• 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.

Changing Name on appraisal

Status
Not open for further replies.

raquel berrios

Thread Starter
Freshman Member
Joined
Jan 3, 2007
Professional Status
Certified Residential Appraiser
State
New York
Hi Everyone

I did an appraisal on 11/10/07. Which was a purchase. Now The Title company
sent over a sheet stating that the Borrower is now the owner, due to the old owner signing over the deed to the borower on 1/4/08. Now is this proper
paper work inorder for me to change the appraisal to a Refiance with the new
owner's name. Or do i need something else to make sure that this deed transfer did happen and can i do this. Please advise.
 

Proactive

Senior Member
Gold Supporting Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Washington
Don't change anything. New assignment - new fee.
 

Hamlet

Elite Member
Joined
Aug 14, 2006
Professional Status
Certified Residential Appraiser
State
Ohio
Hi Raquel,

You completed an appraisal for the purchase which was completed apparently on 1/4/08. Now they want to refi the house? Tell them to order a new appraisal at a reduced fee.
 

stefan olafson

Senior Member
Joined
Apr 2, 2003
Professional Status
Certified General Appraiser
State
North Dakota
New ASSIGNMENT, NEW FEE! You are not allowed to change the name of the borrower, seller, lender, client, etc......


Re-inspect, new photos, quite possibly new sales, new date of appraisal and new date of completion.
 

Mike Kennedy

Elite Member
Joined
Sep 28, 2003
Professional Status
Certified Residential Appraiser
State
New York
"I did an appraisal on 11/10/07. Which was a purchase."


End of Assignment. If what you stated is true, and the dates posted are accurate, the Borrower was NOT the owner as of the Effective Date of Appraisal for the Purchase.

Do NOT revise the 11/10/07 appraisal.

(this was a trick question - i hope:unsure: )
 

stefan olafson

Senior Member
Joined
Apr 2, 2003
Professional Status
Certified General Appraiser
State
North Dakota
Donna,

Why a reduced fee? Why are we always shooting ourselves in the collective foot?

If you have to have a physical in December, and pay full price, do you get a discount in Februray if for some reason you have to have another? I don't think so....

If you fill your car in the morning and pay full price for the gas, at the end of the day do you refill your tank at a reduced fee? I don't think so?
 

USPAP Compliant

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
North Carolina
ADVISORY OPINIONS


ADVISORY OPINION 26 (AO-26)

This communication by the Appraisal Standards Board (ASB) does not establish new standards or interpret existing standards. Advisory Opinions are issued to illustrate the applicability of appraisal standards in specific situations and to offer advice from the ASB for the resolution of appraisal issues and problems.



SUBJECT: Readdressing (Transferring) a Report to Another Party



APPLICATION: Real Property, Personal Property, and Intangible Property



THE ISSUE:



After an assignment has been completed and the report has been delivered, an appraiser may be asked to “readdress” (transfer) the report to another party. Does USPAP allow an appraiser to “readdress” (transfer) a report by altering it to indicate a new recipient as the client or additional intended user when the original report was completed for another party?



ADVICE FROM THE ASB ON THE ISSUE:

Relevant USPAP & Advisory References

Comments

Illustrations

Go read the entire AO and is really fairly good.
 

Chris Colston

Elite Member
Joined
Jul 24, 2003
Professional Status
Certified Residential Appraiser
State
Florida
New intended use, new effective date, new owner......we can all say in unison...NEW ASSIGNMENT!! Maybe even some new comps since November. Value might have even gone down since November. :shrug: The fee is your business decision.
 

raquel berrios

Thread Starter
Freshman Member
Joined
Jan 3, 2007
Professional Status
Certified Residential Appraiser
State
New York
Thank you so much for everyone's advice

Raquel
 

Hamlet

Elite Member
Joined
Aug 14, 2006
Professional Status
Certified Residential Appraiser
State
Ohio
Donna,

Why a reduced fee? Why are we always shooting ourselves in the collective foot?

If you have to have a physical in December, and pay full price, do you get a discount in Februray if for some reason you have to have another? I don't think so....

If you fill your car in the morning and pay full price for the gas, at the end of the day do you refill your tank at a reduced fee? I don't think so?


Biz decision for her. I'm not aware of her client relationship, or what is involved on that end of the situation. All I really wanted to convey to the OP was NEW ASSIGNMENT.:peace:
 
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