Corrected Repairs as revision

[Tim Hicks (Texas)]

With a letter of attestation, something fairly new from fannie, i think the lender doesn't understand that this is in leau of the appraiser re inspecting. They don't need the appraiser, period. That is the purpose of this attestation which is mainly used for simple items. The appraiser request is like a double positive, but without paying the appraiser. I would do it for my direct clients for free, if they asked. They all treat me very well. But that is a business decision.

That being said, where does it say that is has to be on a 1004d form. Since we are allowed to revise the appraisal anytime with a new signature date, then you can put that in the original appraisal with the proper statements. Some of you try to act like appraiser rules perfectionists.

We answer to Fannie/Freddie guidelines also. From the Fannie Mae Selling Guide:

 

[Surf Cat]

The issue with the OP is not about the 1004d, it is about changing the report without a new report or effective date. Hasn't the subject property actually changed since the original effective date since repairs have been done?

In this instance though, Fernando is handling it like a revision request. Something like this in the addendum.

The appraiser checked the declining box when all graphs and charts and market analysis indicated a Stable Market. The appraiser revised the report to indicate stable in all areas of the report. The effective date and value remains the same however, the signature date reflects the date of revision.

I used to do the above during those required, gestapo, AMC, mandatory 24-hour turn time nonsense.

I personally would have gone back out to the property and done a 1004D with my photos for my file.

The problem here as Tim pointed out, I have never received a letter of attestation from a borrower/ realtor to authenticate the deficiencies that Fernando pointed out had been taken care of. Never.

What happened is what Tim pointed out in post number 46. Here are the photos, revise it.

 

[Fernando]

The problem is, the way you handle it wasn't standard protocol. Even though you made the original appraisal as is, the lender saw it fit to have the repairs done on the subject prior to funding the loan.

"You" should have went back out inspected, and photographed that the indicated defects were corrected via a 1004D and got paid for your work. The way that you did it, it empowers the AMC's to continue to ask appraisers to do extra work for free.

Did the photographs come with a letter of attestation from the borrower, or did you just take their word for it?

This is not first time.
I would do the appraisal as is and note the deferred maintenance not requiring 1004D.
Client wants it done and request a 1004D and I go and collect my fee.
This is first time Client hasn't asked for 1004D and instead called it a revision and not requesting me to change effective date but put the photos given to me into the report and I state given by the client.

 

[Surf Cat]

This is not first time.
I would do the appraisal as is and note the deferred maintenance not requiring 1004D.
Client wants it done and request a 1004D and I go and collect my fee.
This is first time Client hasn't asked for 1004D and instead called it a revision and not requesting me to change effective date but put the photos given to me into the report and I state given by the client.

The photos need to come with a letter of attestation. If they didn't, tell them you'll go back out and do a 1004D and what your fee is.

If you're going to just insert the photos with no attestation, write up a blurb in the addendum as to why you're changing the signature date....for free.... then you are taking an unnecessary risk imo.

 

[Fernando]

The photos need to come with a letter of attestation. If they didn't, tell them you'll go back out and do a 1004D and what your fee is.

If you're going to just insert the photos with no attestation, write up a blurb in the addendum as to why you're changing the signature date....for free.... then you are taking an unnecessary risk imo.

I don't see any risk. I stand by my appraisal value.

 

[Surf Cat]

I don't see any risk. I stand by my appraisal value.

This whole thread is not about the value. But you do you. As I said earlier in the thread, the Fernando Way is alive and well.

Time after time you post threads about your particular situation and everyone chimes in with what your peers would do based on USPAP and or Fannie Mae guidelines, Etc. But you continually demonstrate that you do not read any sort of appraisal texts, articles and or guidelines.

You truly are Mr Magoo walking from one haphazard situation into another without a care in the world. And like Mr. Magoo, you come out smelling like roses! Nothing ever happens to you and your licensure.

 

[Fernando]

This whole thread is not about the value. But you do you. As I said earlier in the thread, the Fernando Way is alive and well.

Time after time you post threads about your particular situation and everyone chimes in with what your peers would do based on USPAP and or Fannie Mae guidelines, Etc. But you continually demonstrate that you do not read any sort of appraisal texts, articles and or guidelines.

You truly are Mr Magoo walking from one haphazard situation into another without a care in the world. And like Mr. Magoo, you come out smelling like roses! Nothing ever happens to you and your licensure.

Fernando put most importance in getting appraised value correct. Fannie should too instead of drilling on "minor" details like ANSI.

 

[Tim Hicks (Texas)]

Fernando put most importance in getting appraised value correct. Fannie should too instead of drilling on "minor" details like ANSI.

Maybe you should call them and advise them. Yes, that is the ticket!

Do you not see my post from the Fannie Mae Selling Guide regarding completion of repairs?

Where does it say "revise the original report?"

 

[Fernando]

Maybe you should call them and advise them. Yes, that is the ticket!

Do you not see my post from the Fannie Mae Selling Guide regarding completion of repairs?

Where does it say "revise the original report?"

The Guide is for 1004D.
I did not do a 1004D.

 

[Tim Hicks (Texas)]

The Guide is for 1004D.
I did not do a 1004D.

You do see the part that says "appraisals-any report form including hybrid and desktop?"

It says the appraiser does a 1004D for repairs.

The Selling Guide is for the entire appraisal process, not just the 1004D. Have you ever read the Fannie Mae Selling Guide?