Was the addendum attached or not?

[wickedness1]

MY HUSBAND WHO IS CERTIFIED IS REVIEWING AN APPRAISAL (BEFORE I GET LECTURED ABOUT BEING A TRAINEE AND DOING REVIEW WORK).

Okay, now that I've cleared that up before the lecture begins, we have a situation in our office where we are being asked to review an appraisal for lending purposes.

The original appraisal is from 2007 & on page 3 of the report the original appraiser clearly states "See attached addendum". So, we called the management company who assigned this to us and asked for this addendum, as it is not fair to review anyone's appraisal without having the WHOLE report.

Here is the email that we recieved back:
"Per the lender that is all they received to review in the closed loan package. If there is any way to proceed please do so without the missing addenda."

Well, of course we can proceed & note it in the review. However, a mortgage broker's office received the original appraisal as noted under intended user & it appears that apparently they took out what they didn't like in order for the deal to close (is my best educated guess).

We have been told not to contact the original appraiser. I feel that this mortgage company may have construed his appraisal so that they could get their deal to close. Now he appears under scrutiny.

What would you guys do, if anything in this situation?

 

[c w d]

You should decline the assignment. The addendum is in place for those spaces on the report that may require explanations that are larger than 3 lines. You could of course check the factual information but, without an addendum there is no way for you to make determinations about the appraiser's reasoning. And therefore there is no way for you to adequately justify your own opinions in opposition of the appraiser's opinions. Oh sure, you could justify your own opinions but not those that are in conflict with the appraiser's. You need to open up USPAP and read what it says about reviews.

If the client cannot provide you the report in its entirety then decline the assignment so that they can find someone who will just agree with the original appraisal so that they can get along with their business.....which is what they want in the first place.

 

[wickedness1]

You should decline the assignment. The addendum is in place for those spaces on the report that may require explanations that are larger than 3 lines.

Looking at the appraisal again, all the lines have information. It does not reference the addendum anywhere but on the top of page 3 under the additional comment section. It almost appears that it is just a clone & the addenda never existed at all because there is PLENTY of space to write conclusions.

 

[TJSum]

Is there a Table of Contents? Also, with most software programs, they number the pages, Clickforms will state page 4 of 25, page 5 of 25 etc. This will reveal if you have all the pages or not.

 

[Carnivore]

call the appraiser.

Who give a rats putuey about confidentiality.

Maybe th eBroker ripped out something really important

 

[wickedness1]

Thanks guys for all of the advise. I went back through the report and there are only 13 total pages one of which is an invoice. All the pages are in order & numbered correctly. Of course, no interior pics to help us out as to the interior condition Not a whole lot to work with, thats probably why their calling for a review.

 

[Webbed Feet]

Looking at the appraisal again, all the lines have information. It does not reference the addendum anywhere but on the top of page 3 under the additional comment section. It almost appears that it is just a clone & the addenda never existed at all because there is PLENTY of space to write conclusions.

Wickedness,

Renegociate the SOW for the review. Demand the client accept an EA that there never was any addendum and that was in fact a template or cloning error on the part of the original appraiser. Write up the EA and tell them they must approve it in writing for your work file and to expect to see it clearly discussed and disclosed in the review addendum.

Problem solved, move on.

Webbed.

 

[Mike Boyd]

Wickedness,

Renegociate the SOW for the review. Demand the client accept an EA that there never was any addendum and that was in fact a template or cloning error on the part of the original appraiser. Write up the EA and tell them they must approve it in writing for your work file and to expect to see it clearly discussed and disclosed in the review addendum.

Problem solved, move on.

Webbed.

I agree with Webbed.

 

[Mr Rex]

Review what you have. Report that what you have refers to an addenda that you were not provided. Review what you have. Have a good weekend.

 

[Terrel L. Shields]

It almost appears that it is just a clone & the addenda never existed at all because there is PLENTY of space to write conclusions

would say "see addendum" is a stock phrase that did not apply if you have sequential pages.

Note it. and caveat review that you are assuming such an addendum does not exist