Same House Two times in Same Month.

[Hugh Hill]

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]

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]

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]

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]

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]

I think they call that "Tall Cotton".

 

[Tom Woolford]

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]

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]

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>

 

[ZZGAMAZZ]

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...)