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Meatloaf

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Reply with quote  #1 
I did a report for a fellow in november 2016 with a retrospective date of april 2016 and an inspection date of november 2016.

Now he wants me to do a report with an effective date of march 2017 using the same inspection date from november 2016.

Is the new report considered prospective since the effective date is after the inspection date? or is it retrospective since the effective date is prior to the report date?

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johnmbryant

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Reply with quote  #2 
It is neither.  It is a current appraisal.  (The appraised value as of today).  You make the extraordinary assumption that the house hasn't changed since you inspected it November.  Ask the owner and add "according to the owner/client...".

You may not use the current URAR.  Use the old URAR and include your own intended use, scope of work, and copy the certification from the USPAP.

The (very) old FNMA 704 is also ok.  Any generic form is fine.

It is same as a desktop appraisal except you have the advantage of knowing what the house was like in November.  What is the intended use of the appraisal?
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Meatloaf

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Reply with quote  #3 
But I am doing it as of a specific date in March 2017.  It is now May.  So it couldn't be considered a current value opinion could it?

Its an estate purpose.  First time around daddy passed away.  Sadly a year later, mama died.  Doing it on the GP Form.

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MEP

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Reply with quote  #4 
I would give him a price break but I would want to see the property (at least from the street)...it has been six months since your most recent visit...



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treskirkland

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Reply with quote  #5 
Quote:
Originally Posted by MEP
I would give him a price break but I would want to see the property (at least from the street)...it has been six months since your most recent visit...




That's what I would do.  So it would be retrospective.  I think for it to be prospective it would have to be for a future date (even though it is a future date from the inspection it still is a date that has already passed)
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RubberStamp

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Reply with quote  #6 
Since this is non-lender work I would assume that a variety of products could meet the needs of the client.  Obviously a desktop would be pretty accurate and enhanced because of the prior inspection and could save you time and them money.
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Meatloaf

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Reply with quote  #7 
Why would anyone voluntarily give a price break?

I took my car to get it detailed 6 months ago.  Paid $150.

If I take it back, should I expect them to do it cheaper this time?

The man's inheriting over 30 million.  

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BChip

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Reply with quote  #8 
Quote:
Originally Posted by Meatloaf
Why would anyone voluntarily give a price break?

I took my car to get it detailed 6 months ago.  Paid $150.

If I take it back, should I expect them to do it cheaper this time?

The man's inheriting over 30 million.  
Of course. Their not striping off the old product before the apply the new product. It's easier.

LMFAO

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