I couldn’t be more excited to report that Scott Reuter from Freddie Mac has agreed to moderate this forum. One of Scott’s duties is to interact and interface with the appraisal community. He takes his role seriously and is here to answer any of your questions and concerns directly! Folks, it doesn’t get any better than that. No more need to speculate. Stop being confused by conflicting advice from your peers. Go to the source!
While I believe this needs a new inspection and effective date, let me run this by for other thoughts. Recently did a report that had to be ‘subject to’. All was fine, except the Garage needed substantial repair. The Lender has asked for a update (1004D). The Garage has been removed, instead of repaired. After explaining why the 1004D will no longer work, they are asking for a revised report, with the original inspection date. I disagree.
Because there has been a change to the subject property characteristics (garage vs no garage), this would be a new appraisal and a new appraisal report. The appraisal could be completed using the original effective date, being subject to removal of the garage. Alternatively, it could be based on a new inspection and a current effective date. Either would be acceptable.