Revision Or All New Appraisal Report?

[Tru Red]

ANOTHER ONE.
This just came to my email yesterday, 12/13/2017 from the Sr. Underwriter for a VA report: "The sales price has been revised and the home will include Solar Energy System. Please review and update the appraisal as appropriate. I will revise the NOV once the updated appraisal has been received".
They included 8 pages showing the buyer is now purchasing a solar panel system. The contractual sales price went up over $18,000.
The report had already been submitted to the VA in early December.

What is an appraiser to do? Is this a complete new appraisal report? I'm at a loss here.

 

[BRCJR]

New comps, most likely, new contract for analysis.

New assignment.

What are they going to do if you tell them you lack competency to do this assignment because you are not competent to do a property with a Solar Energy Package?

 

[Tru Red]

What are they going to do if you tell them you lack competency to do this assignment because you are not competent to do a property with a Solar Energy Package?

Huh?

I appraise properties with solar all the time. This is after all sunny California!

 

[TRESinc]

Huh?

I appraise properties with solar all the time. This is after all sunny California!

pretty sure he was just giving you an example, not really saying you are not competent.

 

[CindyR]

I can see this as a reasonable scenario and a reasonable request under the VA program. I would call it a new assignment because that would be much easier than explaining all those revisions to the original assignment. I would make a case for not reinspecting the property but for changing the effective date to reflect the revised contract. obviously you need more comps and some different analysis to cover the solar component. and i am sure VA would not object to an additional fee for the new assignment - less than a new appraisal but more than $100. And be sure to disclose that prior service. That's what i would do.

 

[timd354]

I would make a case for not reinspecting the property but for changing the effective date to reflect the revised contract. .

How are you going to that when the 1004 (URAR) states that the effective date of the appraisal is the same as the date of the inspection?

 

[BRCJR]

I can see this as a reasonable scenario and a reasonable request under the VA program. I would call it a new assignment because that would be much easier than explaining all those revisions to the original assignment. I would make a case for not reinspecting the property but for changing the effective date to reflect the revised contract. obviously you need more comps and some different analysis to cover the solar component. and i am sure VA would not object to an additional fee for the new assignment - less than a new appraisal but more than $100. And be sure to disclose that prior service. That's what i would do.

I do not advise just changing an effective date. That is misleading, in my opinion.

 

[Deleted member 130081]

Charge accordingly. For yourself, for all of us.