Would you change the report or write an addendum?

[Peter LeQuire]

Lawd a mercy! New report with a comment about splitting the insignificant cost of radon mitigation....................wait................


RADON!!!!!!!!!!!!!!


What about figuring and reporting whether the presence of radon and a radon mitigation "system" affects the marketability of the property?

 

[J Grant]

Why are they 2 appraisal reports? The value or eff inspection date has not changed, the appraiser added a comment regarding new information (concessions) in a sales contract. Appraisals often include a revision of error or adding a comment at client request after a review, why is this different?

 

[J Grant]

What does radon, which could change a property value and is a property condition, have to do with reporting of concessions? The sales contract price of a property being affected/unaffected by concessions should not change a value opinion.

 

[Lee Lansford]

Why are they 2 appraisal reports? The value or eff inspection date has not changed, the appraiser added a comment regarding new information (concessions) in a sales contract. Appraisals often include a revision of error or adding a comment at client request after a review, why is this different?

"Why" you ask?

When there is a 2nd report...there is a 2nd report. Easy-as-pie.

The 1st is done and gone. The 2nd is the 2nd.

'This" appraisal report is not 'that' appraisal report merely due to the differences between the two being relatively minor.

 

[Peter LeQuire]

What does radon, which could change a property value and is a property condition, have to do with reporting of concessions? The sales contract price of a property being affected/unaffected by concessions should not change a value opinion.

Why require the appraiser to incorporate the relatively insignificant sharing of repair costs between the buyer and the seller - which doesn't affect the appraisal or the transaction to any significant extent - to satisfy the lender's felt need to have coverage for what looks like a concession? Why would a prudent client not ask an appraiser to address a material fact that sets aside one of the assumptions/limiting conditions (#5) upon which the appraisal is predicated?

Granted, on the date of the appraisal and the date of the report the appraiser didn't know of the presence of radon. Its presence has been disclosed, and instead of expressing concern about that fact, wants the insignificant cost sharing commented upon?

"The sales contract price of a property being affected/unaffected by concessions should not change a value opinion."

No, but don't you think that the presence of radon might? And/or that the necessity for a radon mitigation system or the fact that the house is affected by radon might influence its marketability/value?

Strain at a gnat; swallow a camel.

 

[J Grant]

are you saying that anytime there is a correction or revision or comment added after initial submission it needs a new file #? I don't get the reason for that if value and eff date has not changed. It's an updated version of first report, it's a first report because appraiser signs off on it as such with a new signature date. Any appraisal with a comment addressing a ROV is done like that.

 

[Lee Lansford]

are you saying that anytime there is a correction or revision or comment added after initial submission it needs a new file #? I don't get the reason for that if value and eff date has not changed. It's an updated version of first report, it's a first report because appraiser signs off on it as such with a new signature date. Any appraisal with a comment addressing a ROV is done like that.

"It's an updated version of the first report..." Really?

Tear yourself away from such thinking.

In the matter at hand, there are 2 appraisal reports.

That is...unless you want to argue from the position that the 1st was merely a 'draft'.

 

[Lee Lansford]

are you saying that anytime there is a correction or revision or comment added after initial submission it needs a new file #? ...

Why wouldn't you?

 

[BRCJR]

"Why" you ask?

When there is a 2nd report...there is a 2nd report. Easy-as-pie.

The 1st is done and gone. The 2nd is the 2nd.

'This" appraisal report is not 'that' appraisal report merely due to the differences between the two being relatively minor.

That is what I was taught and believe to be "best practice" as well.

 

[RSW]

Perfect! Add $50 to the bill and go on to the next one.

We'uns did.

I just did that last week. The appraised value was below the original contract price. They signed a new contract at the appraised value and wanted met to change the report. I charged them a $50 fee for adding the new information.