REASSIGNMENT OF APPRAISAL

Per USPAP, when an appraisal order is placed, a relationship is created between the parties involved. The client is identified by the appraiser in the appraisal report and is the party with whom the appraiser has an appraiser-client relationship in the related assignment. Once a report has been prepared for a named client, the appraiser cannot be “readdressed” to another party since the appraiser does not have a contractual relationship with this other party. However, an appraiser may complete a NEW assignment for this second party. This will then establish a relationship between appraiser and second lender providing all of the rights, obligations and liabilities such a relationship places on the parties involved. A new scope of work is required and an associated fee is determined.