VA - Liquidation Addendum

[DonRico]

I just got an email from the Lender concerning a VA Re-Finance Appraisal I did on October 1. They are saying it should have included the Liquidation Addendum and should not be marked Re-Finance on page 1, but rather "Other - Liquidation".

I can certainly add the Addendum Form in WinTOTAL and I have the homes in my workfile to include 3 in the form.

My question is -- Should the need for a Liquidation Addendum be clearly indicated on the 1805 somewhere ?? The Original Request looks like your basic Re-Finance.
Or is the Lender trying to cover up their mistake in Ordering ??

The Lender is, of course, the Stagecoach.

 

[Tim Hicks (Texas)]

It is a LGI or SAPP order? If so, then it is a liquidation order.

 

[CindyR]

Just got one this morning. Although it does not say "Liquidation" on the 1805 the case number does show the LGI prefix. However, on the My Appraiser Workspace page where you view/print the 1805 is clearly says "Assignment type: LGI - Liquidation".

 

[DonRico]

Ah-Ha ! It does say SAPP rather than LAPP.

4 months into this VA thing, I guess I learned something new.

Anything special I need to know about the Liq. Addendum ??
Is there a Fee increase for this type of Appraisal ??

 

[Jim Onderisin]

Ah-Ha ! It does say SAPP rather than LAPP.

4 months into this VA thing, I guess I learned something new.

Anything special I need to know about the Liq. Addendum ??
Is there a Fee increase for this type of Appraisal ??

In answer to your last question, there's no fee increase. You can verify that by calling your VA RLC's construction and valuation section, though.

 

[Hondo]

This thread has some good info on liquidation appraisals;

http://appraisersforum.com/showthread.php?t=192754&highlight=liquidation&page=2

 

[DonRico]

BuddyKat --

Thank You for that linked thread. There's some very good information over there.

On my particular Appraisal.....it was an SAPP "Servicer Appraisal Processor Program" It sounds like the Servicer wants to know the current Market Value and of course the gubmint has an acronym for everything. This was a very recent Purchase (6/03/2011) and the Home was occupied so there was no difficulty getting inside. The Home was in good shape and my photos show that. I guess the Borrower fell behind. I honestly didn't realize this needed the Liq Addendum. It's obvious now -- the Assignment Summary page has it marked, but I was looking on the 1805 and there's no indicator there.

 

[Lee Lansford]

...

Anything special I need to know about the Liq. Addendum ??
Is there a Fee increase for this type of Appraisal ??

You know what the maximum fee is for your region, yes?

 

[PropertyEconomics]

Does VA have a separate definition of Liquidation Value on the addenda? I dont know the answer to the question since I have never done a VA appraisal.

 

[Lee Lansford]

Does VA have a separate definition of Liquidation Value on the addenda? I dont know the answer to the question since I have never done a VA appraisal.

There is but one opinion of value and that is Market Value.