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Is This Allowed?

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notsmith

Freshman Member
Joined
Jun 7, 2016
Professional Status
Certified Residential Appraiser
State
Pennsylvania
Just got a quote request to complete a 1004D for a property we did NOT do the original appraisal on. How would that work? They said the original appraiser can't complete it.
 

gregb

Elite Member
Joined
Sep 3, 2011
Professional Status
Certified General Appraiser
State
California
Is the 1004D request for an appraisal update or for a completion report?
 

Kitarkus

Junior Member
Joined
Nov 15, 2006
Professional Status
Certified Residential Appraiser
State
Kansas
Just got a quote request to complete a 1004D for a property we did NOT do the original appraisal on. How would that work? They said the original appraiser can't complete it.

Theoretically...you simply inspect the property to see that any 'subject-to' items were completed....photograph front (and I include street level photos just in case)....and complete the 1004D. Obviously you will need a copy of the complete original reporet. I'm not against doing these entirely...however...I do try to avoid 1004d's where I was not the original appraiser. I've found some subject-to language in original reports to be ambiguous....thus difficult to sign-off on. A lot of liability for $100+/- imo......although I know that opinions relating to this issue on this forum differ from my own. Your mileage may vary. If this was a simple 'subject to railings added to front porch" type of thing....easy peasy no problems. If it were a more elaborate requirement....perhaps not so easy peasy.

and yes...Gregb is correct...I had assumed this was a completion cert. and not an update. A 1004D order could be for either type.
 

notsmith

Freshman Member
Joined
Jun 7, 2016
Professional Status
Certified Residential Appraiser
State
Pennsylvania
Is the 1004D request for an appraisal update or for a completion report?
Appraiser update to see if price has changed - didn't say specifically reduced...
 

notsmith

Freshman Member
Joined
Jun 7, 2016
Professional Status
Certified Residential Appraiser
State
Pennsylvania
Theoretically...you simply inspect the property to see that any 'subject-to' items were completed....photograph front (and I include street level photos just in case)....and complete the 1004D. Obviously you will need a copy of the complete original reporet. I'm not against doing these entirely...however...I do try to avoid 1004d's where I was not the original appraiser. I've found some subject-to language in original reports to be ambiguous....thus difficult to sign-off on. A lot of liability for $100+/- imo......although I know that opinions relating to this issue on this forum differ from my own. Your mileage may vary. If this was a simple 'subject to railings added to front porch" type of thing....easy peasy no problems. If it were a more elaborate requirement....perhaps not so easy peasy.

and yes...Gregb is correct...I had assumed this was a completion cert. and not an update. A 1004D order could be for either type.
Right sorry, I didn't not specify.
 

JTip

Elite Member
Joined
Oct 12, 2004
Professional Status
Certified Residential Appraiser
State
Pennsylvania
Pass. I wouldn't do it.

Appraiser update to see if price has changed

They want a 'cheap' appraisal.

You will learn that AMCs will call 100 appraisers until they find one that does it for peanuts.
 

notsmith

Freshman Member
Joined
Jun 7, 2016
Professional Status
Certified Residential Appraiser
State
Pennsylvania
Pass. I wouldn't do it.



They want a 'cheap' appraisal.

You will learn that AMCs will call 100 appraisers until they find one that does it for peanuts.
I was thinking I could quote a drive-by price, because one would have to at least drive-by? But even still if we didn't determine value to begin with is that legal, and then do they give us the other appraisers report? or are they trying to get a second appraisal for $100?
 

notsmith

Freshman Member
Joined
Jun 7, 2016
Professional Status
Certified Residential Appraiser
State
Pennsylvania
to see if the sale price has changed or to see if the opinion of value has changed?
1. to see if Opinion of value had changed. I would think they would know if sale price had changed.
2. Like your tag line - and agree with it!
 

Kitarkus

Junior Member
Joined
Nov 15, 2006
Professional Status
Certified Residential Appraiser
State
Kansas
Right sorry, I didn't not specify.

I would not accept this assignment...unless they paid me for a full report fee. You will have to ascertain whether the original Appraiser's value was competently formulated and verify his/her data.....then you will have to determine whether the market has changed since the date of the original report. Your Client would be smart to order a new appraisal....but for some reason is attempting to get an update on the original report. I wonder if the original appraiser turned them down already.

You absolutely would be required to have the original report. This is a complex undertaking for you as the non original appraiser. If done competently...you would be doing somewhat of a review....and then an update at a minimum. This Assignment could very well turn into much more if you determine that your opinion varies from the original appraiser.

I cannot think of a circumstance where I might accept such an assignment....assuming the fee is around $100+/-.
 
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