If an appraiser has been asked to "readdress" a report for a different bank, what is the correct course of action?

The term "readdress" in the context of appraisal reports refers to the process of changing the intended user of an existing report. According to USPAP (Uniform Standards of Professional Appraisal Practice), an appraiser must consider the purpose and intended use of an appraisal when completing the assignment.

If the appraiser is asked to change the intended use of the report for a different bank, it would typically not be permissible to simply readdress the existing report. This is because readdressing could lead to potential liability issues and concerns over the report's accuracy and relevance to the new intended user. Each appraisal assignment is unique and must reflect the specific circumstances and data at the time it is conducted. Therefore, the appropriate course of action would be to create a new appraisal report that sufficiently meets the needs of the new intended user, ensuring compliance with USPAP standards and the integrity of the appraisal process.

This reinforces the importance of ensuring that the appraisal is specifically tailored and relevant for the user it is intended for, which helps maintain the credibility and reliability of the appraiser's work.