Closed Sale After My Inspection Date

[J Grant]

Its not walls I created, its' the certification you sign on the URAR form about the as of effective date and inspection you made on that as of effective date. The signature date is a later date ( unless you inspect and finish /sign report on same date)

 

[J Grant]

Based on a complete visual inspection of the interior and exterior areas of the subject property, defined scope of work, statement of assumptions and limiting conditions, and appraiser’s certification, my (our) opinion of the market value, as defined, of the real property that is the subject of this report is $ , as of , which is the date of inspection and the effective date of this appraisal.

It's not a "link", it's what you sign your name to on the URAR. The above is from a 1004 form (an interior inspection. )

IF the order was for exterior inspect only, and you do a second drive by exterior to make a new later effective date, you would need to disclose the prior service ( prior drive by inspection X days ago)

 

[residentialguy]

Based on a complete visual inspection of the interior and exterior areas of the subject property, defined scope of work, statement of assumptions and limiting conditions, and appraiser’s certification, my (our) opinion of the market value, as defined, of the real property that is the subject of this report is $ , as of , which is the date of inspection and the effective date of this appraisal.

It's not a "link", it's what you sign your name to on the URAR. The above is from a 1004 form (an interior inspection. )

IF the order was for exterior inspect only, and you do a second drive by exterior to make a new later effective date, you would need to disclose the prior service ( prior drive by inspection X days ago)

So what is the effective date of a complex where it takes days to inspect? What if you inspect the property interior on 7/1 and the exterior on a different date? I've had to do that on a number of occasions.
Aren't aerials part of an inspection?
Answer: as the appraiser, YOU get to set/clarify the boundaries of your own appraisal. If it takes days, then it is the end of that period. Just be clear as to what you did so that it is not misleading.

 

[J Grant]

So what is the effective date of a complex where it takes days to inspect? What if you inspect the property interior on 7/1 and the exterior on a different date? I've had to do that on a number of occasions.
Aren't aerials part of an inspection?
Answer: as the appraiser, YOU get to set/clarify the boundaries of your own appraisal. If it takes days, then it is the end of that period. Just be clear as to what you did so that it is not misleading.

You either comply with assignment conditions (USPAP) or you don't. You're spinning all kinds of evasions now about when an effective date is, why not just do what you certify and sign you did as fulfilling the assignment condition....the effective date is the date of the inspection of subject. ...Whether the assignment condition is for an interior and exterior inspection, or exterior only.

 

[residentialguy]

You either comply with assignment conditions (USPAP) or you don't. You're spinning all kinds of evasions now about when an effective date is, why not just do what you certify and sign you did as fulfilling the assignment condition....the effective date is the date of the inspection of subject. ...Whether the assignment condition is for an interior and exterior inspection, or exterior only.

Sometimes inspections take more than one day, therefore the effective date is the last day of the inspection. In full compliance, my dear

 

[Mr Rex]

Situational ethics are such a SOB when you bend the black and white. So why bother to loosen your back bone? It is what it is. If you have to mutate the certifications you are prima facie lying. I'd suggest someone present the question of this post to their E&O provider. I have a feeling I know what their advice would be.

 

[residentialguy]

The idea of being locked to the form is something that plagues this profession - the 1004 or 2055 does not fit all situations and you need to adjust/clariy with an explanation so that it is not misleading.

I have no problem with calling it a pending sale and adjusting the lp/sp to match the actual sale price and giving it most weight. It happened during the making of the report and it was a closed sale with verifiable conditions of the sale prior to you signing it; there is nothing in USPAP or Fannie, or FHA saying you can't do that....you just may have to battle the nimrod QC monkey trying to say that you can't weigh it like that because it was a pending sale on the effective date.

I was offering an alternative effective date loop hole that can avoid that issue and I highly doubt that a factual sale could get you into trouble when the end result remains the same either way you do it. (albeit it does yourself up to inspection date quarrels). Personally, I would be comfortable doing it either way.

Call it a pending sale works great for me...I have a fondness for quality control reviewer meat when roasted thoroughly.

 

[TRESinc]

Based on a complete visual inspection of the interior and exterior areas

i inspected the interior on monday. i inspected the exterior on wednesday completing my inspection of the subject. the effective date is wednesday. there is your own quote, and logic, in action proving your absolute is wrong.

 

[bnmappraisal]

i inspected the interior on monday. i inspected the exterior on wednesday completing my inspection of the subject. the effective date is wednesday. there is your own quote, and logic, in action proving your absolute is wrong.

That's a good point! And I think ResGuy had a similar analogy.

There have been a couple times (thankfully not many) where I was unable to measure the outside of a property; generally due to weather - absolute down pout and darkness come to mind!
So I set up with the homeowner/agent to go back on a different date to inspect/measure the exterior. I guess I probably used the initial date as the eff date (most likely and am not going to look up right now) but I don't see why using the 2nd date as an eff date is misleading in any way to the client/lender.

 

[Mark K]

That's a good point! And I think ResGuy had a similar analogy.

There have been a couple times (thankfully not many) where I was unable to measure the outside of a property; generally due to weather - absolute down pout and darkness come to mind!
So I set up with the homeowner/agent to go back on a different date to inspect/measure the exterior. I guess I probably used the initial date as the eff date (most likely and am not going to look up right now) but I don't see why using the 2nd date as an eff date is misleading in any way to the client/lender.

According to some, you are unworthy of having an appraiser's license unless you complete both the interior and exterior inspections on the same date. EVERYBODY knows its impossible to have an accurate and truthful effective date if you do the interior and exterior on different dates, for any reason.

Have you forgotten the appraiser's creed..."Neither rain, nor snow, nor darkness of night will keep us from doing both the interior and exterior inspections on the same date, otherwise we'll be committing FRAUD."

I think maybe that should go in the preamble for the next revision of USPAP.