New Loan

[Basically Rectangular]

The client has ordered an appraisal on a property which I recently (within three months) appraised. It was a terrible assignment. After declining they are saying that it is for a new loan, that I can use the same report, just change the loan number.

Would I be able to suggest revising the original appraisal to change the loan number? I don't know if that is possible as I am not a lender but I really don't want to have to deal with pages of revisions again if I treat this as a new assignment.

Edit: This is the same lender. There are no confidentiality issues. There may be an issue with appraisal effective date and the new loan application date, but I have no idea.

 

[Bob Ipock]

How many times is this (or a similar question) going to be asked? Advisory Opinion # 26. Page 131-135. Right there in your USPAP.

 

[Basically Rectangular]

Probably many many many many many more times, so chill out. But thanks for the useful part; pretty impressive.

 

[Basically Rectangular]

How many times is this (or a similar question) going to be asked? Advisory Opinion # 26. Page 131-135. Right there in your USPAP.

I appreciate your effort, however Advisory Opinions 26 & 27 don't address my issue; I never said "New Client". This is the same client.

 

[Tru Red]

Based on your original post & question, I would:

complete this as a new appraisal report with (probably) a full fee (your business decision but it sounds like easy money and no additional risk). I'd look for new comparable's and of course, do a new inspection. Basically just update everything. The new report would incorporate your prior revisions.

 

[sputnam]

It is a new assignment and a separate work file. You may not have to repeat the all of the work you did earlier. For example, if you measured the structure, it's very unlikely that the footprint has changed. Charge whatever you think will compensate you for your efforts. Personally, I'd charge my full fee (to help balance all the times I've been underpaid).

 

[Cob]

The client has ordered an appraisal on a property which I recently (within three months) appraised. It was a terrible assignment. After declining they are saying that it is for a new loan, that I can use the same report, just change the loan number.

Would I be able to suggest revising the original appraisal to change the loan number? I don't know if that is possible as I am not a lender but I really don't want to have to deal with pages of revisions again if I treat this as a new assignment.

Edit: This is the same lender. There are no confidentiality issues. There may be an issue with appraisal effective date and the new loan application date, but I have no idea.

There's your answer, you can decline WHATEVER assignment you want, decline, tell them you aren't interested in dealing with this property again and move on with your life, you aren't under ANY obligation to accept this assignment and deal with an appraisal that already was a P.I.T.A. the first time.

 

[Terrel L. Shields]

I guess I have to ask...what loan "number" are we talking about? Not all appraisals are for FNMA...nor FHA...nor VA...nor FmHA...nor even a community bank in-house loan.

 

[sputnam]

There's your answer, you can decline WHATEVER assignment you want, decline, tell them you aren't interested in dealing with this property again and move on with your life, you aren't under ANY obligation to accept this assignment and deal with an appraisal that already was a P.I.T.A. the first time.

100% correct. You don't have to do an appraisal just because they want you to.

 

[BRCJR]

Do Appraisers typically put a "loan number" in an Appraisal Report?
Unless they have a policy or are selling the loan to an entity that requires the Appraisal Report to indicate the seller is the client, they can use the report as is.