• 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.

New Construction

Status
Not open for further replies.

S is for spittman

Senior Member
Joined
Oct 24, 2005
Professional Status
Certified Residential Appraiser
State
Texas
Did an appraisal on property that was about 85% finished at time of inspection and turned in report Subject to Completion. A couple of weeks later I did the final when it was 100% complete.

Lender is now asking if "existing" should be changed on original appraisal instead of "under construction" since it was based on hypothetical that it was already completed. Now I'm questioning myself.

Should it?
 

Kitarkus

Junior Member
Joined
Nov 15, 2006
Professional Status
Certified Residential Appraiser
State
Kansas
Did an appraisal on property that was about 85% finished at time of inspection and turned in report Subject to Completion. A couple of weeks later I did the final when it was 100% complete.

Lender is now asking if "existing" should be changed on original appraisal instead of "under construction" since it was based on hypothetical that it was already completed. Now I'm questioning myself.

Should it?

The original report was subject-to and should not be changed. Your 1004D indicates a now as-is and completed property. You do not go back and change the original report.

P.S. Remember that the effective date of the original report...and the contents of the original report are now historical...and the comments within the Report are now past tense. Thus the need for a completion certificate. I can't think of a reason to ever change the contents of the original report.....as you cannot change the original report effective date (the only way to do this would be a new assignment). The 1004D should suffice any competent underwriter's concerns about whether the property is NOW completed. Any language within the Original Report...open questions...incomplete items...should be addressed in the 1004D.
 
Last edited:

S is for spittman

Senior Member
Joined
Oct 24, 2005
Professional Status
Certified Residential Appraiser
State
Texas
That's what I thought. Must be an inexperienced loan processor.
 
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