser. In such cases, the substitute appraiser must review the original appraisal and certify that the original appraiser’s description of the property was accurate and the opinion of market value was reasonable on the date of the original appraisal report."

In the quote above - the C.C. must certify the existing, completed, property accurately matches the description in the appraisal report.

Whether a different appraiser or the original appraiser performs the C.C. inspection - the 1004D C.C. section, AND IN THE CASE OF THIS THREAD, the subsequent ROV section, require the current improvements are the improvements contracted for, described, and valued in the orig report.:icon_idea:

 

[David Dietz]

I believe you could report the final as being complete with an explanation of the added square footage and shed/garage or what ever it was stating the home was not completed per the original plans but is complete and let the lender make a decision on what they will require if anything.

I believe the recert is were the issue comes up. Since the recert is tied in a value conclusion based on the description of the proposed improvements which have been changed the recert can not be completed.

 

[Mike Kennedy]

Since the recert is tied in a value conclusion based on the description of the proposed improvements which have been changed the recert can not be completed.


Yup.

 

[RSW]

I also agree with David and Mike as we have been in agreement throughout this thread.