Lender comparing your 2055 to a full appraisal

[George Hatch]

It sounds like they want to know whether or not the additional info has any effect on your conclusions. Perhaps more of a due diligence thing than a criticism.

 

[Surf Cat]

Imo you need to speak to your client about what they expect from you.

The OP turned in their assignment a week ago and received the stip to review an appraisal (comps and adjustments as well as subject features) that the op did not know existed. I'm going to wager that that wasn't in the drive by scope of work engagement letter.

AMC's have become so accustomed to ask appraisers to do extra work for free for over a decade. They don't abide by USPAP as their engagement letters state they do.

That said, it is still unknown what the OP utilized as verification data for the subject's interior for their drive-by.

Hard no on reviewing the previous appraisal and commenting on adjustments from said previous appraisal that he/she didn't do though.

 

[Retirement Countdown]

My data came from the county appraisal district, a previous listing on Realtor.com which included interior photos, and what I could see from the public street. There was no mention that a prior appraisal existed until after my part was finished.

 

[J Grant]

Whether the OP should charge an additional fee ( and how much ), or whether not to charge imo depends on reltationship with client - do they regularly pay good fees and this freebie is a one off, or are they a cheap AMC etc.

It also might depend on whether the OP was at fault at all for doing an ext appraisal without enough information to reliably conclude a value... when was this other appraisal done? Simultaneously, after the OP appraisal, or before the OP did their appraisal?
I'd at least want to see the other appraisal and how it is different then mine to help me decide.

 

[Surf Cat]

Mind, this appraisal was not made available before my exterior was completed and delivered. The client admitted that it should have been made available, but was overlooked.

So sad, too bad. New assignment.

That said, this is all hinging on what data sources you used to determine the subject's interior, condition, features, Etc

 

[Retirement Countdown]

So sad, too bad. New assignment.

That said, this is all hinging on what data sources you used to determine the subject's interior, condition, features, Etc

County appraisal district, previous Realtor.com listing, TaxNet, exterior viewing from street.

 

[Fernando]

How old is the prior report? Was it recently done?
How did client have access to old report?
Now that you have copy of 1004, when you do a new report, you will have more information to work with and a new effective date.
Sounds like a new assignment.

 

[Retirement Countdown]

Whether the OP should charge an additional fee ( and how much ), or whether not to charge imo depends on reltationship with client - do they regularly pay good fees and this freebie is a one off, or are they a cheap AMC etc.

It also might depend on whether the OP was at fault at all for doing an ext appraisal without enough information to reliably conclude a value... when was this other appraisal done? Simultaneously, after the OP appraisal, or before the OP did their appraisal?
I'd at least want to see the other appraisal and how it is different then mine to help me decide.

This MC has a history of pushing their boundaries

 

[Retirement Countdown]

How old is the prior report? Was it recently done?
How did client have access to old report?
Now that you have copy of 1004, when you do a new report, you will have more information to work with and a new effective date.
Sounds like a new assignment.

The prior appraisal was done last month. They had it all along, but just didn't mention that it existed.

 

[Retirement Countdown]

I'd at least want to see the other appraisal and how it is different then mine to help me decide.

I've seen it now. It's not a good one, and was done by someone who apparently doesn't know our local market.