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.