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Change Of Form Question

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dbradshaw75

Freshman Member
Joined
Oct 30, 2014
Professional Status
Certified Residential Appraiser
State
Virginia
I did a review on a horrible report. I did everything that you would do for a regular appraisal. Inspection inside and out, original photos of everything, my own comps, my own value. I was paid for the review already, and now the bank wants to use my information from the review. They want me to just transfer the info to a 1004, so they can sell it to Fannie. They are going to pay me a fee to do this. Can I simply use the same information and transfer it to a 1004 with the same effective date if I note that I performed prior service and that it was transferred? Can't find anything regarding this in USPAP. Thank you.
 

Meandering

Elite Member
Joined
Feb 26, 2006
Professional Status
Real Estate Agent or Broker
State
Pennsylvania
Can I simply use the same information and transfer it to a 1004 with the same effective date if I note that I performed prior service?

Yes, so long as the effective date of value is the same.

and that it was transferred?

Not necessary. The scope of the work was expanded to include the URAR for the opinion of value, along with the original scope of work which included the review with your opinion of value.

Can't find anything regarding this in USPAP.

Call it the ever changing Scope of the Work. First it was a review, with your opinion of value, now it's your opinion of value without standard 3.

Get a good fee for the work, the workfile and the storage and maintenance of the two workfiles.

Make sure to disclose before and in the new report that you have previously performed appraisal services for this property and this client, within the past 3 years. That should cover you.

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dbradshaw75

Freshman Member
Joined
Oct 30, 2014
Professional Status
Certified Residential Appraiser
State
Virginia
Thank you Marion, that's perfect. Exactly what I needed to know. I got paid for the review already, and I think the bank VP is so fed up with this one, he called me and just told me to charge whatever.
 
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