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I just need the date changed.......

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Mountain Man

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified General Appraiser
State
Georgia
Warning, vent session.

We got a call several weeks ago from a past borrower wanting to change lenders. Okay, get your old lender to send us a release, and get the new lender to send us a request. Never heard back from them. Finally two weeks ago, the LO called and said I need it recertified it in our name. Got the release, no problem, did just that. LO calls today, I need the date on the appraisal changed, it's over 90 days old. No can do, that is an update. LO doesn't understand why.... but you recertified it!!?? Yes, but we did not do an update. All you ordered was a name change and recertification. For an update, the original appraiser will go re-inspect, search for current comps, and issue an update letter.

After going through 15 minuets of careful explanation, he still didn't get it.... or didn't want to. :agrue: Hopping mad now :eek:nfire: because they are to close tomorrow.... and he called TODAY at 3:00. :roll: I have three problems: this is a summer vacation house (they don’t live here), the original appraiser is out of town until Thursday, and I am booked up solid until Friday....with no time for squeeze ins.

:idea: Now, for the Loan officers or future real estate people: IF you are going to get into the business...... PLEASE take care of YOUR customers. Don't expect me to patch your deals together with "must have before 5" request at 3. Also, PLEASE learn the correct way, and the language of real estate. This is a profession with some unique terminology. Using the right terms to begin with will prevent a LOT of confusion. The lack of planning on your part does not constitute an emergency on my part. :wink:
 

Mike Simpson

Senior Member
Joined
Jan 30, 2002
M-

You can call me (Q). Great post, but you do realize you're gonna be plagiarized? I especially like; "The lack of planning on you're part does not constitute an emergency on my part."

That's gonna be one of the top ten comebacks of the year!

-Mike
 

airphoto

Senior Member
Joined
Jan 15, 2002
Professional Status
Retired Appraiser
State
Pennsylvania
Actually, we're under no obligation to undertake any new assignment .. and re-titling or 'updating' are all NEW assignments ..
 
B

Bemis Pownall

Guest
My retype vent!

Original appraisal 12/02
Deal closed, refie
Get a call today for retype
"sorry without release I cant even discuss this appraisal with you"
I call original LO, he says dont release, and
thinks borrower is refing again so he can skip another month of mortgage payments, borrower has bad credit slow pay etc.

REFIE WITHIN 60 DAYS TO SKIP A PAYMENT! what has this world come to?
Say good bye to any equity...
 

Mountain Man

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified General Appraiser
State
Georgia
Mike, no problem. I actually got that line from our assessors office. :lol:
Bill, Yeah. I should have known better. Anytime you try to do a good deed, it will not go unpunished.
Bemis, that is a sad situation played out too often. Just delaying the inevitable.... and I’ve told them so before. :p
 

Elliott

Elite Member
Joined
Apr 23, 2002
Professional Status
Certified General Appraiser
State
Oregon
Mike,
(I know I'm sticking my neck out here) My latest
refrain is, "Sounds like we need an Update in
accordance with FNMA & USPAP guidelines. This is what
I'll put in the update, "The original report was
done for XYZ, now its being done for ABC,
(plus a page of gobbly gook and certification)
and you probably want some new sales information presented
in the update. Is that what 'we' want to do?
Do you want new sales photo or just a reference
to the new sales?" "Would you like fries with that?"
"Sounds like the fee is $$." "Have a good day, thanks
for coming to McAppraisals."

elliott
 

Richard Carlsen

Elite Member
Joined
Jan 15, 2002
Professional Status
Licensed Appraiser
State
Michigan
I strongly suggest that everyone read, reread and then read again Advisory Opinion 3 (AO-3) of USPAP 2003 and fully understand the following terms:

Recertification

Reissue

Update


In our office, Judy and I have gone over this and finally printed a page in bold letters that we have hanging on the wall with our fees for these three possibilities. We are constantly reminded to use the proper terminology with clients when they call for a “recert”.



See: http://www.appraisalfoundation.org/html/USPAP2003/ao3.htm[/b
]http://www.appraisalfoundation.org/html/US...htm[/color]
 

Jo Ann Meyer Stratton

Elite Member
Joined
Jan 16, 2002
Professional Status
Certified Residential Appraiser
State
Arizona
Option 3 of Advisory Opinion 3 requires the original client and the original appraiser/appraisal firm to be involved it used to incorporate a prior assignment by reference. Therefore in that option, a "update" letter could not be written for Client B, even if you have written permission from Client A. If Client B calls, you would need to use either Option 1 or Option 2 and do the new assignment for Client B as a completely new reprt with a new effective date and without incorporation (Option 1) or a new assignment for Client B that woulld be a new report that incorporates by attachment. So if you did write a letter for Client B, after looking at the property on a new effective date, you should have attached a complete copy of the original report, because it is being incorporated by attachment.

Client Bs can't sneak around Option 3 anymore. Option 3 is for Client A only.
 
Joined
Jan 13, 2002
Professional Status
Retired Appraiser
State
Florida
OK, I'm looking for some clarification here.

Appraisal completed for client A.

Client B calls a month later (or 1 week or 3 months) and want the report reprinted with their name as the client.

#!) get order from client B.

#2) get signed release on letter head from client A.

#3) change the client name on the report, write in the report what you did, when and why and that documentation in in the workfile.

#4) signing date is now: (ie) February 05, 2003 - Original was 01/15/2003


Is this correct and still legal?????
 

Richard Carlsen

Elite Member
Joined
Jan 15, 2002
Professional Status
Licensed Appraiser
State
Michigan
As I read it, anytime there is a date change, you are dealing with a new assignment. An update can be done by inclusion or by reference for the original client only with the assumptions that they are in possession of the original report and can refer to it.

You are right when you say that Client B can no longer get an Update of Client A’s appraisal, even with Clint A’s permission. The change in the date of the original report creates a new assignment so you are back to square one.

Here’s how we have broken it down with separate fees for each:


Recertification

For the original client only to confirm whether or not the conditions of a prior appraisal have been met and to state that the opinion of value contained in the original report is valid.



Reissue

For a new client only, changing an existing appraisal belonging to an original client to the new client with written permission from the original client and for the same intended user. The date of the reissued appraisal must remain the date of the original appraisal. (Asking for a new effective date for the reissue appraisal constitutes a new assignment under USPAP)



Update

For the original client only, bringing the effective date of an old report forward to a new date. Considered a new assignment by USPAP. The old appraisal can be incorporated into the new report by reference to the original report(you can assume that the original client has a copy of the report to reference) or inclusion of data but must be so noted in the report.
 
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