The new & improved completion form

[Tom D]

It seems to now cover some discussion that we had here. One being seeing repairs needed while doing the completion. Don't actually have to be there to do one.

Completion Report​

The Completion Report contains three new sections (relative to the 1004D):

• Itemized List of Repairs displays the individual repairs required in the original appraisal. This section displays conditionally: if the original appraisal did not require any repairs, the section does not display in the report. The appraiser is required to provide the current status and photo for each repair item on the list.
• New Observed Items for Repair lists any additional repair items observed during the completion inspection, again conditionally. The appraiser provides a photo of each new item along with the feature, location, description, impact on soundness or structural integrity, and recommended action.
• Completion Status for appraisals Subject to Completion Per Plans. The appraiser reports whether the construction is complete. If complete, the appraiser is asked to state whether the construction is consistent with the original plans/specs. If not consistent, the appraiser lists the differences and states whether they are superior, similar, or inferior to the original.

The Completion Report allows for virtual inspections. The Selling Guide supplement says “If the appraiser does not perform an on-site inspection, they can use alternative methods to confirm the completion, such as digital photos, site videos, or other technological solutions. All completion documentation must include one or more visually verifiable exhibits.”

Like the Update Report, the Completion Report must be done by the original appraiser if possible.

 

[chad hampton]

Interesting. I think it would also matter what is in the original report. If the professional requires that they perform the completion then for the appraisal to be valid those conditions will need to be met.

But if we want to take homeowners or builders words on things then that’s fine as well. Obviously the appraiser won’t be held liable Should the repairs not be complete. The fee would be the same either way.