ancillary report
405) Ancillary Report
09/10/08
Dear H2,
I did a land appraisal. Now the lender wants to know if the lot is buildable. The lot is in the Hollywood Hills area of Los Angeles. Other houses are already built on adjacent sites, on either side of the subject, and all around the area.
I was given a Geological and Soil Engineering Report saying the the lot was buildable "if stated conditions are complied with. Conditions: Geologist and soil engineers shall review and approve detailed plans prior to issuance of any permits."
Does much more have to be said than, "Yes,the lot is buildable"? Do I include a copy of the Geological and Soil Engineering Report? Also, this task was not in the orginial scope of work. Do I charge an additional fee? What's appropriate?
Thanks,
Leroy LT3Appraisers@aol.com
Dear Leroy,
I would go back to the client and reopen the scope of work discussion and depending upon what they want and your relationship with the client, consider asking them for an adjusted fee.
At a minimum, I would include a summary of the Geological and Soil Engineering Report in your appraisal report and a statement saying that you have relied on the report, and that if it proves to be incorrect, the value you have estimated may also be incorrect.
H2
I did a land appraisal. Now the lender wants to know if the lot is buildable. The lot is in the Hollywood Hills area of Los Angeles. Other houses are already built on adjacent sites, on either side of the subject, and all around the area.
I was given a Geological and Soil Engineering Report saying the the lot was buildable "if stated conditions are complied with. Conditions: Geologist and soil engineers shall review and approve detailed plans prior to issuance of any permits."
Does much more have to be said than, "Yes,the lot is buildable"? Do I include a copy of the Geological and Soil Engineering Report? Also, this task was not in the orginial scope of work. Do I charge an additional fee? What's appropriate?
Thanks,
Leroy LT3Appraisers@aol.com
Dear Leroy,
I would go back to the client and reopen the scope of work discussion and depending upon what they want and your relationship with the client, consider asking them for an adjusted fee.
At a minimum, I would include a summary of the Geological and Soil Engineering Report in your appraisal report and a statement saying that you have relied on the report, and that if it proves to be incorrect, the value you have estimated may also be incorrect.
H2