Proposed Property address changes 2 months after appraisal is completed.

[Captain Common Sense]

Wow!?!

 

[Mike Boyd]

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?".

I agree with Lee. Not a big deal, just explain.

 

[DonRico]

You're going to have to go out to the Subject for a Final Inspection when it's finished, right ? You can update the appraisal with typical verbiage, in the typical sections at that time.

Why are they badgering you to change the report right now ?? Is this in a development ? Does every appraisal of every house on the street need an Update ?


Let them put a post-it note on the file til you finish your Final.

 

[Lee Lansford]

You're going to have to go out to the Subject for a Final Inspection when it's finished, right ? You can update the appraisal with typical verbiage, in the typical sections at that time.

Why are they badgering you to change the report right now ?? Is this in a development ? Does every appraisal of every house on the street need an Update ?


Let them put a post-it note on the file til you finish your Final.

My guess?

Loan approval is pending correction of the street address; the lender has an appraisal with one address and, now, all of the other documents have a different address. Hence, problem to be solved.

 

[Elliott]

Hmmmmm? Let's see, change address number, make a comment about the
previous report having a different address. I'm not the address police, I
leave that to the title companies and the post office. Not that big a deal.

 

[Terrel L. Shields]

Has anyone ever done this before? In 23 years, I never have

Gee, you need to get out more... In such cases, I am with Lee. Just correct the address on a new report, then append info in the report that this is to correct the address. Otherwise, you can go with the method of Advisory Opinion 3
Options are
1. Create a new report with the changes without incorporating the old report (which is what Lee is saying) - you still would have to report the existence of the prior report
2. Provide a new report that incorporates by attachment, and combination of the new info and the old report, that satisfies reporting requirements (this is the addendum suggested above but in reality, the old report is an addendum of the NEW info, not visa versa.)
3. Provide a new report that incorporates BY REFERENCE the information from the old report plus the new info. By necessity this is limited to the existing client - original intended users. And it must identify a list of information - subject, client, intended users, intended use, appraisers, and effective date, date of report and interest appraised. This would be rather messy in your case.
'Go with option 1 or 2.

 

[Rice Brewer]

Same Date of Value, New Signature Date, New File #

Add a Comment Addendum Page and add:

COMMENTS ADDED (new signature date)
At the request of the client, the following (comments have been added) or (changes gave been made) as of this date. As a result, we have changed the signature date to said date. Nevertheless and this addition notwithstanding, the effective date of the value opinion given remains (the date of valuation).

Explain, Explain, Explian