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Corrected Appraisal

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Jason Barber

Thread Starter
Junior Member
Joined
Feb 16, 2006
Professional Status
Certified Residential Appraiser
State
Michigan
My client has issued a "corrected appraisal" order which asks for two items.
1) FHA case number on all pages of appraisal.
2) Letter of feasibility of public water.

Questions to the group here are...

1) I'm not sure my software (ACI) can handle stip #1 and I've never been asked to provide this before. Is this a common request?
2) It is clear to me under 4150.2 rev App D, that "The lender is responsible for the determination of the feasibility for requiring connection."

So now I have to respond with a revised report on these two items.

Do most of you create a new report identifying these two items with a new report date? This would require a new file name and file number.

Or do most of you add a revision statement to the original report and keep the same file name and file number?
 

leelansford

Elite Member
Joined
Mar 29, 2002
Professional Status
Certified Residential Appraiser
State
Illinois
RE: #1

What happened that the appraisal was not first communicated with the FHA case # (and, yes, case # is included on all FHA appraisals)?
 

Mark Heitzinger

Freshman Member
Joined
Sep 4, 2008
Professional Status
Certified Residential Appraiser
State
Arizona
Doesn't your software permit a file number on all pages? Change file number to case number. FHA requires connection to public water when feasible. You HOC might have a different cost threshold than mine, so, check with your HOC. If the cost is greater than that stipulated by your HOC it is appropriate to add a statement in the report regarding the feasibility; is or is not feasible. Make a statement in the report that the comment was added, and when. We actually have areas here in Arizona where "hauled water" is acceptable to FHA, ie water delivered by truck.
 

Jason Barber

Thread Starter
Junior Member
Joined
Feb 16, 2006
Professional Status
Certified Residential Appraiser
State
Michigan
RE: #1

What happened that the appraisal was not first communicated with the FHA case # (and, yes, case # is included on all FHA appraisals)?

Yes, I realize that lee.

Let me try and make myself a little more clear before I get bombarded with comments like this...

I have the FHA Case # inserted on the initial order page which populates the very same case # throughout the report. Now, apparently there is an extra document page I have included with this report that shows the zoning map for the township. This is the ONLY page in my report that does not have the FHA case number on it. So I am assuming the U/W is complaining about this page. I'm not exactly sure how to attach a case number to this page, my software does not allow a header on this "extra document page"...
 

leelansford

Elite Member
Joined
Mar 29, 2002
Professional Status
Certified Residential Appraiser
State
Illinois
Jason, any time that I make revisions to a report that has previously been communicated, I am most certain to do the following:

A) New "date signed/date of report" (assuming that the two dates are different);
B) New file #;
C) An explanation in the revised report as to exactly how this report differs from the first and the reason(s) for the changes.

You don't want two reports "out there" lacking the above.
 

Jason Barber

Thread Starter
Junior Member
Joined
Feb 16, 2006
Professional Status
Certified Residential Appraiser
State
Michigan
Jason, any time that I make revisions to a report that has previously been communicated, I am most certain to do the following:

A) New "date signed/date of report" (assuming that the two dates are different);
B) New file #;
C) An explanation in the revised report as to exactly how this report differs from the first and the reason(s) for the changes.

You don't want two reports "out there" lacking the above.

Thanks Lee! I have decided to do just that.

As far as the "Extra Doc Page" that had no FHA case #, I used Snag-It to insert a text box on that zoning document and then typed the case number into the text box. I then saved and inserted this new doc into the existing "Extra Doc Page". I'm hoping this is just a quick work-around and ACI has a better solution for me in future reports.
 

Hamlet

Elite Member
Joined
Aug 14, 2006
Professional Status
Certified Residential Appraiser
State
Ohio
My client has issued a "corrected appraisal" order which asks for two items.
1) FHA case number on all pages of appraisal.
2) Letter of feasibility of public water.

Questions to the group here are...

1) I'm not sure my software (ACI) can handle stip #1 and I've never been asked to provide this before. Is this a common request?
2) It is clear to me under 4150.2 rev App D, that "The lender is responsible for the determination of the feasibility for requiring connection."

So now I have to respond with a revised report on these two items.

Do most of you create a new report identifying these two items with a new report date? This would require a new file name and file number.

Or do most of you add a revision statement to the original report and keep the same file name and file number?

Hi Jason,

Yes the FHA Case # must be on every page of the report. When making corrections to the report, I would add a -01 to my internal order number and note in my report the reason for the correction.

As far as the feasibility of connecting to the public water, did you address in your report the cost of connecting to the public services? The UW makes the determination, but the appraiser has to provide the information on the costs associated and if it exceeds the guidelines, or if the existing systems are functioning and meeting health department requirements.
 

Richard Carlsen

Elite Member
Joined
Jan 15, 2002
Professional Status
Licensed Appraiser
State
Michigan
You do not have to issue a new report in order to make corrections that are fulfilling missed assignment conditions. I simply go back in and make the corrections as requested, resign the report and print a new .pdf file that replaces the original in my file.

There is nothing sacred about a signed report that needs corrections. If the client changes the assignment conditions (appraise subject to new siding and roof shingles vs as is), then I would clone the report, assign a new file number (usually the original file number followed by an "A"), make the necessary changes, keep the same effective date but use a new signature date, and condition the report. Enough of a change to consider it to be a new assignment and an additional fee.
 

TC

Elite Member
Gold Supporting Member
Joined
Jan 31, 2002
Professional Status
Certified Residential Appraiser
State
Pennsylvania
Why not just scan the zoning map into one of the extra map pages on the ACI list?

...but watch out, that zoning map data will be mined and then altered. :)

TC
 

Kevin A. Spellman

Senior Member
Joined
Aug 30, 2003
Professional Status
Certified Residential Appraiser
State
Massachusetts
The last time I was asked about public water supply for an FHA assignment was back in the 90s. The underwriter stated if the cost exceeds 3% of the value, the property is excused from connecting. My subject was in a town with no municipal water supply.
 
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