I received an email & not sure what it means

[Surf Cat]

you mean the "snakes" are trying to bite you..........naaaaa

17 page engagement letters.....snakes everywhere.

 

[George Hatch]

Knowledge is power. And money. If there's something different in that engagement letter or appraisal policy that didn't apply to the previous assignment it's better for the appraiser to become aware of that prior to sending a report out rather than later and after the fact. It's not the actual changes (if any) that make the difference, but the problem identification process itself that makes this development/report specific to this assignment; even if that process only took 10 seconds because you already knew what the new client needed.

"Different" doesn't always mean "additional", either. The new client might not be asking for a CA or a certain addendum or whatnot. You might have occasion to remove certain elements from the report.

 

[George Hatch]

One thing I'll add for the OP: just because somebody might ask for a mindless SR1-free "readdress" doesn't mean the appraiser can't respond with a fully compliant workproduct specific to the new user's needs. The appraiser isn't even obligated to set the new user straight with the "I don't do readdress". They can just do the do (on the SR1) and include the disclosures (in the SR2) without trying to harass the new user for making such a request.

I never do it that way (I always explain it before doing it) because I want them to understand what I actually did. But that's strictly discretionary on my part - it's not mandatory.

 

[sputnam]

yea, lenders do not know USPAP. you just have to explain as noted above to the new lender our rules. give them a discount for doing a new updated appraisal in their name. if it isn't to old, you might not have to change anything. i would at most retake the exterior photos and say i did a previous appraisal within 3 years. could be easy money and maybe a new client.

True. Why do so many appraisers expect Lenders to know USPAP? Only appraisers are required to comply with USPAP.

 

[Mark K]

Along with the above, "if" the new lender wants your report in their name, make sure to get an engagement letter from them and read it carefully. They may have different requirements that you did not cover in the initial report.

Been there. Years ago the appraisal was transferred and I (like an idiot) changed the name/new assignment, etc. for the new lender. No engagement letters. Next day I get emails saying they have different underwriting criteria and that I would have to make changes to the report. Told them no. They were pissy. Didn't care, they were a flash-in-the-pan mtg. company, here today gone tom'w. Lesson learned.

 

[George Hatch]

Been there. Years ago the appraisal was transferred and I (like an idiot) changed the name/new assignment, etc. for the new lender. No engagement letters. Next day I get emails saying they have different underwriting criteria and that I would have to make changes to the report. Told them no. They were pissy. Didn't care, they were a flash-in-the-pan mtg. company, here today gone tom'w. Lesson learned.

That's 100% the reason for appraisers shouldn't just assume that the report that was good enough for Lender #A will be sufficient anywhere else; not without asking first.

This is an unpopular opinion but I would go so far as to suggest that its unprofessional to make the assumption when the actual answer is knowable. Even if someone gives the appraiser the wrong answer, the error which ensues isn't attributable to the appraiser because they made a good faith effort to do right by this client.