Recertification of Value

[Jack Straw]

I have been asked to perform a recertification for a property I appraised back in Oct. 09. The last time I did one (probably 10 years ago) the form did not require a "re-inspection."

When I looked for the form in wintotal, I found a newer form requiring a re-inspection and additional sales.

The old form is also in there, so I could use it.

My question is, have any of you done a recertification lately, and is the newer form now required?

Thanks

 

[hastalavista]

I have been asked to perform a recertification for a property I appraised back in Oct. 09. The last time I did one (probably 10 years ago) the form did not require a "re-inspection."

When I looked for the form in wintotal, I found a newer form requiring a re-inspection and additional sales.

The old form is also in there, so I could use it.

My question is, have any of you done a recertification lately, and is the newer form now required?

Thanks

Just so we fully understand the question and agree to the definition of the terms:
1. Is this for a mortgage finance appraisal?
2. Are you being asked to update your prior appraisal (10/09) using the 1004d update form (which also doubles as a certification of completion)? :new_smile-l:

 

[Jack Straw]

Just so we fully understand the question and agree to the definition of the terms:
1. Is this for a mortgage finance appraisal?
2. Are you being asked to update your prior appraisal (10/09) using the 1004d update form (which also doubles as a certification of completion)? :new_smile-l:

This is for a mortgage finance transaction for a sale which was funded in Nov. 09. The lender is now asking for a recertification of value, not an update/certification of completion.

 

[hastalavista]

This is for a mortgage finance transaction for a sale which was funded in Nov. 09. The lender is now asking for a recertification of value, not an update/certification of completion.

A recertification of value means that you are re-certifying that the value you concluded back in October of 09 is valid as of October 09.
Typically, that does not require an inspection (why should it?).

Most lenders request an Update- completed on the 1004D form.

If all the lender wants is a recertification, I don't think there is any "new" form for that?
I'd ask the lender if there is a form they require.
Just be advised if they ask for the 1004D, they are not asking for a recertification- they are asking for an Update, and the form itself is not USPAP compliant.

Good luck.

 

[PropertyEconomics]

I would ask them what date they wish the recertification to address. If the "recertification" is any date other than your effective date (and they have an appraisal for that right?) then I am of the opinion they are asking for an "appraisal" with a different effective date.
Dont get caught up in the verbiage ... you know what must be done depending on their answer ... inform them and then move forward. Do not provide them with an appraisal and call it something else .....

 

[james stephens]

Quote from USPAP FAQ: ‘Recertification of Value’ is often mistakenly used by some clients in place of the term ‘Update.’

It would be wise to review Advisory Opinion 3 before proceeding.

http://www.USPAP.org/2010USPAP/AO/ao01_10/ao_03.htm

 

[Lee Lansford]

This is for a mortgage finance transaction for a sale which was funded in Nov. 09. The lender is now asking for a recertification of value, not an update/certification of completion.

I want to suggest this because I suspect that you may be heading down a road loaded with potholes:

You are being asked to provide an opinion of value (aka, "appraisal").

If you communicate the assignment results via the 1004D (and nothing else but this 1-page form), it will be highly doubtful that you are compliant with the USPAP: remember, you will be communicating a Summary Appraisal Report.

 

[Lee Lansford]

...The last time I did one (probably 10 years ago) the form did not require a "re-inspection."

...

The "form" may not "require" a current inspection (at least from the public street), but the client and/or investor just might!

 

[Thomas Fiehler]

As others have implied, you cannot recertify a value. The appraiser can only certify that items have been completed such as, remodeling, addition, new deck, etc. When it comes to value then it is a new report.

 

[Jack Straw]

Ok, I got it. Advisory Opinion 3 (AO-3) spells it out.

lines 36-40 "A New Assignment" were most helpful.


Thank you all for your time.