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Prior Services?

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PhysicalDepreciation

Junior Member
Joined
Jun 6, 2008
Professional Status
Certified Residential Appraiser
State
Rhode Island
Here's the scenario....I receive an order from an AMC to appraise a property for lender A. I accept and schedule it. Before I go out there I receive an order to appraise the same property for the same lender, but from a different AMC. I note on the website that I received this order from another AMC, but am given the green light to proceed. Obviously the reports are identical with the exception of file numbers. I havent performed any "prior services" since they have the same exact effective dates. Should this be disclosed in the report or just on the sites of the AMCs??
 

hastalavista

Elite Member
Joined
May 16, 2005
Professional Status
Certified General Appraiser
State
California
Prior service disclosure is not based on the effective date of an appraisal (that would foil the intent if the appraisal were prospective or retrospective, no?).

Most agree that the timeline starts upon engagement (when you and the client agree that you will complete a service).
I would make the disclosure in the second assignment's report. In fact, when I'm unsure if disclosure is required or not, I discuss that (in the report) and opt to make the disclosure. This way I can never be charged with failing to disclose.

Good luck!
 

Mike Kennedy

Elite Member
Joined
Sep 28, 2003
Professional Status
Certified Residential Appraiser
State
New York
Here's the scenario....I receive an order from an AMC to appraise a property for lender A. I accept and schedule it. Before I go out there I receive an order to appraise the same property for the same lender, but from a different AMC. I note on the website that I received this order from another AMC, but am given the green light to proceed. Obviously the reports are identical with the exception of file numbers. I havent performed any "prior services" since they have the same exact effective dates. Should this be disclosed in the report or just on the sites of the AMCs??

Was the first order you accepted CANCELLED?
 

PhysicalDepreciation

Junior Member
Joined
Jun 6, 2008
Professional Status
Certified Residential Appraiser
State
Rhode Island
Neither order was cancelled. Thanks Denis, I did not realize that it was from the time of engagement. That does make sense though
 

Mr Rex

Elite Member
Joined
Jan 12, 2004
Professional Status
Certified Residential Appraiser
State
North Carolina
Dear AMC. I am seeing other AMCs. It's not your fault. It's just, well you know...
 
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