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Revision Request Or New Order?

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Overimprovement

Senior Member
Joined
May 31, 2017
Professional Status
Certified Residential Appraiser
State
Kentucky
USDA has come back (thru an AVM) and requested a 30 day REO value on a report turned in 2 months ago. Original request stated 90 day value, which is what was provided. Does this fall under a legitimate revision request (I hate signing something 2 months AFTER effective date), or would this be some sort of one page update form, etc? My motivation for asking is not money, but USPAP compliance. Change itself will only take me 2 minutes...
 

Mike Kennedy

Elite Member
Joined
Sep 28, 2003
Professional Status
Certified Residential Appraiser
State
New York
30 day REO value on a report turned in 2 months ago. Original request stated 90 day value, which is what was provided.


New Effective Date w/Value Opinion - new assignment.
 

alex gilbert

Member
Joined
Feb 21, 2003
Professional Status
Certified Residential Appraiser
State
California
Do they want the same effective date as the original appraisal or are they expecting it as of now.
This is right question to ask. If the effective date of the REO value is the same as the original value (2 months ago) this is an extension of the scope of work in the original report and can be treated as a revision. If the effective date value is to be changed at all, like being brought forward to the current date, it's a new a request/appraisal.
 

Michigan CG

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Staff member
Moderator
Joined
Nov 1, 2006
Professional Status
Certified General Appraiser
State
Michigan
It is a new assignment although writing it wouldn't take me but 15 minutes. I would charge a small fee.
 

Mr Rex

Elite Member
Joined
Jan 12, 2004
Professional Status
Certified Residential Appraiser
State
North Carolina
Perfect, a 30 day REO value for a report with an effective date 60 days ago.

Somehow this suggests a new assignment to my feeble mind. :rof:The fee for a new assignment is a business decision that includes contemplating the time expended and how good of a client you are dealing with.
 

Mr Rex

Elite Member
Joined
Jan 12, 2004
Professional Status
Certified Residential Appraiser
State
North Carolina
It is a new assignment although writing it wouldn't take me but 15 minutes. I would charge a small fee.

Does the 15 minutes include driving new/different comps?
 

Riick

Elite Member
Joined
Aug 14, 2007
Professional Status
Certified Residential Appraiser
State
Delaware
New scope of work (30 -v.- 90 days) would imply a new assignment, IMHO.
 
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