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Retro appraisal Assignment

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bfriendly

Thread Starter
Junior Member
Joined
Oct 14, 2007
Professional Status
Certified Residential Appraiser
State
Georgia
You may have seen a thread of mine about a client who is trying to get me to Change the name on an appraisal I performed 4 months ago.
Values have declined since then(Not much but some), regardless, Declining is a key word here. 4 months ago I called it Stable due to history and competitive listing-would not call it the same today.
Now she is trying to get me to perform an appraisal with an effective date of 4 months ago.
Value then was too low to make my original client's refi loan work, but apparently this LO got a copy from the borrower and it is enough now.
IMO even if the request and SOW is to perform an appraisal dated back 4 months, I feel like I should inform my client of Current market conditions. The last thing I would ever want to do is have ANYTHING even slightly "Misleading".
This assignment has MISLEADING written all over it IMO.

HELP PLEASE!:new_all_coholic:
 

Abzntminded

Sophomore Member
Joined
Nov 21, 2007
Professional Status
Licensed Appraiser
State
California
"Value then was too low to make my original client's refi loan work, but apparently this LO got a copy from the borrower and it is enough now."


Who funds these days based on an appraisal that's 120 days out? Back in the screaming appreciation days it was not that common; now it just can't exist.

Either the LO really doesn't know what they're doing or they are hoping for a miracle and you're currently their best prospect to have something to submit.

If you accept this assignment with a 4 month old effective date, the next thing you'll get is a request for 2 or 3 additional (current) comps and an update or recert, with renewed pressure from the LO to "not kill the deal".
 

GA Benny

Junior Member
Joined
Oct 19, 2007
Professional Status
Certified Residential Appraiser
State
Georgia
"If you accept this assignment with a 4 month old effective date, the next thing you'll get is a request for 2 or 3 additional (current) comps and an update or recert, with renewed pressure from the LO to "not kill the deal"

I agree. Make sure you include an updated SOW which indicates the request was for a retrospective appraisal so there is no confusion. Put it in bold if have to.

Verbally inform your client of the current market conditions and let them know that if they order an update or recert, that the current market conditions will be considered and the value will most likely be reduced.
 

leelansford

Elite Member
Joined
Mar 29, 2002
Professional Status
Certified Residential Appraiser
State
Illinois
You may have seen a thread of mine about a client who is trying to get me to Change the name on an appraisal I performed 4 months ago.
Values have declined since then(Not much but some), regardless, Declining is a key word here. 4 months ago I called it Stable due to history and competitive listing-would not call it the same today.
Now she is trying to get me to perform an appraisal with an effective date of 4 months ago.
Value then was too low to make my original client's refi loan work, but apparently this LO got a copy from the borrower and it is enough now.
IMO even if the request and SOW is to perform an appraisal dated back 4 months, I feel like I should inform my client of Current market conditions. The last thing I would ever want to do is have ANYTHING even slightly "Misleading".
This assignment has MISLEADING written all over it IMO.

HELP PLEASE!:new_all_coholic:

"Oh, what a tangled web we weave, when we practice to deceive."

Don't do (retro) it.
 

mark jacobs

Freshman Member
Joined
Jan 20, 2006
Professional Status
Certified Residential Appraiser
State
Ohio
bfriendly,
Are you close to retirement?
If you follow this path, it may come sooner than you expect.
 

bfriendly

Thread Starter
Junior Member
Joined
Oct 14, 2007
Professional Status
Certified Residential Appraiser
State
Georgia
Thank you thank you!

What you guys have just said is EXACTLY what I was thinking.

SHe said the lender told her "If its within 6 months, send it on over"
I told her the borrower has a copy and he can send it on over.....

Anyway, she has told me on the phone what she wants, but she cant seem to put it into writing.

Thanks again!
Just got my approval to take the state Certified Exam:clapping:
 
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