Gold Supporting Member
- Jan 16, 2002
- Professional Status
- Certified Residential Appraiser
I did an appraisal for an estate settlement in June, daughter of the deceased was the executrix & ordered the appraisal. Specified intended use was "estate settlement purposes", specified user was "XYZ Estate". Get a call from a local banker today saying "We need another comp by tommorrow so we can close this loan at 10:00 a.m." What? Who are you and what are you talking about? "We are using the appraisal you did for the estate for this mortgage because the estate is selling the property, and that is part of the estate settlement. We plan on doing a lot of work in this area & will send you lots of orders (very original)." He doesn't mention that this local bank uses their own pet appraiser & has sent me a total of 3 orders over the past 10 years. So now they are going to start sending me orders! I told them I could do another appraisal for the mortgage company (comps are now out of date) later this week. "You can't do it today? Okay, we'll call someone else". Big surprise. But.....the real question here is this: Where does my assignment end? I don't believe I have any obligation to satisfy the requirements of a mortgage broker for an estate settlement appraisal. The intended use was not for mortgage lending purposes, although the estate is now the seller. Where does it end? How would you have replied?