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Structural Report Postdating My Appraisal

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diffapp

Freshman Member
Joined
Mar 28, 2007
Professional Status
Certified General Appraiser
State
North Carolina
Would like others input on the following situation. I appraised a home Sept 1 , done as is--3 weeks later lender forwards me a structural report stating rotted joist(fix at $4000)report and wants to know how this affects appraisal.I say, this report post dates my appraisal report and my stated assumption was that subject was free of structural issues(none were evident). I say at a substantially reduced fee, I can perform another appraisal and make it subject to remediation of joists issues which were found on Sept 22. Any other ways you all skin this cat?
 

hastalavista

Elite Member
Joined
May 16, 2005
Professional Status
Certified General Appraiser
State
California
I think your approach is fine.

Alternatively, I wouldn't have much of an issue incorporating the report into my existing analysis (at an additional fee). Unless I thought the structural damage occurred in the last three weeks, I'd state that it is reasonable to presume that the damage identified in the inspector's report was present but unknown and unobservable on the inspection date. I'd then incorporate that information and re-anaylze the subject as of that original date.

I consider it discovery of issues that existed as-of the original effective date but were unknown at that time.

Either way, whatever you feel most comfortable with.

Good luck!
 

AMF13

Elite Member
Joined
Jan 24, 2002
Professional Status
Certified Residential Appraiser
State
California
Tear it down!

Err, what Denis said. :peace:
 

diffapp

Freshman Member
Joined
Mar 28, 2007
Professional Status
Certified General Appraiser
State
North Carolina
I think your approach is fine.

Alternatively, I wouldn't have much of an issue incorporating the report into my existing analysis (at an additional fee). Unless I thought the structural damage occurred in the last three weeks, I'd state that it is reasonable to presume that the damage identified in the inspector's report was present but unknown and unobservable on the inspection date. I'd then incorporate that information and re-anaylze the subject as of that original date.

I consider it discovery of issues that existed as-of the original effective date but were unknown at that time.

Either way, whatever you feel most comfortable with.

Good luck!
Denis, your solution is probably the most efficient way to tackle this thx----Merry Xmas
 

jay trotta

Elite Member
Joined
Feb 8, 2004
Professional Status
Certified Residential Appraiser
State
Connecticut
IMO, I need to see the structural report and decide if another "inspection/observation" & photo's are required, then Quote a Fee for the services required. Without the additional work you are walking on banana peels.
PS: you should also check with the building dept. and make sure the appropriate "permits" have been taken, OR structure your report to reflect State Health & Safety Code compliance.
Good Luck
 
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