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Releasing/Retyping a report

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larryhaskell

Senior Member
Joined
Apr 23, 2002
Professional Status
Certified General Appraiser
State
Nevada
I know this topic has been covered B4 but I don't know how to search on the Forum. Completed an appraisal in September for lender A for the purchase. Lender B calls because today because the homeowner wants to get an equity line of credit. Time frame is less than 4 months. I'm calling lender A as a heads up even though I believe FIRREA says we don't have to. What do most of you do in this case. Lender B is local & there is a possibility of future work. It just seems to me like we're giving away an appraisal assignment. What say ye.
 

Ben Vukicevich SRA

Senior Member
Joined
Feb 9, 2002
Professional Status
Certified General Appraiser
State
New Jersey
Larry,

The Intended Use of original report has been completed.

Do the new one. You don't have to call Lender A at all. They made their money and are happy. After all, isn't that what USPAP client confidentiality hopes to achieve??? The closing of the loan with Lender A :lol: :lol: :lol:

Now go make some more money and get a new client to boot....

Ben
 

larryhaskell

Senior Member
Joined
Apr 23, 2002
Professional Status
Certified General Appraiser
State
Nevada
Additional info. Lender A (good client) says he will be charged $1,200 if the loan doesn't stay in place at least 4 months. Guess I'll wait until 4 months is up. Doesn't make sense to tick off good client to help unknown potential client.
 

Jeff Horton

Senior Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Alabama
This is what I put on each price list I send out to potential clients.

We do not reprint cover sheets or previous appraisals with a new lenders or clients name on it. This violates the Uniform Standard of Appraisal Practice (USPAP) rules by which we are bound. We may be able to perform a new appraisal at a reduced rate however. Please call as these situations are handled on a case-by-case basis.

I forget what I read but I came to the conclusion that USPAP doesn't allow us to do that. So I will reinspect and check for new comps for a reduced fee since
 

Ben Vukicevich SRA

Senior Member
Joined
Feb 9, 2002
Professional Status
Certified General Appraiser
State
New Jersey
Larry,

Hmm. ..doesn't make sense. If the owner is going to get a home equity line of credit as you posted, then he will not be paying off the first mortgage as he will be installing a second mortgage on the home. So your friend at Lender A is secure, not that you have to worry about him. If you do the new appraisal, he won't know anyway nor can you tell him you did do it as per Client Confidentiality to the new lender. I just love this 007 USPAP stuff :lol: :lol:

Ben
 

maitca

Freshman Member
Joined
Feb 11, 2002
Professional Status
Certified General Appraiser
State
Florida
Jeff:

Why reduce the fee? I don't ask the question to be nasty, just to learn what you think. BTW, happy new year!

Tim Andersen
 

Lee SW IL

Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Illinois
In this case, I would also do an brand new appraisal, most likely at a reduced rate. Why the reduced rate you say? I have alot of work already completed on this assigment, I already have the tax info, legal description, size of the home, style of home, and what the home was worth a few months ago. Anything confidential in the 1st report, would NOT show in the 2nd report.

Reinspect the home, search for new comps, charge accordingly. This new lender most likely already has an appraiser(s) their using, so you need to show them your customer service to get their biz. A reduced fee would seem logical if spelled out.

Just my opinion.
 

TC

Elite Member
Gold Supporting Member
Joined
Jan 31, 2002
Professional Status
Certified Residential Appraiser
State
Pennsylvania
Lee,

If you do a refi on the property 2 years from now, would you still reduce the fee?

TC
 

Jeff Horton

Senior Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Alabama
Maitca, Lee answered for me. I can turn one of these out in a short time with minimal effort. So I reduce the fee sometimes. Of course it depends on the situation and the clients. :)

TC, no I wouldn't. I will reduce the fee if I just did an appraisal say a month ago or maybe two. It's a judgment call but I fairly certain I won't have to change comp or maybe just one I will reduce fee. Over a year it's a new job as far as I am concerned. Lots depends on who and what is involved and each one is different.
 
B

Bemis Pownall

Guest
we try not to do them cuz the new lender never wants to pay.
im not a bill collector, my clients pay.

:drinking:
 
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