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One subject , two appraisal requests.

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andrea dennett

Thread Starter
Freshman Member
Joined
Mar 2, 2002
I have a broker that ordered an appraisal for a home owner that I completed. In the end the fees and hidden charges were more than the homeowner agreed to and wants to jump ship. Another lender has requested me to do reassign the appraisal. Told them I needed a release from lender #1. #1 says no release. Lender #2 ordered a new appraisal. Can I do it? Or is this a violation?
 

Restrain

Elite Member
Joined
Jan 22, 2002
Professional Status
Certified General Appraiser
State
Florida
As long as you do not disclose any proprietary information from Lender 1 on the report, you are free to do a new appraisal for Lender 2. Lender 1 controls the report as of X date. This report will be as of Y date and a totally new report. Shouldn't be a problem.
 

Mountain Man

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified General Appraiser
State
Georgia
Ditto. You just have to treat it like a whole new deal. New inspection, new photos, new effective date, etc. It puts you in a bad spot, because the home owner will want to know why, but you can't disclosed any proprietary information, or leave any apperance that you may have. Just tell the home owner that the first lender did not want to play ball, and took the ball home.
 

NC Old Guy

Junior Member
Joined
Jan 16, 2002
Professional Status
Certified General Appraiser
State
North Carolina
In MHO, save yourself the potential grief, let alone violation of USPAP, & bow out. Of course, if you've saved back that proverbial "best comp" in case the underwriter might ask for another one, you might be off the hook. Otherwise, very similar effective date, same comps, it just may not be worth it trying to convince an outside group that you did not violate a confidentiality issue.

Leon
 

Larry Lyke

Senior Member
Joined
Feb 2, 2002
Confidentiality is a little tricky, but unless you are titilating the lender with asides of a personal nature about the homeowner or property comments, it's pretty hard to incorporate much personal-nature stuff in a lending appraisal report.

Go visit the property AGAIN, reproduce the appraisal with a new lender's name, new date and ship it. Get another full fee.
 
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