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Disclaimer - Appraisal for Friend

Discussion in 'Fannie Mae, Freddie Mac, USPAP' started by maryalice, Jan 14, 2009.

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  1. maryalice

    maryalice New Member

    0
    Sep 24, 2008
    Professional Status:
    Certified Residential Appraiser
    State:
    Louisiana
    What verbage do I need to include on an appraisal report that discloses that I know the owner of a piece of property I am appraising? What should I disclose?
     
  2. PropertyEconomics

    PropertyEconomics Elite Member

    0
    Jun 19, 2007
    Professional Status:
    Certified General Appraiser
    State:
    New Mexico
    What relationship do you have with the owner and what is the purpose of the report?
     
  3. maryalice

    maryalice New Member

    0
    Sep 24, 2008
    Professional Status:
    Certified Residential Appraiser
    State:
    Louisiana
    It is a re-fi, the owner lives 1 house from me.
     
  4. leelansford

    leelansford Elite Member

    24
    Mar 29, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    Illinois


    And it is by mere coincidence that you have the assignment from "whatever" lender?
     
  5. PropertyEconomics

    PropertyEconomics Elite Member

    0
    Jun 19, 2007
    Professional Status:
    Certified General Appraiser
    State:
    New Mexico
    That still doesnt answer how close you are with this "owner". I dont disclose things I do for neighbors. I do appraisals in my subdivision all the time, yet I have no personal relationship wiht any that would bias my opinions as to the value of their homes.
    The question is .. .do you?
     
  6. Bama Bayou

    Bama Bayou Senior Member

    0
    Oct 19, 2006
    Professional Status:
    Certified General Appraiser
    State:
    Alabama
    I worked in a market for about fifteen years where I was acquainted with about 1/3 of the owners whose property I appraised. It was no problem and I didn't disclose anything about the "relationship" since there was no bias on my part. If you feel you can't be unbiased (or you don't want to po your neighbor with a "low" value") just decline the assignment.
     
  7. Don Clark

    Don Clark Elite Member

    3
    Jan 17, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    Virginia
    Same hre PE. Some of my neighbors have lived there longer than I have(1974), and some are fairly new to the neighborhood. I do not socialize with any of them. I know them well enough to speak to them but I work, many of the older neighbors do not. My wife and i have never been coffee clatchers so i could easily do the house9s) next door without bias.
     
  8. Mike Garrett RAA

    Mike Garrett RAA Elite Member

    9
    Jan 14, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    Colorado
    Acquaintance is not a requirement for disclosure in and of it's self. If you want to say something..."I live in the same development" or "I reside two doors down from this property" would be appropriate.
     
  9. jtinmichigan

    jtinmichigan Junior Member

    3
    Feb 7, 2008
    Professional Status:
    Certified Residential Appraiser
    State:
    Michigan
    I have no current or prospective interest in this property. Its in the certification. Nothing else is required.
     
  10. Mike Kennedy

    Mike Kennedy Elite Member

    38
    Sep 28, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    New York
    "I have no (or disclosed) current or prospective interest in this property"- or the parties involved.
     
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