additional information
480) Update Requests
04/25/09
Dear H2,
I have been having a problem where the lender comes back weeks, and in the current case, 2 months after the appraisal has been finished and delivered, asking for additional comparables, or for me to research comparables supplied by the lender. How long after the report has been delivered is an appraiser obligated to respond to these requests?
Dale R. Thompson Thompsapp@comcast.net
Dear Dale,
The first thing to consider is whether the lender/client is asking you to reconsider the value you have estimated or just to supply additional data. If they are asking you to reconsider the value, then you must make a new appraisal. However, this does not mean that you cannot use much if not most of the data that was in the original appraisal. Often a great deal of the original appraisal is reusable. If you are just supplying additional data, and not analyzing it, and the effective date of the appraisal is the same, then how much additional work you are willing to do depends only on what you have previously agreed to with the lender/client. If a client often makes requests for additional work, you should make it clear in your USPAP-required scope of work dialogue what you will do for the agreed upon fee, and charge for extra work. As far as I know there are no time limits except those imposed by the lender/client.
H2
I have been having a problem where the lender comes back weeks, and in the current case, 2 months after the appraisal has been finished and delivered, asking for additional comparables, or for me to research comparables supplied by the lender. How long after the report has been delivered is an appraiser obligated to respond to these requests?
Dale R. Thompson Thompsapp@comcast.net
Dear Dale,
The first thing to consider is whether the lender/client is asking you to reconsider the value you have estimated or just to supply additional data. If they are asking you to reconsider the value, then you must make a new appraisal. However, this does not mean that you cannot use much if not most of the data that was in the original appraisal. Often a great deal of the original appraisal is reusable. If you are just supplying additional data, and not analyzing it, and the effective date of the appraisal is the same, then how much additional work you are willing to do depends only on what you have previously agreed to with the lender/client. If a client often makes requests for additional work, you should make it clear in your USPAP-required scope of work dialogue what you will do for the agreed upon fee, and charge for extra work. As far as I know there are no time limits except those imposed by the lender/client.
H2
464) LISTINGS IN SALES GRID
03/08/09
Dear H2,
I have been asked to add listings to a URAR form appraisal for a lender. I am relucant to adjust for these listings as their sales are a future event from my date of inspection. I feel that making adjustments in the grid would make my report misleading, and I state that no weight is given to the listings. What is your opinion on adjusting listings in a grid?
Robin drtl12@adelphia.net
Dear Robin,
If the lender/client wants listings, you should provide them. You can expand the report to include a grid with more sales and listings if you think it is appropriate. How much weight you give a listing is up to you. In a fast declining market, they can be very helpful.
H2
I have been asked to add listings to a URAR form appraisal for a lender. I am relucant to adjust for these listings as their sales are a future event from my date of inspection. I feel that making adjustments in the grid would make my report misleading, and I state that no weight is given to the listings. What is your opinion on adjusting listings in a grid?
Robin drtl12@adelphia.net
Dear Robin,
If the lender/client wants listings, you should provide them. You can expand the report to include a grid with more sales and listings if you think it is appropriate. How much weight you give a listing is up to you. In a fast declining market, they can be very helpful.
H2
452) Additional Information
02/14/09
Dear H2,
I have started to get underwriter conditions like the following: "The comps grids must specifically state that the sales were Arms or Non-Arms Length Transactions; simple being listed on MLS is insufficient." They are referring to my response of MLS and the MLS # as part of my disclosure of Data and Verification Source(s). Where is the proper place to disclose whether the transaction is Arms Length or not?
Dan Daubenspeck ddaubenspeck@d2appraisals.com
Dear Dan,
There is no rule as to where this information should go. Additional information such as this can go on any of the comments lines where there is space or in the addenda of the report.
H2
I have started to get underwriter conditions like the following: "The comps grids must specifically state that the sales were Arms or Non-Arms Length Transactions; simple being listed on MLS is insufficient." They are referring to my response of MLS and the MLS # as part of my disclosure of Data and Verification Source(s). Where is the proper place to disclose whether the transaction is Arms Length or not?
Dan Daubenspeck ddaubenspeck@d2appraisals.com
Dear Dan,
There is no rule as to where this information should go. Additional information such as this can go on any of the comments lines where there is space or in the addenda of the report.
H2
138) Additional Comments
10/28/07
Dear Henry:
What type of information typically goes on page 3 of the URAR, the vast section above the cost approach?
patrick mc atee mcatee@mtco.com
Dear Patrick,
This section of the URAR is called "Additional Comments" and is intended to be used for any additional comments about the appraisal or the property you are appraising that you think would be helpful to someone reading the appraisal. There is nothing that requires you to use the space.
H2
What type of information typically goes on page 3 of the URAR, the vast section above the cost approach?
patrick mc atee mcatee@mtco.com
Dear Patrick,
This section of the URAR is called "Additional Comments" and is intended to be used for any additional comments about the appraisal or the property you are appraising that you think would be helpful to someone reading the appraisal. There is nothing that requires you to use the space.
H2
65) Additional Information On 1073 Form
03/11/07
Dear Henry,
I have been asked by a loan officer to include the remaining economic life on a condo, but I see it nowhere in the 1073 form. Should I do this? And, if so why?
Thanks!
Eric Dean Morse eric@alliedappraisers.com
Dear Eric,
Fannie and Freddie permit you to supply a client with any additional information they want as long as it does not violate the USPAP. I can see no reason why you shouldn't give this client what they have asked for.
You may do this in an addendum, or on one of the blank comments lines in the form, as long as you clearly explain what information you are providing.
H2
I have been asked by a loan officer to include the remaining economic life on a condo, but I see it nowhere in the 1073 form. Should I do this? And, if so why?
Thanks!
Eric Dean Morse eric@alliedappraisers.com
Dear Eric,
Fannie and Freddie permit you to supply a client with any additional information they want as long as it does not violate the USPAP. I can see no reason why you shouldn't give this client what they have asked for.
You may do this in an addendum, or on one of the blank comments lines in the form, as long as you clearly explain what information you are providing.
H2