Retrospective appraisal

[schavez33]

I have a new order for retrocative appraisal and I have not done in about 4 years. Has anything changed sice then? Is it on the regular 1004 form? Any special commenat I should put on appraisal? Its for depreciation purposes the client told me.

 

[Pamela Crowley (Florida)]

How can you do a retrospective on a Fannie form that specificially state that the effective date is also the date of the appraiser's personal inspection?

Narrative or general purpose form.

 

[Financially Feasible]

You can use either the old URAR form or the GP form (or narrative... but I'd only use that if the assignment warranted a narrative).

What kind of property is it? A plain-jane (or joe, to be PC), subdivision tract house? Is it a special purpose property? Is it commercial/industrial/other?

I'd state in several spots what the effective date of the report is (and how it was derived) as well as the purpose of the appraisal. On non-lending reports, I state several times that this report may not be used for lending purposes. If it's going to the IRS (since you said that it was for depreciation purposes)... you might want to PM Pat Murphy. He used to be an IRS reviewer and he can give you the Full Monty on what needs to be in a report that will eventually end up in the IRS's lap. There is also an IRS IRC section of the tax code on the IRS's definition of FMV... you might want to give that a good read.

 

[JSmith43]

Well, if the appraisal were actually retroactive instead of retrospective, I guess it would be just as good as having been there

 

[Pamela Crowley (Florida)]

Thanks, Mentor. I needed that.

 

[schavez33]

Its a regular SFR with plent of comps. and I did use the old form and the new form before and had no problems. Its been a while I was just asking if anything has changed.

 

[Financially Feasible]

Its a regular SFR with plent of comps. and I did use the old form and the new form before and had no problems. Its been a while I was just asking if anything has changed.

The new form should never, ever, ever be used for non-lending transactions. That violates the FNMA/FHLMC pre-printed "intended use" in the statement of limiting conditions and would, IMHO, result in a misleading report. If the client says that they want the new form, educate them on this point and then tell them the forms that can be used (old URAR, GP, etc).