Doing someone else's final-What's up with that?

[Elliott]

I've had three requests over the last year to
do a final inspection on new construction that
I didn't have anything to do with.

The latest, Cocamar, called and said,
"Would you do a final inspection on
new construction in your area."

I say, "What? Did I do the original
appraisal." They answer, "No it was
done by another appraiser."

I say, "Nope, that's something I don't
do." (wanting to say---"Geeus, get the
guy to do his own final.")

The caller then acts offended, "Oh, then you
won't do this kind of work for us."

"That's right. Have a nice day." click

Is this a scam or what, it just doesn't make
sense. Maybe somebody has figured it out.

elliott

 

[Carnivore]

Elliot,

I ran into this one time. Seems htat the original appraiser would not do the final since he was not paidf for the report and they had already closed the loan. He essentially said "pay me for the report first". So this might just be the same thing. Lets look out for each other. The lenders dont care so why should you.

 

[Pamela Crowley (Florida)]

I had a call like that a couple months ago. I think I blew her mind when I said I'd have to have the full, complete, all pages included, original appraisal report and that if there was anything found during the final that was different from the original appraisal report, I would have to do a complete new appraisal - plus the fee would be at least $250 for me to do this much 'review' of the original appraisal in order to determine if the property that I was doing a final on matched the appraisal report - if the property didn't match that appraisal report, the $250 would go toward the $350 for me to do a new appraisal and report. She couldn't figure out what I was talking about (fine with me!) and we ended the exchange. Then after we hung up, I though about it some more and decided that I don't think this would be USPAP compliant anyway. I think the original appraiser or someone from the same firm would have to do that. ???? (I'm not looking that up right now)

Hearing that there's a possibility that they didn't pay the original appraiser.... if I get anymore stupid requests like this it will be a simple and fast "No way!".

 

[TDK]

I've actually done this before for the simple reason that the appraiser who did the original report was on vacation at the time the loan was to close. I was provided the entire file folder with all the research data and the original report as well as the conditions of the appraised market value. I performed the final for a stated fee, referenced the appraisal that had been completed by the original appraiser, and all was peachy. No big deal. I also work for myself and have no employees. If I were on vacation, my clients would have to have someone else do any finals that I would have had to do, and this is a common practice. That is perhaps why there is a line on the 442 asking who the original appraisal was performed by, and who the final inspector is. If I know there are finals coming up and I'll be out of town, I simply ask another appraiser colleague if they will cover my finals for me. No biggy. Not against the law.
TK

 

[TC]

I've performed draw inspections and final inspections for other appraisers when they are unavailable or on vacation. They've done the same for me which comes in handy being a one-man shop. I also did some for a national firm who sent me all the necessary data to perform a draw inspection.

TC

 

[Randy Beigh]

I agree with TDK.

The first time I encountered this situation was several years ago. The original appraiser died and he was no longer available, so I completed the assignment.

Now, if the situation arose that knowledge was gained that the first appraisal had not been paid, that is different. Because if they didn't pay the original appraiser, there is no reason for them to pay me. But, that has nothing to do with the request, as such. More to do with dishonest mortgage company.

The only time I have ever been asked is with well known customers. Never had a company that I don't work with ask for such a thing. Then I would be wary.

 

[Farm Gal]

No biggy. Not against the law.
TK

Agreed: AS LONG AS: you ARE provided the entire file folder with all the research data and the original report as well as the conditions of the appraised market value.

problem is that one is seldom provided this when the requester asks the service of you... :roll:

And IF you restate the value you jsut did an appraisal.

and best have a copy of that file in YOUR file.

and you are right, sometimes it just makes sense to do this service, but I would be v*e*r*y careful for whom I provided it 8O

methinks there are some AVM generated...new construction deals hanging out there

 

[Kevin Shannon]

Done quite a few these too for the same reasons as above.
Don't see what's so stupid about it.

 

[Mike Simpson]

I've never had this situation arise. If and when it does, however, I'm going to want to know why the original appraiser cannot do the final. If I don't get satisfactory answers to my questions or detect something amiss I wouldn't accept the assignment.

I would definately require the original appraisers work file before proceeding, and what are the chances of that?

I would approach the situation from different directions depending on the client. Is it a client with whom you're familiar or some stranger who calls out of the blue?

-Mike

 

[Pamela Crowley (Florida)]

After reading some of these other reasons for that situation, I'll ask more about it if/when that request comes in again. Some are very reasonable. Learned here again!