purchase contract revision after appraisal is completed

[nb23yrs]

Hello all-
I would appreciate some advice. I completed an appraisal 4/25/08 for a purchase transaction. The contract has since been revised (5/06/06) in that the seller is now paying concessions. The Client is asking that I revise the appraisal to report these concessions. However, since the revision to the contract was made after the effective date of the appraisal, what is the best way to approach this issue? (No change has been made to the purchase price.)

The client wants me to change the contract information on page 1 of the URAR; I am skeptical about this since the effective date of the appraisal is prior to the contract revision.

Thanks!

 

[Smokey Bear]

You appraised the property. This has nothing to do with it. I don't know why they keep coming back to get the appraisal to reflect something that happened after the appraisal, that has nothing to do with value. Tell them to pound sand. This doesn't even make sense.

 

[Mike Garrett RAA]

Yes sir, I would be happy to do a new report. My fee is.....

 

[Ross (CO)]

Yes, Mr. Client, I just opened the envelope (received the faxed pages, clicked on the attached email file) of the purchase contract you forwarded to me. I see that it is appropriately dated and has signatures from both parties to the transaction.

Oh, by the way, before I look over those pages and make the necessary comments in my appraisal report regarding those details of this purchase contract.....I was wondering...

.....is this the FINAL version of the purchase contract that you will have for me to look at and review for comment in my report ?

Correct, that's what I said, will there be ANOTHER version of a differing contract that you will soon be forwarding to me ?

Well, the reason I ask.....is because.....

 

[nb23yrs]

This is a good client, and perhaps, under today's working environment, there is a better answer than "pound sand" or "more money, please."
I was hoping for a more diplomatic response.

 

[Smokey Bear]

Diplomatic response: Never change the original appraisal. Do an addendum for them showing the new contract info. Make sure it's clear that the contract was amended etc. after the appraisal date. How's that for diplomatic?

 

[Pamela Crowley (Florida)]

Smokey Bear's answer is good, but I would only do a letter instead of an addendum.

 

[nb23yrs]

Much better, Thank you.

 

[Mike Boyd]

Diplomatic response: Never change the original appraisal. Do an addendum for them showing the new contract info. Make sure it's clear that the contract was amended etc. after the appraisal date. How's that for diplomatic?

The addition of an addendum is, in effect, a change to the original report. You would have to open a new file, REFER to the original report, state what has been asked from you and then comment on the changes. Explain that this new information does not change the original report but merely acknowledges the change in terms. But, DO NOT make it an addendum to the original report.

Other than that, the "pound sand" (i.e....."I cannot do that...") is your alternative.

 

[Bill_FL]

I have asked that question specifically to the ASB, the response was that it is technically a new assignment. How you decide to handle billing for it vs not billing is up to you.