Underwriter Request

[aprazer]

I recently had an appraisal of a single family that backed to a restaurant. The underwriter called and asked what the estimated cost to cure would be. I asked her if she wanted to know how much it would cost to buy the restaurant, or how much it would cost to move the subject.
She did not get the joke.

 

[Tim The Enchanter]

I recently had an appraisal of a single family that backed to a restaurant. The underwriter called and asked what the estimated cost to cure would be.

:lol:

Exactly the brain dead sort of question you come to expect. :twisted:
Leave it to scientists to try and cure the incurable. :lol:

I usually just answer the question with a quick addendum. Seems to be the quickest and easiest way, and least time wasted. :wink:

 

[Roger]

When asked for cost of repairs, I generally add something to the effect that "costs can vary greatly depending upon the quality of materials and workmanship used".

When I get into the really bad ones, I also add something like " this list of needed repairs is not intended to be all inclusive, as this is not a property or structural inspection, this list is intended only to give the lender an indication of the current condition of the subject property".

 

[Alan Simmons]

APPRAISER OR HOME INSPECTOR? [In part]
- Increased Expectations Blur the Line -
Inman New Service
June, 2001

"The blurring of lines between an appraisal inspection and a home inspection is continuing to place pressure on appraisers and raise many questions. More and more appraisers are being retained to prepare an appraisal, note repairs and their costs, and to verify that repairs are professionally made. Appraisers not only are being expected to assume the responsibility of construction inspectors but now home inspectors. When that line is crossed, appraisers must protect themselves from potential liability.

Conclusion
More clients than ever are demanding that appraisers perform "home inspections" exceeding the scope of an appraiser's duty. Other than declining assignments, appraisers do not have much recourse. Therefore, it is important to add clearly written "limiting conditions" and "disclaimers" to the appraisal report, showing:
1. You noted a condition may exist;
2. You requested information and included the facts provided;
3. You recommended an inspection by a qualified expert.

It is important to articulate that you are a qualified "appraiser" not a "home inspector" with specialized training or expertise. Anytime a client asks the appraiser to perform an inspection they are not qualified to do, there is a problem. Discuss with your client why you recommend an inspection by a qualified expert. Explain your limitations and remember your integrity and appraisal license/certification is on the line with every appraisal you write. By maintaining your integrity, you enhance the reputation of the appraisal profession. We hope
our suggestions will help you to defend your appraisal when increased expectations begin to "blur" the line."

 

[jtrotta]

Alan, good point and at one time had it in my addendum section comments, will have to re-add it back in as this becomes more of an issue again. My addendum section now contains more language, then the (2) most important pages of the report. Unbelievable :roll:

8)

 

[Jeff Horton]

I am a home inspector but in every report I clearly state that while I may be qualified I was not acting as a Home Inspector and this report should not be looked upon as a Home Inspection.

Then if they want an Inspection I charge them for it!