Performing An Appraisal on Same Property Twice

[sandrasubotich]

I need guidance. I performed an appraisal on a property 45 days ago from Lender A. Lender B orders an appraisal on the same property. This is a new assignment, I will property disclose the 36 month USPAP disclosure. Can I use the same interior photos or do I have to go back inside, I reviewed standards and Advisory Opinions, there was nothing I found on it. Please any feedback would be great.

 

[normando]

If you are charging full fee, the borrower would expect you to do a new appraisal so I would go back and take new photos.

 

[Mike Kennedy]

The fee has nothing to do with responsibilities under USPAP and the signed certifications as of the NEW effective date. New client, new effective date, condition or improvements of the subject may have changed since the prior effective date.

Re-inspect.

 

[Don Clark]

Read AO-27. That should give you all the guidance you need.

As a matter or CYA and due diligence I would do a new inspection with new photos. There is also the issue of confidentiality. The first appraisal belongs to that client. Yes, you can use the first appraisal, in whole or in part to do the second. See FAQ 173, page F-80 in USPAP.

 

[Lee Lansford]

I need guidance. I performed an appraisal on a property 45 days ago from Lender A. Lender B orders an appraisal on the same property. This is a new assignment, I will property disclose the 36 month USPAP disclosure. Can I use the same interior photos or do I have to go back inside, I reviewed standards and Advisory Opinions, there was nothing I found on it. Please any feedback would be great.

What is to be the effective date of this new appraisal?

 

[Mike Kennedy]

Mr. Clark, if the Client was the same then I would agree with the FAQ. New Client most assuredly will negotiate/require the same SOW as the first client (when it's a mortgage assignment). I do agree with CYA and Due Diligence as I opined in my prior post. Personally, in the same situation even if Lender B authorized use of prior photos, I would still require interior access or decline the new assignment.

references: URAR 2005 Statement of Assumptions and Limiting Conditions #5, Certifications #1, #2 and #3.

 

[sandrasubotich]

Thanks Guys, that really helped.

 

[Elliott]

Have you told Lender B, prior to accepting the assignment, that you have done an appraisal service within the last 3 years, and to be more candid that you did it 45 days ago?

 

[Delta85]

If the effective date is gonna be changed I'd definately go back for a quick walk through just to make sure. Who knows what can change in a matter of days after an inspection?

 

[Tim The Enchanter]

I would take new pics, even if it was an update for the same client.