Copy of appraisal

[Kevin A. Spellman]

Have the home owner contact the servicing agent of the current lien holder and then request a copy from you to the servicing agent. Then they can release the report to the home owner. The servicing agent representing the investors does have rights to all documents.

 

[PropertyEconomics]

You should not provide them with a copy of the appraisal report, as Webbed so accurately points out, it is a violation of USPAP.
The purpose of your original report and the attorneys current intended use are not compatible one with the other. Why not tell them you will be happy to complete a new appraisal on the property for their use in bankruptcy. I would venture to guess it will not only 1) Support their bankruptcy claim, but 2) be required by the bankruptcy trustee to have a date at or very near their filing for protection.
This is a new assignment and you should be paid for it, up front, and make sure the check cashes.
Even if they subpoena the report, my guess is it will not be used by the trustee because of its date as well as because it will not accurately allow the trustee to calculate their equity, if any, in the home.

 

[Farm Gal]

Kevin:

While the lender/servicing company *may* provide a copy they do not HAVE to provide a copy - lending law only requires the lender to provide a copy within a fairly short time frame from the property owner notification of loan decline - OR - implementation of a new loan against the property.

jcoffey - use the opportunity to sell a service. Ditto the other posters on 'no can do' but I sure wouldn't advise telling a client to have me served - I would instead state that I am sad that I am unable to comply with the request for a copy of the report under any terms less than a court order ... not a lawyer demand letter - but only under circumstance of a direct instruction from the bench!

{{If USPAP has been incorporated by reference into your licensing law in your state you can even tell them it is against the LAW for you to hand over a copy- THAT usually gets their attention and grudging respect}}

However I would be glad to develop a NEW report value based on either a retrospective date or current. My fee would be $___.

 

[Webbed Feet]

Have the home owner contact the servicing agent of the current lien holder and then request a copy from you to the servicing agent. Then they can release the report to the home owner. The servicing agent representing the investors does have rights to all documents.

Mr. Spellman,

NOT from the real estate appraiser! That servicing agent was NOT the appraiser's client! Boy o boy, some of you really need to call your state boards on this stuff.

Webbed.

 

[Angel M Prince]

One Word CLIENT!!!

 

[reggieP123]

Intended Use/intended User= No Copy!

 

[Kevin A. Spellman]

Mr. Feet the servicing agent holds all rights to the loan documents. The appraiser can provide a copy of the report to the servicing agent if requested. This is professional courtesy. What damage could occur to a client, that is not in operation and from an appraisal done three years ago? The appraisal report is worthless to the industry after three years. The only damage would be to the appraiser if the report has violations. Your post always reflects USPAP. Tell me who in America was damaged by providing a three year old copy of an appraisal via an intended user to a home owner. I would not ask a state board member for permission or their opinions for this matter. There are more important issues at the state level than a three year old copy of an appraisal.

 

[Couch Potato]

Mr. Feet the servicing agent holds all rights to the loan documents. The appraiser can provide a copy of the report to the servicing agent if requested. This is professional courtesy. What damage could occur to a client, that is not in operation and from an appraisal done three years ago? The appraisal report is worthless to the industry after three years. The only damage would be to the appraiser if the report has violations. Your post always reflects USPAP. Tell me who in America was damaged by providing a three year old copy of an appraisal via an intended user to a home owner. I would not ask a state board member for permission or their opinions for this matter. There are more important issues at the state level than a three year old copy of an appraisal.

Your state board may or may not share that view. The thing to do is ask them. The view conflicts with the language of USPAP; the client must authorize distribution of assignment results.

 

[Kevin A. Spellman]

I do not believe my state board would give an opinion. They only enforce USPAP. They do not render USPAP opinions. A USPAP instructor would be the authority not a state board. Most state boards would have a national recognize USPAP instructor as there authority, not themselves. Here in MA they are appointed by the governor, the public appointee and the real estate agent on the board are not required to be USPAP compliant only the appraisers on the board have USPAP requirements.

There is one issue not discuss in this thread. The poster did not reveal how the home owner was aware of his services. The home owner can request of copy of the appraisal in the future and there are more laws for the consumer than for a service provider in respect to the spirit of USPAP.

 

[Webbed Feet]

Mr Spellman,

Excerpts from different AOs, FAQs, and SMT-9

Client – the party or parties who engage an appraiser (by employment or contract) in a specific assignment

Assignment Results – an appraiser’s opinions and conclusions developed specific to an assignment

Assignment is defined as: A valuation service provided as a consequence of an agreement between an appraiser and a client (Bold added for emphasis).

Intended User is defined as: the client and any other party as identified, by name or type, as users of the appraisal, appraisal review, or appraisal consulting report by the appraiser on the basis of communication with the client at the time of the assignment (Bold added for emphasis).

An appraiser must not disclose confidential information or assignment results prepared for a client to anyone other than the client and persons specifically authorized by the client.

If the appraiser is contacted regarding an assignment or report by a party other than the appraiser’s client, before responding the appraiser must review his or her obligations to that client. An appraiser may need to review the Confidentiality section of the ETHICS RULE and Advisory Opinions 25, 26, and 27 for guidance.

An appraiser’s obligation to intended users other than the client is limited to addressing their requirements as identified by the appraiser at the time the appraiser accepts the assignment.

Good luck proving that any appraiser was specifically authorized at the time of the assignment to provide copies revealing assignment results to any ol' variety of servicing agents years later. Especially, when based on what is typically unproven claims a past client, as an entity, is no longer in existence and the loan has been sold, resold, and resold. Especially, when proving the identity of some yahoo over the phone is not possible. Or when some other person claiming to be any certain person, or type of intended user, but yes is only a voice over the phone, or some unknown final destination (like email address) provided by a borrower is requested to be used. All of which cannot be proven to be who or what they say they are by the appraiser.

Who is, or is not, damaged, as if this is a tort case matter, is not a USPAP or state administrative authority concern. Violation of the Ethics Rule is. Also, I was not referring to calling board volunteer members when I said call your board. I meant the administrative employees such as an appraisal compliance analyst or main administrator. If you think someone like that doesn't come to opinions regarding USPAP violations... boy.. are you wrong!

Webbed.