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Same House Two times in Same Month.

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Hugh Hill

Thread Starter
Sophomore Member
Joined
Apr 21, 2002
Professional Status
Licensed Appraiser
State
Alabama
Hi Guys,

I did this residential appraisal for the bank like three weeks ago and now another local mortgage company wants me to do the appraisal again on the same house.

I guess my questions is.....

Is there any USPAP violation appraising the same house with two different companies within the same month.

I've never had this come up before and don't know if its has any potential problems.

Thanks

Hugh
 

Steve Metz

Member
Joined
Jun 1, 2005
Professional Status
Licensed Appraiser
State
Georgia
It is a new assignment have the second company send you an order. Then inspect the home again and write the report with the new inspection date. Do not skip the second inspection this has saved me more than once as there was fire damage to a home the second time I inspected it. On another instance couple was going through a divorce and hubby trashed the house.
 

Edward OConor

Member
Joined
Apr 27, 2006
Professional Status
Certified Residential Appraiser
State
New York
New lender, new file, new report. No problem.

I prefer to reinspect (set foot) in the property, but if the second lender can live with the old date it is not unreasonable to use the original inspection.
 

Ray Miller

Elite Member
Joined
Feb 20, 2002
Professional Status
Licensed Appraiser
State
Wisconsin
New order, new fee, do not disclose that you have just completed an appraisal on the subject property prior to this order for another lender.
 

chicago guy

Junior Member
Joined
Jan 29, 2008
Professional Status
Certified Residential Appraiser
State
Illinois
No problem at all. I do think you must inspect again, but much of the work is already done (sketch, condition, etc). Verify nothing has changed substantially as noted above and make sure no new comps appeared in previous 2 weeks that would affect your opinion of value.
Sometimes you just get lucky and it offsets some of your more challenging assignments.
 

Metamorphic

Senior Member
Joined
Mar 15, 2008
Professional Status
Certified Residential Appraiser
State
California
I think they call that "Tall Cotton".
 

Tom Woolford

Elite Member
Joined
Nov 20, 2005
Professional Status
Certified Residential Appraiser
State
Florida
Thats the kind of order that lets you play golf. Do the new inspection, walk through, take new date stamped pictures, go home, put the new pictures in, change the date and lender, check for new sales and hit the links.
 

leelansford

Elite Member
Joined
Mar 29, 2002
Professional Status
Certified Residential Appraiser
State
Illinois
Hi Guys,

I did this residential appraisal for the bank like three weeks ago and now another local mortgage company wants me to do the appraisal again on the same house.

I guess my questions is.....

Is there any USPAP violation appraising the same house with two different companies within the same month.

I've never had this come up before and don't know if its has any potential problems.

Thanks

Hugh

No USPAP prohibitions lacking an agreement with the first client not to appraise the same property again within a certain time-frame.

Potential problems? Maybe, but none based upon what you have shared here.
 

Gregory Beck

Senior Member
Joined
Aug 6, 2003
Professional Status
Certified Residential Appraiser
State
Florida
Thats the kind of order that lets you play golf. Do the new inspection, walk through, take new date stamped pictures, go home, put the new pictures in, change the date and lender, check for new sales and hit the links.
Just curious do you date stamp all your photos? I never thought of doing that>:unsure:
 

ZZGAMAZZ

Elite Member
Joined
Jul 23, 2007
Professional Status
Certified Residential Appraiser
State
California
When I conduct the 2nd property inspection for an assignment like this I always take a photo of "today's" newspaper held in my hand with the front page of the paper juxtaposed against the subject improvements, to defend against the potential allegation that I did not inspect on the 2nd effective date. (kinda far-out but it only costs 50 cents...)
 
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