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"Recerts, Updates, Retypes"

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Wally Jones

Senior Member
Joined
Jan 23, 2002
Professional Status
Certified Residential Appraiser
State
Florida
Thank you Jo Ann! Very timely.
 

jtrotta

Senior Member
Joined
Jan 16, 2002
JoAnn

thanks that was informative - and takes some of the guess work out of that question.

:ph34r:
 

Mountain Man

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified General Appraiser
State
Georgia
THIS one will become a "sticky" in my file.

Thanks a bunch for this golden find.
 

Ross (CO)

Senior Member
Joined
Jan 17, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
Sorry for the long post, but this stuff happens out there.

Timely, yes, for I just had a conversion request yesterday. Did a 2055-Interior in April. Remember that first phone call from broker who was sure that 2055 form would be satisfactory. Are your sure you do not want or need a 1004 ? Yep. Sure ? (Put's me on hold, comes back ) Yep, that'll take care of things. Homeowner c.o.d.'s me at the time of my visit. Report done and sent to MY client. All appears fine, hence forgotten and cruising on through May, June and July.

Call yesterday, and broker's company (my client) has shuffled the loan file off to another party trying now to sell the loan (I guess perhaps a 2rd time since) and this party now needs the report (to have been) done on a 1004 form. My broker client allows my recall of our ohone conversation in April, and his order placed, and is now caught in the middle trying to create a mini-order situation where I provide HIM the two needed 1004 pages (and my amended USPAP Addendum page) as conversion of the data from the 2055 and now to include a Cost Approach insertion as those page(s) normally entail. I tell him he will have to create a new written order for this request and we seem to have an agreement for such at a nominal fee.....and I press for an understanding from where my fee is going to come. Been there, done that, and I say that I will need that fee BEFORE anything is sent to you. He says this other party (selling the loan yet again) will pay me. O.K. ?

Call shortly later from other party, and I am assuming my client has briefed them of what MAY be coming their way, eventually. She recites the nominal fee (o.k., he informed her) and says to just invoice them, and to create a 1004 form and assemble the entirely (new) 1004 report with all pages and e-mail that to her office, and include the invoice for the (nominal fee). I say whoa ! You do not understand the proper sequence here, nor the timeline of my involvement with MY client. When I mention pre-pay is required she has cow #1. Then I say that MY client has not sent me an order for what he has requested...cow #2. I say that all HE is getting is the two 1004 pages and an amended addendum page, and then he will re-assemble that original report and perhaps send it to you...cow #3. She now says to me that "you are NOT a nice man". I politely said that she is entitled to her opinion....and I think our conversation is over now, bye, click.

Still no order, still no overnight fee payment. In light of almost getting the wool pulled over my eyes.....I think this other party needs a "NEW" 1004 at a FULL fee.....if they really want me (an "un-nice" appraiser) to help them out. I'm really not obligated to help this new party out....MY client closed their loan long ago and my job is done. I think she said something about having to pay some extra daily interest amount each day they hold that loan without selling it (to someone else). Pay on, my friend, pay on.
 

Fred

Elite Member
Joined
Jan 15, 2002
Professional Status
Retired Appraiser
State
Virgin Islands
takes some of the guess work out of that question.

Does it? So what is the answer? Yes you can give them a "reliance letter" or no you can't give them a "reliance letter."
 

Stone

Elite Member
Joined
Feb 1, 2002
Professional Status
Certified General Appraiser
State
Wisconsin
Steven - go back to the quiz and click on the blue reponses link above. The answers are at that location.
 

Fred

Elite Member
Joined
Jan 15, 2002
Professional Status
Retired Appraiser
State
Virgin Islands
Thanks, Michael,
I already had the full text of the answer. Just wondering how many interpret that as a yes, a no, or something in the middle.
 
Joined
Jan 16, 2002
Professional Status
Certified General Appraiser
State
Montana
Originally posted by Steven Santora@Aug 2 2003, 08:31 AM
takes some of the guess work out of that question.

Does it? So what is the answer? Yes you can give them a "reliance letter" or no you can't give them a "reliance letter."

Now we are getting to the hard part. The answer in the Q & A leads us to finally arriving at the conclusion that what we are being asked for is a new assignment. Some of us rather than faxing the answer given by the ASB would rather fax in big letters " IT'S A NEW ASSIGNMENT, STUPID" and then we would start all over again. But then, that would be, how should I put it... STUPID!!!. USPAP is not telling us to start over again. In this particular case, we could, as Steves prods us to consider, send on the "reliance" letter and appraise by staple.

So the answer given by the ASB is not telling you not to send the letter or to send the letter, it is merely telling you that it is a new assignment. How you develop that assignment, report that assignment and CHARGE for that assignment is a whole different issue.
 

Stone

Elite Member
Joined
Feb 1, 2002
Professional Status
Certified General Appraiser
State
Wisconsin
Sorry. :redface: Thought you were literally asking what their answer was. I took it as being as close to an actual no as is ever given by the USPAP folks.
 
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