Would you like Claudia to manage your liability concerns?

Appraisal Update Obligation?

Q: " I appraised a single family residence for a good lender client about a year and a half ago. Today I got a call from another lender wanting an "update". I explained to this guy who called today that I could not do an "update" but, rather that this would have to be a new assignment. I also explained that I was really busy right now and was unable to take the job. The guy started yelling at me that the loan was about to close and that if I did not get them an "update" ASAP he would sue. The truth is that this lender refused to pay a friend of mine a while back and had to be taken to small claims court before they paid up. I don't want to work for a company like that. Do I have anything to worry about?"

A: You were correct in everything you said and you have no obligation to accept an assignment just because a lender threatens you.  I suspect this lender got a copy of your old appraisal and relied on it (without justification) to make a loan. Now they need an appraisal report in their files and are trying to bully you into doing something you do not want to do.  This is their problem, not yours.


Would you like Claudia to manage your liability concerns?