Lender wants original appraisal changed

[CANative]

Same assignment, revised report.

There's no profit in needlessly irritating a client by insisting THEY use appraiser jargon in communicating what they need/want.

 

[Mike Kennedy]

Kindly post the applicable USPAP support for a new, revised, or existing definition of "Current as of the EDA" i.e. somewhere near, either before, as of, or within a reasonable time after the Effective Date of Appraisal as long as the Client demands it - it's okie dokie".

Thanks in advance.

 

[CANative]

If you have an effective date of value as of December 7, 1941 and the sale still hasn't closed because there have been tens of thousands of renegotiations then the latest contract is still current as of the effective date of value because the effective date of value has not changed.

You're resorting to parsing the last couple of words at the end of a Standard in trying to support your views. Typical Kennedy style.

Besides, if the appraiser did the 1-5 analysis on contract #1 (current as of EDV) then the minimum requirements of USPAP have been met. The new contract request is simply in addition to the minimum.

 

[Mike Kennedy]

Kindly post the USPAP support for your apparent definition of a morphable "Current AS OF THE Effective Date of Appraisal". Thanks.

SR 1-5

(a) analyze all agreements of sale, options, and listings of the subject property current as of the effective date of the appraisal;​

Kindly note - no "parsing" necessary. It states what it states.

Your turn.

 

[CANative]

Kindly post the USPAP support for your apparent definition of a morphable "Current AS OF THE Effective Date of Appraisal". Thanks.

I would but USPAP is only 95 pages and it doesn't seem to be in their.

 

[isla96]

It's the only thing that is germane. State enforcement agencies are the only ones that can decide if something violates USPAP. And in this specific issue I can't see an enforceable violation. We're just talking about various preferences of the forum members.

It is germane since it appears to fall into the area of harassment and pressure to put a number on the opinion that may be different from the base document - if it is an either you do it or not it is best sent to the state.

 

[CANative]

How can it be pressure to support a value opinion when it was the value opinion that resulted in the contract revision?

 

[Mark Leith]

Greg..
The value opinion, in my case, was not at issue...I brought it in at 240k (a short sale) and the revised contract was for 211k..original contract was 209k

 

[Lee Lansford]

I rely upon the "USPAP Q&A May 2008" regarding the matter under discussion.

In the end, do what you want to do.

 

[Lee Lansford]

Kindly post the USPAP support for your apparent definition of a morphable "Current AS OF THE Effective Date of Appraisal". Thanks.

SR 1-5

(a) analyze all agreements of sale, options, and listings of the subject property current as of the effective date of the appraisal;​

Kindly note - no "parsing" necessary. It states what it states.

Your turn.

Mike-

What about "USPAP Q&A May 2008"?



-Lee