Proposed Property address changes 2 months after appraisal is completed.

[Condike]

I need quick help (like yesterday or last week). I've been around and around on how to deal with this. The legal address of a proposed construction property has changed 2 months after the completion date of the original appraisal.

How would everyone address this WITHOUT charging for a new appraisal or doing a value update (1004D)? This is for one of our best clients. Just consider the values are all the same, there are no additional comps, etc. I don't want to get into all that. What is the best and fastest way to address it. They want me to change the original appraisal. Should I just revise the original appraisal address, add comments regarding the address, and make only the signature date the current date?

Thanks,
Clondike Jay

 

[Pilgrum]

The addrsss changed? Or the subject location?
If to apply the appraisal to a different property I say it is a new assignment.
If it is an address change because of the USPS delivery system or something the municipality has changed then I think you could address it with an addenda.

 

[Condike]

I'm NOT going to charge them, let's get that clear. I don't want to make it a new assignment.

Does anyone think my solution to just open the original report, change the address (THIS IS PROPOSED CONSTRUCTION - the Street Name has been changed), and update the signature date; is viable?

Please stay focused on just a quick solution. A new few or assignment is not an option at this time.

Thanks,
Condike

 

[RSW]

I would address it in an addendum. Just explain what happened and state the new address in the addendum.

 

[Pilgrum]

Look. If it is for a different property you can't just change the address on an old report. Why would you want to do that? It is a NEW assignment. It is 2 months later. Whether you charge for it or not is a business decision.

 

[Lee Lansford]

I understand that the only change is that the street address has been changed...and assuming that the client is the original client.

If correct, provide a new report: same effective date; new file #; provide corrected address at the top of page 1; current "date of signature & report"; explain--if current URAR, page 3 is a good place--exactly how and why this report of the appraisal differs from the prior "date of signature & report" such-and-such date; be certain to explain exactly what differs between the two reports so the reader is not left wondering "are there any other differences between the two reports?".

 

[Condike]

SAME property, same location, same site. The developer has changed the street name - ergo the addresses of all PROPOSED dwellings on the street wll be changed.

Okay, now I hope we're clear on that. If I just put it in an addendum, it is not attached to the original report. Otherwise, if it is attached to the original report, I'd be changing the report to the new address, add the addendum, and change the signature date.

Has anyone ever done this before? In 23 years, I never have. Also, I TRY not to insult other appraiser's intelligence; but I appreciate the help.

 

[Condike]

Thanks Lee.

 

[CANative]

I'm NOT going to charge them, let's get that clear. I don't want to make it a new assignment.

Does anyone think my solution to just open the original report, change the address (THIS IS PROPOSED CONSTRUCTION - the Street Name has been changed), and update the signature date; is viable?

Please stay focused on just a quick solution. A new few or assignment is not an option at this time.

Thanks,
Condike

Recent membership and only 2 posts. Try not to alienate yourself so quickly.

 

[Condike]

I should stick to the old addage, "If you don't have anything good to say, don't say anything at all."