• 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.

More Underwriter Problems

Status
Not open for further replies.

Blue1

Elite Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
California
I have a standard disclaimer in my report part of which reads: "A professional home inspection or environmental inspection is recommended." I include this in all my reports even if the subject has no problems.

Underwriter says I cannot recommend that..........Should I change the wording? Should I tell him to stuff it? What would you all do?

P.S. This client has recieved hundreds of my reports over the years and not a word about the disclaimer 'till now........Did all the underwriters go to a seminar or something recently? :angry:
 

Travis McGee

Senior Member
Joined
Sep 18, 2004
After I got sued (unsuccessfully) for "not disclosing substantial electrical problems" for a new construction, I have a disclaimer in all my appraisals which reads: THE APPRAISER IS NOT A HOME INSPECTOR;THEREFORE, A HOME INSPECTION HAS NOT BEEN PERFORMED BY THE APPRAISER. IF THE CLIENT IS CONCERNED, THEN AN INSPECTION FROM A QUALIFIED HOME INSPECTOR SHOULD BE ORDERED.
 

Willie

Senior Member
Joined
May 30, 2002
Professional Status
Certified General Appraiser
State
Tennessee
Guess that depends on what their definition of recommend is, is.

Change it to "well advised". Maybe a change in wording will do the trick. Might put it(Well Advised) somewhere else in the report and send it to them over.

Looks as if they read their first appraisal report, Blue.
 

Bobby Bucks

Elite Member
Joined
Jan 27, 2002
Professional Status
Real Estate Agent or Broker
State
North Dakota
Blue I include or should I say used to include that in all my reports also. I ran into the same problem recently. I've also had hassles with stating "unknown" for insulation and condition of heat/air systems. I've had to customize those CYA comments for several different lenders. Bear in mind that phone monkeys in the morning become underwriters after lunch. :)
 
Joined
Jan 13, 2002
Professional Status
Retired Appraiser
State
Florida
Here's my lastest edition:

An appraiser is not a home inspector and only notes what is readily observable. If a thorough explanation of the condition of the dwelling and out-buildings is wanted, a professional home inspector would be necessary. The appraiser does not warrant or guarantee the condition of any part of the subject property.
 

Blue1

Elite Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
California
I like it Pam, mind if I plagarize a bit? :yellowblack:
 

Julio E. Sune Jr. (FL)

Senior Member
Joined
Jan 16, 2002
Professional Status
Certified Residential Appraiser
State
Florida
THE APPRAISER IS NOT A HOME INSPECTOR
The appraiser is not a home inspector, if a home inspection is utilized at the request of any of the parties to the transaction, it is possible that a defect or defects may be discovered. Any repairs found to be needed, not already known to the appraiser, may impact the estimated market value.

This appraisal IS NOT a home inspection and the appraiser is not acting as a home inspector when preparing the appraisal report. The borrower/client has the right and is encouraged, to have the real estate improvements inspected by a professional home inspector.


:ph34r:
 
Joined
Jan 16, 2002
UW's DO NOT tell appraisers how to write reports. I just had similar carp from a UW. I immediately called
Chief Lending Officer at bank - he agreed, and request
by UW was dropped. :angry:
 

Patti Jury

Senior Member
Joined
Mar 23, 2002
Professional Status
Licensed Appraiser
State
Colorado
Will,

With your photo and your response.. I'm still trying to get off the floor! :rofl: :rofl: :rofl:

Keep it as is.. and tell the UW to show you the guideline where you can NOT make that statement! JMHO
 

Paul DelleDonne

Sophomore Member
Joined
Jan 17, 2002
Professional Status
Certified Residential Appraiser
State
Delaware
Keep it in your report.

Lately, it seems underwriters are about as inconsistent as a politician is with a campaign pledge. I also go one step further and state that the appraiser is not a home or enviromental inspector and that all interested parties have a right to a professional home/enviromental inspection. Also, I say that by ordering and acccepting this report, all intersted parties agree to hold the appraiser/appraisal company completely harmless of any resulting event or occurance from said appraisal inspection.
 
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