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New assignment

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TC

Thread Starter
Elite Member
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Jan 31, 2002
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Certified Residential Appraiser
State
Pennsylvania
Gentlemen:

I should know the answer to this but want to verify with FHA gurus, my local one is out of town.

Short story. Appraised property on Jan 3 for 108K. Nice house, upgraded with new kitchen, painting, carpeting. No consessions at all, very clean deal. Buyer backs out. Three days ago . and every day since I get the agent and another lender bugging me to transfer the appraisal to a new client and by the way, we need you to raise it 7K.

Not gonna happen. I advised them to get a new appraiser. Agent left message today that despite it being a different buyer and a different mortgage company, they can't use a different appraiser for at least 6 months. Is that correct, too late to call the office.

Appreciate any advice, heading to the mountains for 2 days where there is no cell phone or internet service. I'll look for answers on Sunday.

Thankx

TC
 

Tim Hicks (Texas)

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Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Texas
They have an FHA appraisal. They have to get it from the old lender and use it. No changes!
 

Non Sequitur

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Supporting Member
Joined
Feb 14, 2002
Professional Status
Certified Residential Appraiser
State
Louisiana
And as an added bonus whomever payed for the original should get a refund.
 

CANative

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Jun 18, 2003
Professional Status
Retired Appraiser
State
California
TC... refer the the thread right near this one about changing lender names. I put a link to the 4000.2 handbook. It has everything you need to make those guys miserable.
 

TC

Thread Starter
Elite Member
Gold Supporting Member
Joined
Jan 31, 2002
Professional Status
Certified Residential Appraiser
State
Pennsylvania
Thanks for the info.

Got home to find 5 calls on the machine, 1 from the listing agent, 1 from the selling agent, 2 from the new lender, and 1 from the new buyer, How he got my name...damn agents.

In a nutshell: Did appraisal Jan 3 for 108K. Buyer backed out. First lender paid me for the appraisal and refunded the buyer's fee. Listing agent found new buyer. Gets my appraisal as per HUD guidelines. However, somehow the SP is 117K. New lender calls to tell me to raise the amount due to new improvements. Then agent calls to tell me it's a New American program? may have got the name wrong. But I believe it's the no money down program which would explain the value increase.

Bottom line: I guess I'll have to go back out to confirm the "new improvements". My guess is nothing has been done. They can't get another appraiser for at least 6 months. My plan is to request a copy of the new sales agreement and a check up front prior to re-inspecting.

Sound about right?

TC
 

TC

Thread Starter
Elite Member
Gold Supporting Member
Joined
Jan 31, 2002
Professional Status
Certified Residential Appraiser
State
Pennsylvania
Originally Posted by TC
consessions



Ya got me, Ms J. I was using the stinkin' hotel lobby computer that didn't have a spell check.

TC
 

CANative

Elite Member
Joined
Jun 18, 2003
Professional Status
Retired Appraiser
State
California
You need spell check to know that it should be a "c" instead of an "s?"

Why would you feel the need to re-inspect. Your job is done.
 
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