New assignment for a property just did 4 months ago

[J Grant]

Then, in cost approach, how do you change that 1% or 2% change? You couldn't increase cost $ / sq ft by 1 or 2 dollars, right? Unless you really have the contractor quote? Another option will be drop off on site improvement portion? Thanks!

There is nothing to talk about - a 1-2% decline in prices IMO is not a basis to change the site estimate of value from 4 months ago but if you want to , then do it and explain why.

 

[Dublin ohio]

Paralysis due to over analysis

 

[Tim Hicks (Texas)]

I believe your site value should be supported by lot sales, not a whimsical number that fits.

 

[David S]

I did an full 1004 purcahse appraisal for the a house in late May. Now the mortgage rate dropped, the new owner want to do the refi. from same lender. Some interest points to share:

1. Some work files still can re-use, right? Like sketch (assume new owner didn't do any expansion / add-on) 1004 page #1, aerial map. etc.
2. Due to sales volume is very low. Previous report's Comp # 1 and # 2 still can reuse it, right? Like become comp #4 or #5 as long as they are sold within last 6 months.
3. Add 3 more new comps. Reconciliation shows price is about 1%~2% down from previous report. That won't trig lender's market downturn concern, right? Obviously, May is seasonal high. We are in Fall season, 1%~2% price / value drop is very normal. 1004MC also show that.
4. All the grid adjustment formula shall not change, right? Like previous report say $250 / sq ft adjustment for GLA and $20 / sq ft for the lot. This time shall keep the same. Otherwise, lender will ask how this change so quick after 4 months?
5. But I can span out the comp area, like 1 more mile far away in order to get most recent sold 2 or 3 comps?
6. Disclose Perform the service within past 3 years. Disclose the May sale to the grid page's bottom table.
7. How to handle Cost Approach section?
Any other though(s)?

Interesting! After I submitted the report last night. AMC called me early this morning and left a voicemail to say cancel the assignment. Shall I charge 80% or 90% fee since I am done everything.

 

[Vermonter]

Interesting! After I submitted the report last night. AMC called me early this morning and left a voicemail to say cancel the assignment. Shall I charge 80% or 90% fee since I am done everything.

You completed the work requested so why would you discount it?

 

[sputnam]

Interesting! After I submitted the report last night. AMC called me early this morning and left a voicemail to say cancel the assignment. Shall I charge 80% or 90% fee since I am done everything.

If you delivered the report... they owe you 100% of the agreed on fee.