Retrospective Appraisal "as is" or "subject to"

[certreapp2010]

I have been asked to appraise a home was damaged by fire within the last month for insurance purposes. My client has asked me to appraise it "prior" to the fire - retrospective value. My question is: should the appraisal be made "as is" since the effective date is before the fire? I have had a mentor tell me that it should be "subject to the following repairs and/or inspection" My thought was that I am appraising it as it was prior to the fire, not subject to repairs or inspections?
Will gladly accept any advice offered....

 

[stefan olafson]

As - Is prior to the fire, as it was on the retrospective date.

 

[certreapp2010]

As - Is prior to the fire, as it was on the retrospective date.

Thank you. That was my thought too.

 

[Mike Kennedy]

certreap - also See your private messages.

 

[HF Mudd]

Advice? Ask your mentor to re-think his/her answer (perhaps somebody's having a bad day), or find a new mentor.

 

[stangtime]

Advice? Ask your mentor to re-think his/her answer (perhaps somebody's having a bad day), or find a new mentor.

Ditto!

Dan

 

[Lee Lansford]

I have been asked to appraise a home was damaged by fire within the last month for insurance purposes. My client has asked me to appraise it "prior" to the fire - retrospective value. My question is: should the appraisal be made "as is" since the effective date is before the fire? I have had a mentor tell me that it should be "subject to the following repairs and/or inspection" My thought was that I am appraising it as it was prior to the fire, not subject to repairs or inspections?
Will gladly accept any advice offered....

And...what is the Extraordinary Assumption which needs to be prominantly cited in your appraisal?

What are the sources of information which you have regarding the "as is" (prior to the fire) status of the property?

I hate to ask, but: What is the "form" of choice for communicating the appraisal?

 

[Mr Rex]

And...what is the Extraordinary Assumption which needs to be prominantly cited in your appraisal?

What are the sources of information which you have regarding the "as is" (prior to the fire) status of the property?

I hate to ask, but: What is the "form" of choice for communicating the appraisal?

That's why he should be using something other than a lending form that disallows EAs etc. and is not intended for this type assignment.

The Alamode GP form has a box just below the "As is" and "subject to" boxes that has another checkbox that says This report is also subject to other Hypothetical Conditions and/or Extraordinary Assumptions as specified in the attached addenda.

 

[CANative]

The appraisal needs no hypothetical condition. It is a value opinion based on an extraordinary assumption. The term "as is" is not relevant so don't use it or stress over it. Make sure you read Statement 3 in USPAP before proceeding and use the proper "tense" in your narrative.

Even if I was wrong in the first place I wouldn't change it in the second place with that email floating around.

 

[Mr Rex]

Who says it needs a HC?