Retro Appraisal

[Van Gogh]

I was requested to complete a retro appraisal and the effective date is 09-03. I have all the data needed but was not licensed at the time and the client wants the data and forms based on 2003 selling guidelines.

Do I need to be licensed at the time to complete the appraisal? No guidence was given and did not think of it until about 2 hours after accepting the order. I do not think I do but never hurts to ask, just stings a bit.

Does anyone have a link to 2003 Fannie Selling Guidelines?

Thanks in advance

 

[Mr Rex]

You can do retros before you were licensed (born even)

 

[CANative]

The best case scenario for retros is having been active during the period. It makes it easier to recall the market at that time.

But it's not a requirement. You just have to do the research necessary. Fannie selling guides are available back that far. Go to www.efanniemae.com and find the links to the selling guides (through allregs.)

Personally, I'm not sure I would accept this assignment under those conditions. I was active then and knew the selling guide but it sounds like they're after blood.

 

[Van Gogh]

Thanks for the clarification. I was active but wet behind the ears. I thought I was a mean green appraising machine, but now looking back, I know I was a complete idiot and still had a lot to learn.

The first thing I though was it was going to be a field review but its just an appraisal from 2003 with the OA. A quick look at the appraisal showed it was pretty good.

 

[CANative]

I was active but wet behind the ears. I thought I was a mean green appraising machine, but now looking back, I know I was a complete idiot and still had a lot to learn.

Same here. :icon_mrgreen:

 

[NORTON]

I was requested to complete a retro appraisal and the effective date is 09-03. I have all the data needed but was not licensed at the time and the client wants the data and forms based on 2003 selling guidelines.

Do I need to be licensed at the time to complete the appraisal? No guidence was given and did not think of it until about 2 hours after accepting the order. I do not think I do but never hurts to ask, just stings a bit.

Does anyone have a link to 2003 Fannie Selling Guidelines?

Thanks in advance

how's the fee? do they want copies of every comp and possible comp to be attached to the report?

 

[Van Gogh]

Fee is good, they said $200 I said $400 and got the order. Throught it was a retro field, it is an retro appraisal 2003 fannie selling guide. No BS just the fact should knock 2 hours off the writing.

 

[sputnam]

The retro appraisal has to comply with current USPAP. The valuation analysis can be made using previous guidelines.

 

[Mike Kennedy]

I was requested to complete a retro appraisal and the effective date is 09-03. I have all the data needed but was not licensed at the time and the client wants the data and forms based on 2003 selling guidelines.

Do I need to be licensed at the time to complete the appraisal? No guidence was given and did not think of it until about 2 hours after accepting the order. I do not think I do but never hurts to ask, just stings a bit.

Does anyone have a link to 2003 Fannie Selling Guidelines?

Thanks in advance

https://www.efanniemae.com/sf/guides/ssg/2003annlenltr.jsp

 

[KD247]

... The first thing I though was it was going to be a field review but its just an appraisal from 2003 with the OA. ...

It's good that you're anxious to help out your client with an unusual appraisal request but I wouldn't take another step without knowing the purpose of the appraisal assignment. Retroactive appraisals were formerly done primarily to establish a value on a date of divorce, the date of a business dissolution, or a date of death. These days, when there's a quarrel over who should be stuck with a bad loan, retroactive appraisals are ordered for use as ammunition. With each side hiring their best guns to tear apart the other side's retroactive appraisal, there is no good outcome for the appraisers involved. Are you sure you want to step into the middle of a fight?