New Report Or Revised Report?

[Flakey]

I completed an assignment near the end of December for a purchase transaction with conventional financing. No problems. The lender contacted me this week and the borrower is changing to Rural Housing. They want me to bring my appraisal into compliance with USDA requirements and are paying for the difference in fees as well as an additional trip fee. I have re-visited the property and performed the necessary inspections. Again, no problems. My question is, would it be more appropriate to revise the original report with the necessary changes for USDA and commentary on what I did and keep the original effective date or make it a new report with a new effective date with disclosure of a prior assignment? The client is asking for a revised report but are willing to accept it either way.

 

[Randolph Kinney]

... make it a new report with a new effective date with disclosure of a prior assignment

It is a new assignment because you have a new scope of work and new effective date and new report date.

 

[Flakey]

Thank you!

 

[Carnivore]

It is a new assignment because you have a new scope of work and new effective date and new report date.

I agree! Here is a point I would like to make. The OP has to bring it all up to date. Its a new report 1. Because USPAP says so. 2. Then why not! The only thing you didn't have to do is re-measure the subject. 3. Something in your market probably changed/maybe not but you still have to check and make or not make any changes. 3. You have to have a new work file. 3. You have to annotate prior service! Again USPAP says so. 4. Might be a need to substitute comparable. Boo Hoo not much work there.

Finally, My software allows me to clone. Clone it, make appropriate changes. Proof read it to insure you made no mistakes and inserted new pictures(if needed.)

Sorry to come across as sarcastic. Look how lucky you are a redo(new assignment) within a month. How good is that? Really good!

 

[J Grant]

Cleaner to make it a new assignment

 

[Randolph Kinney]

I agree! Here is a point I would like to make. The OP has to bring it all up to date. Its a new report 1. Because USPAP says so. 2. Then why not! The only thing you didn't have to do is re-measure the subject. 3. Something in your market probably changed/maybe not but you still have to check and make or not make any changes. 3. You have to have a new work file. 3. You have to annotate prior service! Again USPAP says so. 4. Might be a need to substitute comparable. Boo Hoo not much work there.

Finally, My software allows me to clone. Clone it, make appropriate changes. Proof read it to insure you made no mistakes and inserted new pictures(if needed.)

Sorry to come across as sarcastic. Look how lucky you are a redo(new assignment) within a month. How good is that? Really good!

Don't forget to check for new comps that might have closed, went pending or listed on or before the new effective date and reanalyze the raw data to make sure the trend stays the same, 1004MC, etc.

 

[Terrel L. Shields]

New assignment regardless date used but the last date of inspection is the right date to use.