Final Inspection - As Is Appraisal

[LucySanborn]

I completed an appraisal report "as is" several months ago. I have been asked to do a final inspection on a 1004D Form. This form is for reports completed "subject to" completion and refers back to the original report and the conditions set forth. They have something that they want me to inspect and comment on, using this form. Is this appropriate? Does anyone know of a different form that would be better for this?
Thank you!

 

[Dublin ohio]

I completed an appraisal report "as is" several months ago. I have been asked to do a final inspection on a 1004D Form. This form is for reports completed "subject to" completion and refers back to the original report and the conditions set forth. They have something that they want me to inspect and comment on, using this form. Is this appropriate? Does anyone know of a different form that would be better for this?
Thank you!

What is it they want you to comment on. Have had this same situation. Used 1004D and just added commentary explaining request. Not the ideal way to do it. But lenders like forms

 

[hastalavista]

Lenders ask for the 1004D for non-appraisal report related conditions because that is how they are set-up to receive the information.

What I do is this:
A. I fill out the form (the inspection part, not the update part)
B. I don't check any of the boxes.
C. I explain what I was asked to confirm for the lender; that the item requiring confirmation was not a condition of my appraisal, and therefore I am not checking the box.

In my opinion, this is a new assignment, but it isn't an appraisal (but I don't think it matters, in the big scheme of things, if an appraiser would to consider this part of the original assignment). Under my position, the Standard Rules do not apply; Ethics and Competency do apply.
Since it is not an appraisal (IMO) the appraiser is not required to disclose in the 1004D prior service (the appraiser would be required to inform the client of a prior service but there is no requirement to state that since there is no USPAP Certification if this is not an appraisal or appraisal review assignment). However, while not required, I'd put a prior service statement in their as an abundance of caution.

My 2-cents....Good luck!

 

[Terrel L. Shields]

Since it is not an appraisal (IMO) the appraiser is not required to disclose in the 1004D prior service

I don't think I like that option. If it isn't an extension of the original report (and it is not) then I think prior service and USPAP apply.

 

[Dublin ohio]

I don't think I like that option. If it isn't an extension of the original report (and it is not) then I think prior service and USPAP apply.

USPAP only requires initial disclosure to client if it is not an appraisal or appraisal review assignment

 

[Terrel L. Shields]

USPAP only requires initial disclosure to client if it is not an appraisal or appraisal review assignment

??
Assignment has an explicit meaning, Valuation Services has an explicit mean, murky as it is. It is an assignment in my book, therefore, under Ethics it requires "initial disclosure". So what am I missing? You need to disclose the fact you have performed a prior service.

 

[Deleted member 134708]

I've had this.

I used 1004D. Didn't check any boxes. Explained xyz is done. With pictures. I stated this item was not an appraisal condition. This was a lender requirement and has been completed.

 

[Dublin ohio]

??
Assignment has an explicit meaning, Valuation Services has an explicit mean, murky as it is. It is an assignment in my book, therefore, under Ethics it requires "initial disclosure". So what am I missing? You need to disclose the fact you have performed a prior service.

What you are missing is the understanding of Terrel's comment you quoted. He stated in that quote that disclosure within the 1004D was not required.

 

[hastalavista]

??
Assignment has an explicit meaning, Valuation Services has an explicit mean, murky as it is. It is an assignment in my book, therefore, under Ethics it requires "initial disclosure". So what am I missing? You need to disclose the fact you have performed a prior service.

As I said in my post, I would consider the request as a new assignment, but not an appraisal or appraisal review.
I also said that even though that is how I'd categorize it, I'd make the disclosure anyway.
I also said,

In my opinion, this is a new assignment, but it isn't an appraisal (but I don't think it matters, in the big scheme of things, if an appraiser would to consider this part of the original assignment).

So, if another wants to consider it part of the original assignment, I think that is fine. If one does, then disclosure isn't required at all.

 

[Ariba]

However, while not required, I'd put a prior service statement in their as an abundance of caution.

I do the same. Why are appraisers so reluctant to include the prior service statement. What is the big deal?