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New comps indicate lower value

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hammergator

Thread Starter
Freshman Member
Joined
Jun 11, 2007
Professional Status
Certified Residential Appraiser
State
Florida
The appraisal was completed in October. The lender has asked for recent comps because the appraisal is several months old but still usable for the refi. The new comps show a lower value. The 1004D does not have a change of value option. Is there another form that allows for additional comps and changed value?
 

TJSum

Elite Member
Joined
Nov 12, 2007
Professional Status
Certified Residential Appraiser
State
Maryland
Yes, the 1004, it is a new assignment.
 

hammergator

Thread Starter
Freshman Member
Joined
Jun 11, 2007
Professional Status
Certified Residential Appraiser
State
Florida
Thanks.. I figured that, but I was trying to save the client the expense. It is a forced refi due to death of spouse
 

toddmallard

Junior Member
Joined
Oct 4, 2007
Professional Status
Certified Residential Appraiser
State
Georgia
The 1004d does have a space for the value update.
Intended use states, update to lender if the value has declined.

simple.
 

stefan olafson

Senior Member
Joined
Apr 2, 2003
Professional Status
Certified General Appraiser
State
North Dakota
New assignment, new fee!

We are FEE Appraisers, not FREE Appraisers!

Why is a recurring theme on these posts, I'm trying to save the client some money?
 

leelansford

Elite Member
Joined
Mar 29, 2002
Professional Status
Certified Residential Appraiser
State
Illinois
The appraisal was completed in October. The lender has asked for recent comps because the appraisal is several months old but still usable for the refi. The new comps show a lower value. The 1004D does not have a change of value option. Is there another form that allows for additional comps and changed value?

Ask your client if they want a new appraisal communicated on whatever form that may be appropriate for this new assignment.
 

TJSum

Elite Member
Joined
Nov 12, 2007
Professional Status
Certified Residential Appraiser
State
Maryland
Thanks.. I figured that, but I was trying to save the client the expense. It is a forced refi due to death of spouse

If that is a concern, cut them a break on the price. Some of your work is already done. The fee is a business decision on your part...
 

PropertyEconomics

Elite Member
Joined
Jun 19, 2007
Professional Status
Certified General Appraiser
State
New Mexico
The 1004D is not to be used for an update of an existing report.
 

Obsolescent

Senior Member
Joined
Jul 6, 2004
Professional Status
Certified Residential Appraiser
State
Minnesota
How are you going to add current comps with an effective date of October? New assignment. What you charge is a business decision.
 
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