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Re-do of FHA appraisal

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Doug in NC

Thread Starter
Senior Member
Joined
Jan 17, 2002
Professional Status
Certified Residential Appraiser
State
North Carolina
This is a first for me. I have never done an appraisal for one buyer, then when that deal fell through, asked by a different lender for a new appraisal of the same property. I know to treat this as a new assignment, but naturally I will be able to re-use some of the information.

How do you treat these requests? Disclose the prior appraisal and treat it like a completely new order - including similar fee. I ask because I read a fine print requirement from a lender recently that stated:

"[FONT=&quot]You must disclose if, during the last three years, you or anyone with your firm has prepared or is preparing an appraisal or other related service in connection with the subject property."

[/FONT]
 

Lobo Fan

Elite Member
Joined
Nov 28, 2004
Professional Status
Certified Residential Appraiser
State
New Mexico
I just re did one that I inspected in March. I double checked a couple of measurements, took new photos, pulled new comps. I put a note in the report that I had appraised the property on 03-21-07 or whatever and sent it in. It helps make up for the ones that take a lot longer than anricipated. I think you may need a new case number which may prove problematic for the lender.
 

Thomas Fiehler

Senior Member
Joined
Jun 2, 2003
Professional Status
Certified General Appraiser
State
Ohio
New asssignment and there is no need to disclose the previous file, unless you have a lender that requires it. (Not a USPAP issue)
 

Tony V

Elite Member
Joined
Mar 29, 2005
Professional Status
Certified Residential Appraiser
State
New York
I thought that the FHA case # is tied to the subject property....and a new case # cannot be issued for 6 months to that address....
 

Greg Bell

Senior Member
Joined
Jul 7, 2006
Professional Status
Gvmt Agency, FNMA, HUD, VA etc.
State
Louisiana
Clone a cash the check...........
 

Webbed Feet

Elite Member
Joined
Feb 11, 2005
Professional Status
Certified Residential Appraiser
State
Canada
This is a first for me. I have never done an appraisal for one buyer, then when that deal fell through, asked by a different lender for a new appraisal of the same property. I know to treat this as a new assignment, but naturally I will be able to re-use some of the information.

Mr. Doug,

What "naturally" makes you think you can do that? New client = new assignment = technically you are starting over from scratch.. Standard One, and Standard Two... the wholeshebang all over again. This is how you avoid violating any prior client confidentiality.

How do you treat these requests? Disclose the prior appraisal and treat it like a completely new order - including similar fee. I ask because I read a fine print requirement from a lender recently that stated:

Exactly why do I have to disclose anything at all regarding an appraisal I did for a different client?

"[FONT=&quot]You must disclose if, during the last three years, you or anyone with your firm has prepared or is preparing an appraisal or other related service in connection with the subject property."[/FONT]

The above is NOT any USPAP or regulatory requirement of any kind, from anywhere! This "Lender" and I would not be having a happy meal together. They are attempting a contractual agreement beyond something reasonable. I "might" see this for court related work for some reason, but not for any mortgage related work. Even the fact I have been engaged by someone I would consider to be confidential information unless that client told me they were ok with the disclosure. I would not accept a contract that demands I make unauthorized disclosures, even if I legally did not need "Authorization" to do so.

That contract stipulation for engagement is an outrageous intrusion into my business and other business relationships.

Webbed
 
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Webbed Feet

Elite Member
Joined
Feb 11, 2005
Professional Status
Certified Residential Appraiser
State
Canada
I just re did one that I inspected in March. I double checked a couple of measurements, took new photos, pulled new comps. I put a note in the report that I had appraised the property on 03-21-07 or whatever and sent it in. It helps make up for the ones that take a lot longer than anricipated. I think you may need a new case number which may prove problematic for the lender.

Lobo,

If I am not mistaken, that was a screw up on your part. That second lender does NOT need a new report in their name for FHA and you do not have the authority to reissue that same case number from FHA to a new client on a new appraisal.

Webbed
 

Doug in NC

Thread Starter
Senior Member
Joined
Jan 17, 2002
Professional Status
Certified Residential Appraiser
State
North Carolina
I thought that the FHA case # is tied to the subject property....and a new case # cannot be issued for 6 months to that address....

That is the same story I am getting from the second lender. Stated I am the only one who can do the appraisal.

Does anyone have the FHA field office number for NC? I'm going to give them a ring before I proceed with doing another assignment.
 

Webbed Feet

Elite Member
Joined
Feb 11, 2005
Professional Status
Certified Residential Appraiser
State
Canada
That is the same story I am getting from the second lender. Stated I am the only one who can do the appraisal.

Does anyone have the FHA field office number for NC? I'm going to give them a ring before I proceed with doing another assignment.

Mr. Doug,

Please post again what you found out. :) Cuz like what if you are dead, or just want to turn down the second assignment because they want you to agree to being paid out of escrow "if" the deal closes?

Webbed
 
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