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What would you do ? ? ?

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Lee SW IL

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Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Illinois
I did a review on a home approx 6 months ago. Appraisal I reviewed valued the home at $125, I valued @ $80k ish.

Now I get a request to do a 2055-Exterior on this home.

This is from the same AMC, for the same client.

Im thinkin they ordered it. I didnt realize it was a home I previously did until I was at the home. Since I couln't rember how long ago it was, I completed all the feild work, and when I got back looked up the previous records and it was 6 months ago.

So I complete?
Should I advise?

Thx all
Lee
 

airphoto

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Jan 15, 2002
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Retired Appraiser
State
Pennsylvania
IMHO complete what you've begun. Remark in your write-up that your valuation is (hopefully) consistant with the appraisal review you'd accomplished on such-and-such a date. Further remark that you've relied on the original appraisal for the interior inspection information provided ..
 

Mike Garrett RAA

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Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
Guess my question is....why would you not do it????
 

Dan Leggett

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Professional Status
Certified General Appraiser
State
Mississippi
In the days of yore (and even before yore) the general concensus was that if enough sales activity has occured since your last valuation whereas you can form a new (not necessarily different) opinion of value, then you would be safe in accepting an assignment as you described. I think that full disclosure, although to the same client, is required. You may want to beef-up the Scope Section of your report and maybe even discuss & compare it to the scope of the previous assignment.

As usual I'll default to the USPAP guru's for the ruling of the day. Hope you make some easy bucks.
 
A

Anonymous

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I would think, under USPAP, that since the same lender ordered the drive by, the useful life of the previous appraisal and your review have ended. They obviously are ready for a new opinion of value. The real question would have been if it was for a different lender.
 
Joined
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Lee

I would first call my client and point out the fact that you previously did a review. I would give them the option of paying you for the time spent so far but not completing the assignment or completing the assignment with disclosure of your prior review included in the remarks.

I do not think USPAP specifically would requires disclosure, but I see nothing but icreased liability for you given your "appraisal review history." Hence, if I delivered a report, I would fully disclose the issue.

In short, I would not accept any instruction to complete the work but not reference the prior work.

Regards

Tom Hildebrandt GAA
 

Lee SW IL

Thread Starter
Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Illinois
I guess my question should have been, what do I need to disclose.

I have completed the report, and disclosed that I previously reviewed an appraisal on this home for you, the same client.


Thx all for your responds.

Lee
 

bradellis

Member
Joined
Jan 16, 2002
Lee,

You are being asked to do additional on the same property for the same AMC and client. NO PROBLEM. The only question would have been confidentiality and since it is the same client, it simply does not create a problem.

Do it and get your fee- but be careful. Maybe they will sendi it out for review to the appraiser whose reprot YOU reviewed!

Brad
 

Leon Stewart

Member
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Jan 15, 2002

IMHO complete what you've begun. Remark in your write-up that your valuation is (hopefully) consistant with the appraisal review you'd accomplished on such-and-such a date. Further remark that you've relied on the original appraisal for the interior inspection information provided ..
The Appraiser should only rely on information he/she has knowledge of. On Form 2055 you have to indicate whether you inspected the interior. So what block do you check?

leart3
 
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