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Two Appraisals On The Same Property?

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jackimoya

Sophomore Member
Joined
Aug 13, 2008
Professional Status
Certified Residential Appraiser
State
California
I'm doing an FHA appraisal on a property in which the borrower is having a dispute with the other heirs. The house needs a lot of work. I mentioned to her not to use my appraisal in the dispute because it will not be as-is.

If I were asked by the borrower to do an 'as-is' general purpose appraisal, as long as I disclose the prior service, would this be a problem as far as USPAP? There would be justification for two different opinion of market values as one is 'as-repaired' and the other would be 'as-is'.
 

CindyR

Senior Member
Joined
Oct 26, 2003
Professional Status
Certified Residential Appraiser
State
Arizona
of course it would be just fine. different intended user. different intended use.
 

J Grant

Elite Member
Joined
Dec 9, 2003
Professional Status
Certified Residential Appraiser
State
Florida
i don't see a problem, disclose prior appraisal service and don't reveal confidential information from the first appraisal
 

Tom D

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Joined
May 22, 2015
Professional Status
Certified Residential Appraiser
State
Pennsylvania
estate relatives are either 'get rid of it', or 'i can't be greedy enough' i am confused? your doing a FHA appraisal on a signed agreement of sale where the price has been agreed upon? i would not do the other appraisal. recommend another appraiser to keep away any thought of a conflict. there isn't any, i know, but that doesn't prevent you being involved in a frivolous family law suit. maybe a home inspection would be a better point of condition issues. and yes, you can do both appraisals without USPAP issue. i am just asking you to considered what if. let the relatives get their own appraiser, and stay out of this tar pit. you do not need to go beyond the appraisal you have done, as much as you may want to be a good samaritan. the buyer can tie up this property for years with a signed agreement, lis pendis to cloud title. the buyer needs an attorney, not an appraiser. or too just walk away from this craziness.

you didn't say if your value came in lower, and that's the problem. or is it the cost to cure? the sellers will see your appraisal, you won't stop that. seller's can still say no. stay away.
 
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J Grant

Elite Member
Joined
Dec 9, 2003
Professional Status
Certified Residential Appraiser
State
Florida
I agree with Tom- it may not be a USPAP issue, but heirs in a dispute have been known to get very litigious and nasty, not worth one appraisal fee to possibly get dragged into it.
 

jackimoya

Sophomore Member
Joined
Aug 13, 2008
Professional Status
Certified Residential Appraiser
State
California
estate relatives are either 'get rid of it', or 'i can't be greedy enough' i am confused? your doing a FHA appraisal on a signed agreement of sale where the price has been agreed upon? i would not do the other appraisal. recommend another appraiser to keep away any thought of a conflict. there isn't any, i know, but that doesn't prevent you being involved in a frivolous family law suit. maybe a home inspection would be a better point of condition issues. and yes, you can do both appraisals without USPAP issue. i am just asking you to considered what if. let the relatives get their own appraiser, and stay out of this tar pit. you do not need to go beyond the appraisal you have done, as much as you may want to be a good samaritan. the buyer can tie up this property for years with a signed agreement, lis pendis to cloud title. the buyer needs an attorney, not an appraiser. or too just walk away from this craziness.

you didn't say if your value came in lower, and that's the problem. or is it the cost to cure? the sellers will see your appraisal, you won't stop that. seller's can still say no. stay away.
Actually the borrower shows as the owner along with her grandfather (so the FHA appraisal is not for a purchase), but his sisters are giving her a hard time because no paperwork was done showing that he wanted the house to go to her, thus the dispute. As I'm almost done with the report, it looks like the as-is appraisal that the Aunts had done has a reasonable opinion of as-is value.

Good point about staying out of the drama, potential legal issues.
 

jackimoya

Sophomore Member
Joined
Aug 13, 2008
Professional Status
Certified Residential Appraiser
State
California
I agree with Tom- it may not be a USPAP issue, but heirs in a dispute have been known to get very litigious and nasty, not worth one appraisal fee to possibly get dragged into it.
Good point!
 
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