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New Contract For 1004d

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Michael Lurix

Freshman Member
Joined
May 31, 2005
Professional Status
Licensed Appraiser
State
Mississippi
Performing a 1004D on a property I previously appraised two weeks ago. The new engagement letter has a new selling price on it due to appraisal coming in below asking price. Do I need a copy of a new contract with the new contract price?
 

gregb

Elite Member
Joined
Sep 3, 2011
Professional Status
Certified General Appraiser
State
California
Not sure how a revised contract price would impact the completion part of the 1004D. Or, are you engaged to complete the appraisal update part of the 1004D?
 

Michael Lurix

Freshman Member
Joined
May 31, 2005
Professional Status
Licensed Appraiser
State
Mississippi
No. its just a completion report. I just noticed the price change in the engagement letter.
 

glenn walker

Elite Member
Joined
Oct 11, 2006
Professional Status
Certified Residential Appraiser
State
California
NO .. Just go do the 1004D and be done :)
 

J Grant

Elite Member
Joined
Dec 9, 2003
Professional Status
Certified Residential Appraiser
State
Florida
I like to see a copy of contract or addendum if they change sale price and expect me to note it...but if you want to accept verbal that it happened up to you...I presume you are inspecting for a 1004 d and will note change in contract price at same time, or just submit the 1004 d? They are usually done separate, with contract price change noted in original appraisal and 1004d its own inspection assignment noting completion of repairs/items.
 
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