• Welcome to AppraisersForum.com, the premier online  community for the discussion of real estate appraisal. Register a free account to be able to post and unlock additional forums and features.

Change to "As Is"

Status
Not open for further replies.

Blue1

Elite Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
California
Conventional appraisal.....roof looked suspicious....made appraisal "subject to" roof certification. Got roof certification.....now lender wants me to change appraisal to "as is".....I say no....what would you do?
 
Joined
Jan 13, 2002
Professional Status
Retired Appraiser
State
Florida
What's he need a change for? Tell him to attach the roof inspection cert to the appraisal and it's cleared.

Do you have a copy of that roof inpection cert?????? Depending on the client, I would consider changing it to "as is", but that would include a copy of the roof cert, referrenced on the URAR that you are basing the "As Is" value on that roof cert.

The signed date would end up looking like this:

Original: 12/15/2002 - December 31, 2002

In other words, I would IF - I had someone elses butt on the line for the roof in my workfile and fully explained what I did and why in the appraisal with a new signed date. I also put UPDATE with the file number or something to make it different from the first version.

DAMN!!! Is doing this USPAP compliant??????
 

Bill_FL

Senior Member
Joined
Aug 23, 2002
Professional Status
Certified General Appraiser
State
Florida
I have done that.

I put in a statement that the report was originally prepared "subject to" on 01/01/01. On 01/10/01, the included roof certification was delivered to the appraiser. I am now making the report "as is" as of this date, based on the certification received.


The reason the bank wants this is because they can not sell a loan with a "subject to" appraisal.
 

Ben Vukicevich SRA

Senior Member
Joined
Feb 9, 2002
Professional Status
Certified General Appraiser
State
New Jersey
Blue


Re-issue it "as-is" because your conditon has been cleared. In the new report I would note that the previous roof certification condition has been cleared and that a copy of the roof certification is attached inside the new report.

Ben
 

larryhaskell

Senior Member
Joined
Apr 23, 2002
Professional Status
Certified General Appraiser
State
Nevada
I see no reason to update the report. The report reflects what the conditions were at the time. A 442 or in the case of an FHA report, a Compliance Inspection Report, all of the subject to conditions have been satisfied. Sounds like an inexperienced LO or underwriter. The certification from the roofing specialist should be all they need.
 

Blue1

Elite Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
California
Thanks to all. You have, as usual, helped immensely. Have a good New Year! :lol:
 

Mike Garrett RAA

Elite Member
Gold Supporting Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
So.....if you want to change it, do so, if you don't ...don't. As for me and my house, I will keep my client happy!
 

Blue1

Elite Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
California
Thanks Mike, I appreciate your opinion. Have a good New Year! :lol:
 
Status
Not open for further replies.
Find a Real Estate Appraiser - Enter Zip Code

Copyright © 2000-, AppraisersForum.com, All Rights Reserved
AppraisersForum.com is proudly hosted by the folks at
AppraiserSites.com
Top

AdBlock Detected

We get it, advertisements are annoying!

Sure, ad-blocking software does a great job at blocking ads, but it also blocks useful features of our website. For the best site experience please disable your AdBlocker.

I've Disabled AdBlock
No Thanks