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What A Tangled Web!

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Tim Hicks (Texas)

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Texas
Just received a fax from an out of town lender wanting a "recertification of value" on a property I appraised last October for another lender. Pay at the Door. I sent them a nice e-mail explaining that they needed to read FNMA announcement 02-02 explaining that they wanted was an appraisal update not a re-cert. Then I went on to explain that I could not do an appraisal update for them since they are not the original client or the intended user of the first report. However, I then offered to do a new appraisal with a new inspection date with them as the client and intended user.

It is so confusing, I am confused now. USPAP and FNMA need to get on the same page, not two years later either. How can I explain it in simpler terms? Comments? Do I have the rules interpreted right? I know they are just wanting a cheap appraisal, but I am not their whipping boy, so forget that.
 

Carnivore

Elite Member
Supporting Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
North Carolina
Tim,

If you can t remember than just tell them its a new appraisal for big bucks. Dont worry, they dont know whats in USPAP so they cant dispute it and besides its your business.

What choice to these shiesters have. Do you think they are giving a bargain to the homeowner on the fees?

NOT!
 
Joined
Jan 13, 2002
Professional Status
Retired Appraiser
State
Florida
Sounds like you've got it right. They can't have what they want to order. It's a new appraisal and that is that.
 

Jo Ann Meyer Stratton

Elite Member
Joined
Jan 16, 2002
Professional Status
Certified Residential Appraiser
State
Arizona
You have got it right Tim--except it is Section 201 - Age of Appraisal in Fannie Mae's June 30, 2002 guidelines. And actually the only difference between Section 201 and AO-3 is that Section 201 calls it an extension and AO-3 says it is not an extension but a new assignment. I have the following paragraph in my company policy sheet that I fax clients:


A NEW ASSIGNMENT THAT INCORPORATES BY REFERENCE A PRIOR REPORT:
(Fannie Mae's guidelines effective 06/30/2002— Section 201 - Age of Appraisal –an update of an original appraisal report) Per Uniform Standards of Professional Practice effective 01/01/2003, Advisory Opinion 3: Update of a Prior Assignment, a new assignment with a new effective date of the opinion value may be reported in one of three ways. When there has not been any changes in either the subject property or marketing conditions for the subject, a letter type of report that incorporates by reference the original appraisal report that included an interior observation, will be completed for only the original client up to four months from the effective date of the original appraisal. When there have been significant changes that have occurred in either market conditions or to the subject property and/or a new effective date that will be more than four months after the original effective date, I will offer to the original client a new standard appraisal report for a discounted fee at my discretion. In compliance with the Uniform Standards of Professional Appraisal Practice, a Recertification of Value will only be completed for new construction when there is not any changes to the original effective date, current market data is not considered and the subject property was completed per the original plans and specifications .
 

Fred

Elite Member
Joined
Jan 15, 2002
Professional Status
Retired Appraiser
State
Virgin Islands
Tim,
USPAP and FNMA might be closer to being on the same page than you think. The words "update" and "recert" do not appear on ANY USPAP page. AO's are not part of "USPAP."
 

Mountain Man

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified General Appraiser
State
Georgia
Technicali-tease
Tis a bizniz decision ...... no freebeez. No "recerts" for non-clients.
Iffin yuze nut the uno dat ordered originally, itza gotta beez a snewz deprazel.
 
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