Which Form?

[ZZGAMAZZ]

A real estate broker has hired me to provide an Opinion of Value that she wishes to submit as rebuttal to an appraisal of her recent listing that was lower than the list price or contract price. Because I don't know if the lender will accept results of my report, or whether an appraisal report of this type can be considered as a ROV, I don't know whether the 1004 "lending" format is appropriate or whether I should use a GPAR because I am rendering an Opinion of Value for the seller's edification. The answer probably is obvious but I don't recall an identical prior scenario. Thanks all.

 

[glenn walker]

A real estate broker has hired me to provide an Opinion of Value that she wishes to submit as rebuttal to an appraisal of her recent listing that was lower than the list price or contract price. Because I don't know if the lender will accept results of my report, or whether an appraisal report of this type can be considered as a ROV, I don't know whether the 1004 "lending" format is appropriate or whether I should use a GPAR because I am rendering an Opinion of Value for the seller's edification. The answer probably is obvious but I don't recall an identical prior scenario. Thanks all.

A GPAR but no lender is going to even read it as your not a party to the transaction.

 

[J Grant]

Use a general purpose fom - the 1004 is supposed to be for a lending mortgage client

 

[Surf Cat]

You're the real estate broker's ROV. You're not the appraiser for the loan. GP form.

 

[sputnam]

GP form. Your client is the Realtor.

 

[BRCJR]

I wonder if they plan to supply you with their comps.......

 

[Zoe]

The real estate agent is not the client of the appraiser either. The real estate agent is not the client of the lender. Keep that in mind along with all the other comments above^^^

The real estate agent has a client(s). It could be lender if it is REO property. Forget the 1004. You could do a short narrative report. You want to ask your client if they want you doing anything for the real estate agent since you just did an appraisal for your client.

Another option is ask the real estate agent to go through your client and ask for an ROV. Everything is clean then.

Comes out of laundry white as snow. Like putting bleach on a garment that is white and watching what bleach does.

 

[Zoe]

My point is agent is basically wanting you to do an ROV for their client when you have a different client. Do you see the dilemma?

Remember intended use and user. The agent's client is most likely the seller or the buyer or both. Am I right?

You know your client is the lender. If you accept this assignment, you could be asking for trouble.

Run Forest Run..............................

 

[ZZGAMAZZ]

My point is agent is basically wanting you to do an ROV for their client when you have a different client. Do you see the dilemma?

Remember intended use and user. The agent's client is most likely the seller or the buyer or both. Am I right?

You know your client is the lender. If you accept this assignment, you could be asking for trouble.

Run Forest Run.................................

....And now I'm thinkig that my appraisal cannot be used in lieu of the ROV because to do so would require me to review the exising appraisal, which means I would be conducting a review, or is that over-thinking incorrectly?

 

[Zoe]

....And now I'm thinkig that my appraisal cannot be used in lieu of the ROV because to do so would require me to review the exising appraisal, which means I would be conducting a review, or is that over-thinking incorrectly?

Yeah, that is a problem if you have seen the previous appraisal for your client and have reviewed it. You have to take care of your client. The real estate agent is not your client.