• Welcome to AppraisersForum.com, the premier online  community for the discussion of real estate appraisal. Register a free account to be able to post and unlock additional forums and features.

Mold Remediation To Be Done

Status
Not open for further replies.

Danica Ketover

Freshman Member
Joined
Mar 28, 2005
Professional Status
Licensed Appraiser
State
Wisconsin
Hello all,
Just wanted to get some opinions as to how to correctly proceed. I completed this appraisal report 30 days ago and have received an Amendment dated 3 days ago listing work to be completed prior to closing, one of which was mold remediation. I completed the report "As-Is" and obviously the Inspection was done sometime after. Is this best handled changing the checkbox to an EA or an HC?

Thank you for your helpful advice.
 

Meandering

Elite Member
Joined
Feb 26, 2006
Professional Status
Real Estate Agent or Broker
State
Pennsylvania
Nope.

The pre-printed stuff should cover you unless it was mold you could see or smell and ignored it.

Otherwise, it's information post appraisal, that may or may not have been in the home the day you inspected it.

Appraisals are not ongoing property histories that continue until the loan closes.

Thanks for the info,

Have a nice day.

..
 

J Grant

Elite Member
Joined
Dec 9, 2003
Professional Status
Certified Residential Appraiser
State
Florida
IT is not an issue of EA or HC.

You did not see or know about mold during your inspection I assume?? (Re, was it visible or known at your eff date inspection, or was there a roof leak other factors that might have indicated mold could be present?)

You did the appraisal "as is", now post appraisal they have a list of work to be completed.. I have to be honest I have never come across this problem before.

I don't see how a list of repair work found post appraisal ,is now supposed to be added to the appraisal since it was not made subject to that work being completed.

Sounds like if material facts were discovered that could impact assignment results,but those facts were not available to you at the eff date inspection we assume....so to include them in a report might indicate a new assignment. Might be prudent to call your E and O company as well.

Will be interesting to see the opinions offered here.
 

Mr Rex

Elite Member
Joined
Jan 12, 2004
Professional Status
Certified Residential Appraiser
State
North Carolina
Handle it just like the ubiquitous change in contract price after report submission.
 

Jim Bartley

Senior Member
Joined
Jan 20, 2002
Professional Status
Certified Residential Appraiser
State
Virginia
I've had a couple of these. These are really more about UW than valuing. I usually put something like this in the 1004D

"Although appraisal was made "as is", lender has conditioned appraisal on completion of _____________________. This is subject to lenders receipt of documents stating that the work has been completed"

If you didn't see the mold before, how can you certify is was corrected?
This goes for just about any repair that requires a skilled or licensed trade. The only things I sign off on my own are things that are obvious....paint, broken windows, railing on stairs, etc.....Everything else gets the "Subject to lenders receipt of......"
 

J Grant

Elite Member
Joined
Dec 9, 2003
Professional Status
Certified Residential Appraiser
State
Florida
If you choose to include it and follow client request, there is no EA or HC box to be checked. Just state that per client request you are attaching the following list of repairs to be done prior to completion that they sent you on X date....and that you had no awareness of these conditions at time of original eff date and sinde the conditons were not known or visible, the report was made as is per known/visible on that date.

It still is a strange request...
 
Last edited:

jay trotta

Elite Member
Joined
Feb 8, 2004
Professional Status
Certified Residential Appraiser
State
Connecticut
Hello all,
Just wanted to get some opinions as to how to correctly proceed. I completed this appraisal report 30 days ago and have received an Amendment dated 3 days ago listing work to be completed prior to closing, one of which was mold remediation. I completed the report "As-Is" and obviously the Inspection was done sometime after. Is this best handled changing the checkbox to an EA or an HC?

Thank you for your helpful advice.

1)Not enough information; 2) What did You observe during the walk thru ? 3) Where did the Amendment come from ? Home Inspector ? Contractor?

If your inspection did Not consider those items in question in the "As Is"; and the "Work Noted in the List" are going to be Completed "Prior To" Closing, where is the impact ?

Why are You changing anything ????
 

KYLECODY

Senior Member
Joined
Apr 26, 2003
Professional Status
Certified Residential Appraiser
State
Arizona
If it burns down the next day its not your issue. As of the effective date you knew nothing of any issues. If you're saying they are kicking the report back to you for commentary you can add a paragraph in the addendum clearly explaining the effective date and the date of their addendum and how none of that info was readily known as of the effective date of the appraisal. Really though its just a time waster and their issue, not yours.
 
Status
Not open for further replies.
Find a Real Estate Appraiser - Enter Zip Code

Copyright © 2000-, AppraisersForum.com, All Rights Reserved
AppraisersForum.com is proudly hosted by the folks at
AppraiserSites.com
Top

AdBlock Detected

We get it, advertisements are annoying!

Sure, ad-blocking software does a great job at blocking ads, but it also blocks useful features of our website. For the best site experience please disable your AdBlocker.

I've Disabled AdBlock
No Thanks