The time frame for under construction appraisal.

[moh malekpour]

I did an appraisal for an under construction property few months ago. It was, of course, subject to completion and the time frame was 5 weeks from the effective date, which was the time they told me was going to be completed. I mentioned it in the report that the appraisal value was subject to modification and change if the construction was not completed within the stated time frame. I got my fee plus the fee for the re-inspection, 1004d. That time frame has been expired now and no body has called me for 1004d yet. I was wondering if there is any remedy for this delay?

 

[Otis Key]

Yes - wait for them to call you! HeHeHeHe. You're in the driver's seat now! Good for you! :rainfro: :new_rofl: :new_alien: It now seems like they must have a new appraisal! AKA, new assignment! The report and conditions have now expired and they need a new study/analysis/appraisal! You know..........it's a shame when that happens but you really want me to reflect what the market value is now and not what it was 6 months ago!!!!!!!!!!!!!!!!

 

[moh malekpour]

It has not been 6 months yet, not even 3 moths but it is very close to 3 months. I gave them 5 weeks, so they are about one month late. Is it good enough to get them to order a new appraisal or just a little bit too soon?

 

[CANative]

Why are you sweating over this? It's their problem if they take too long. All they need at the end of the project is the appraiser's statement that the improvements have been completed as proposed.

Are you thinking of 1-4 ( h ) ( ii ) ?

 

[moh malekpour]

Why are you sweating over this? It's their problem if they take too long. All they need at the end of the project is the appraiser's statement that the improvements have been completed as proposed.

Are you thinking of 1-4 ( h ) ( ii ) ?

I have already gotten my fee so no sweat but I thought there should a time table fot this. It cannot be indifinite. I just wanted to know what is the reasoanable time table for that.

 

[Elliott]

Moh,
You worry too much. I'm more worried about a ton
of other stuff. Least of all if there will be social
security when my children retire. What the real
cost of the medicare drug program will be. What
we will do to Iran when we find out they are
supplying road side bombs. How corrupt is a
governmental system that gives the former
head of the Federal Reserve a $8 million book
contract that Absolutely Nobody Will Read.

I wouldn't worry about a builder missing his
contract date by a few weeks....even a month.

elliott

 

[CANative]

I was wondering if there is any remedy for this delay?

The only remedy would be to use a time machine to go back and prod them into finishing the project in 5 weeks.

Seriously though, I'm not sure I understand your concerns. The completion report does nothing to change the effective date of the original report. It is just your certification that the improvements were completed as planned.

Now if the client is asking for a current value opinion, then a new assignment is in order.

 

[Bill Baughn]

I have already gotten my fee so no sweat but I thought there should a time table fot this. It cannot be indifinite. I just wanted to know what is the reasoanable time table for that.

What makes you think it cannot be indifinite? What if the builder goes bankrupt? Saw this happen many years ago. Fact was this one housing development that was in the framing stages was used for a movie site for Lethal Weapon 3 (I think)... It had set so long that it was only good for firewood so they burnt it up...

 

[Richard Carlsen]

Why would you set a time frame for completion?

The effective date of the report (i.e. the date the value was effective) was the day you visited the site. So what if it took 2 years to complete. You only certify that the value was valid for the effective date of the report; not the date of the final inspection.

You goofed on that one Moh.

 

[Carnivore]

Richard,

I am pretty sure we are supposed to give an estimated time for completion if the subject construction was in progress at the time of inspection.

Moh,

This is one of those files that you keep at the top of the pile or just easy to find. This appraisal will come alive somewhere down the road.