Comments on: Contract Amendments… When?

By: B

Fri, 28 Sep 2018 16:58:16 +0000

Yes, but should we charge a fee to “update” and provide this amendment? For instance…contract submitted several weeks ago, contract has been amended with a new purchase price AFTER the effective date of the appraisal, lender is now requesting that we revise the appraisal to reflect the contract price.

By: William Kittilstad

William Kittilstad — Thu, 13 Sep 2018 13:01:53 +0000

It does not make sense to withold any closing help amendments as I does not allow appraiser to accurately analyze for undue inflence on price if subject were to be utilized as a comparable.

By: Jman

Jman — Wed, 12 Sep 2018 20:49:09 +0000

no “updating” of an appraisal should be made without a new effective date. If its a correction to the appraisal or the change occurred before effective date thwn u can change the actual appraisal. I also include an addendum explaining these changes but if the change was made after the appraisals effective date then the original appraisal should not be changed but an addendum can be added for clarity. All of the above will create a new Date of signature and Report. To me an update is a new assignment with a new effective date. 35 years as an appraiser.

By: Wayne J. Valliere

Wayne J. Valliere — Sat, 25 Mar 2017 21:30:23 +0000

The biggest problem is the word, “update”. What does it mean? To an amc and lender it means changing the report for nothing. According to the AI, dictionary of real estate, it means a new assignment. AF is silent as usual on the subject. The problem is that words mean things. As a profession, they mean something to us that is different from lenders and amc’s. The powers that be just don’t seem to want to get on the same page.

By: B P

B P — Sat, 18 Mar 2017 23:59:20 +0000

I don’t understand the reasoning behind the comments above from Fannie Mae regarding the complaints they receive about appraiser’s who “missed the sales price”. It is certainly not ever my job to “hit the sale price” and as far as I am concerned, I don’t need the sales price because my reports are strictly based on the CURRENT MARKET VALUE for my subject… PERIOD. That’s the unbiased part that AMC’s, consumers, lenders and even Fannie Mae appear to forget about. Yes I understand we must analyze the contract for pertinent information but really, the sales price should not be a consideration nor a factor in the appraisal.