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#2056643 - 01/04/16 10:12 PM appraisal issue
ADN Offline
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Joined: Mar 2007
Posts: 205
We have a situation where the appraiser was engaged, went out to the property to inspect, however the utilities were not turned on to test water. The appraiser had to make a second trip to the property and is now charging a re-inspection fee. Would this be a changed circumstance and our lender able to reissue a LE with the new higher appraisal fee?

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#2056655 - 01/04/16 10:57 PM Re: appraisal issue ADN
rlcarey Offline
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rlcarey
Joined: Jul 2001
Posts: 80,341
Galveston, TX
Your appraisers test water??
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#2056656 - 01/04/16 11:02 PM Re: appraisal issue ADN
Truffle Royale Offline

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Joined: Jul 2003
Posts: 17,359
Yes, it's a changed circumstance and you need to redisclose within three days of learning about it.

Randy, water and sewer tests are required at time of property transfer (sale) in certain states. Iowa is one we deal with.

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#2056660 - 01/04/16 11:35 PM Re: appraisal issue ADN
Kathleen O. Blanchard Offline

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Kathleen O. Blanchard
Joined: Dec 2000
Posts: 21,292
I am used to water and sewer tests but never heard of the appraiser doing the tests!
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Kathleen O. Blanchard, CRCM "Kaybee"
HMDA/CRA Training/Consulting/Mapping
The HMDA Academy
www.kaybeescomplianceinsights.com

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#2056685 - 01/05/16 01:41 PM Re: appraisal issue ADN
RR Joker Offline
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RR Joker
Joined: Nov 2002
Posts: 20,654
The Swamp
Maybe he was testing to see if it actually worked? laugh!
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#2056724 - 01/05/16 03:34 PM Re: appraisal issue RR Joker
ADN Offline
100 Club
Joined: Mar 2007
Posts: 205
Yes, they are required to test that they work!

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#2056728 - 01/05/16 03:54 PM Re: appraisal issue ADN
Kathleen O. Blanchard Offline

10K Club
Kathleen O. Blanchard
Joined: Dec 2000
Posts: 21,292
Well, that makes more sense! I was picturing appraisers with test tubes.
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Kathleen O. Blanchard, CRCM "Kaybee"
HMDA/CRA Training/Consulting/Mapping
The HMDA Academy
www.kaybeescomplianceinsights.com

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