"Recerts, Updates, Retypes"

[Wally Jones]

Steve, Doug, Everyone,

Thank you for helping me get all this straight (not that I have,yet). It seems our policy will be to treat most requests as new assignments no matter what the client chooses to call them. The scope of work seems to be key. The form we use, the amount of work we may have to do and what we charge are decisions we'll make as we consider each individual request. The one I'm working on now was done three months ago for the homeowner. Now there is a buyer and the seller has provided him a copy of the appraisal to use and the lender just wants us to "recert" the report in their name. Rather than argue with them at this point, I just said no problem, re-inspected the subject, replaced one comparable and discounted my fee. I'm now drafting them a letter attempting to explain updates, recerts and new assignments in the hope we can eventually get everyone on the same page. I know, I know, about the time we all get to the same page, the book will change......again!

 

[Jo Ann Meyer Stratton]

2003 USPAP, Advisory Opinion 3, Update of a Prior Assignment

http://www.appraisalfoundation.org/html/US...PAP2003/toc.htm

http://www.appraisalfoundation.org/html/ne...e=monthly_uspap

USPAP Q&A

June 2003, Question 1
May 2003, Question 1
April 2003, Question 1 and Question 2
March 2003, Question 2 and Question 3

Fannie Mae Guidelines, effective June 30, 2002
Part XI - Property & Appraisal Guidelines
Chapter 2 - Appraisal (or Property Inspection) Documentation
Section 201 - Age of Appraisal (or Property Inspection)
Describes guidelines for an update to a prior assignment.
Note: Fannie Mae uses the term of extension of the original appraisal report---However, Advisory Opinion 3 has the comment of: "Regardless of the nomenclature used, when a client seeks a more current value or analysis of a property that was the subject of a prior assignment, this is not an extension of that prior assignment that was already completed - it is simply a new assignment.

http://www.allregs.com/efnma/index.asp