corrections
441) Appraisal Corrections
01/06/09
Dear H2,
What should I do about times when an appraisal report needs a correction to the street address, the name(s), or an incorrect date entered by mistake. No other changes are made to the report. Can I just
resubmit the report as corrected? I don't find anything in USAP that specifically talks about this...e.g., making such simple corrections. Is it necessary to provide an updated addenda page or comment in the report as to what was corrected? Thanks.
Ralph Petrone ralppet@aol.com
Dear Ralph,
As long as the lender/client and the users are the same and the effective date of the appraisal is the same, and you have not been coerced, you can make changes. If possible, you should get your uncorrected copies back so there will not be two versions of your appraisal in circulation. If this is not possible, your corrected version should be clearly marked as such. Your work file should contain a record of what steps you have taken to get the uncorrected version back (preferably in writing).
H2
What should I do about times when an appraisal report needs a correction to the street address, the name(s), or an incorrect date entered by mistake. No other changes are made to the report. Can I just
resubmit the report as corrected? I don't find anything in USAP that specifically talks about this...e.g., making such simple corrections. Is it necessary to provide an updated addenda page or comment in the report as to what was corrected? Thanks.
Ralph Petrone ralppet@aol.com
Dear Ralph,
As long as the lender/client and the users are the same and the effective date of the appraisal is the same, and you have not been coerced, you can make changes. If possible, you should get your uncorrected copies back so there will not be two versions of your appraisal in circulation. If this is not possible, your corrected version should be clearly marked as such. Your work file should contain a record of what steps you have taken to get the uncorrected version back (preferably in writing).
H2