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Uspap August Q&a

Discussion in 'Fannie Mae, Freddie Mac, USPAP' started by Mike Kennedy, Aug 31, 2009.

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  1. Mike Kennedy

    Mike Kennedy Elite Member

    245
    Sep 28, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    New York
    August 2009 USPAP Q&A
    Application of Appraisal Reporting Requirements
    Multiple Intended Uses in the Same Appraisal Report
     
  2. Tawfik Ahdab

    Tawfik Ahdab Senior Member

    10
    Feb 19, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    Oregon
    Not bad this time. Not so legalistic for a change.
     
  3. incognito

    incognito Senior Member

    0
    Jul 14, 2005
    Professional Status:
    Certified General Appraiser
    State:
    Florida
    I have a problem with this question on the Q & A:
    Unless the ASB intentioned the word "Selecting" to mean "carefully choosing and sorting through to only provide the most comparable sales" AND "providing" to mean giving the client the comparable sales with some sort of indication that the opinion of value somehow is easily obtained from those carefully selected comparable sales, I say this is not true.

    For better clients I will provide the service of doing a comparable search for a particular property. It is an all inclusive search of say all homes +/- 250 sq. ft., all homes +/- 10 years in age, all homes in the same neighborhood, which have sold in the past year. I provide the raw, unsorted, unanalyzed, un adjusted data to the client, AND I say this IS NOT a valuation service, and no "value opinion is communicated" by this raw, unadjusted data.

    The ASB is wrong here, I believe.
     
  4. leelansford

    leelansford Elite Member

    45
    Mar 29, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    Illinois
     
  5. David Wimpelberg

    David Wimpelberg Moderator Staff Member Moderator

    116
    Mar 30, 2005
    Professional Status:
    Certified General Appraiser
    State:
    New York
    Once you've used the word "comparable," you've performed an appraisal. "Comparable" is a relative term, meaning similar to the subject.

    Basically, once the data has been filtered in any fashion, then an appraisal has been performed.
     
  6. Mr Rex

    Mr Rex Elite Member

    210
    Jan 12, 2004
    Professional Status:
    Certified Residential Appraiser
    State:
    North Carolina
    Cog, say it ain't so brother.:unsure:
     
  7. Calvin the Airedale

    Calvin the Airedale Elite Member
    Gold Supporting Member

    0
    Aug 17, 2004
    Professional Status:
    Certified General Appraiser
    State:
    Ohio
    Based on the first Q&A, here's a riddle: How does the VA'a Tidewater Initiative notice (which is code among all parties involved for "the property isn't going to appraise for the sale price") avoid being subject to Standard 2 reporting requirements? It surely is the communication of a valuation, if just by comparison to the sale price.

    Sorry, I know we flogged this one to death the other day, but I'm just saying...:shrug:
     
  8. JSmith43

    JSmith43 Elite Member

    22
    May 5, 2003
    Professional Status:
    Certified General Appraiser
    State:
    California
    Just publish and distribute a 1 page study guide for your customers that want to do their own filtering. Explain to them they must pick the SF and age range from the menu, using their knowledge gleaned from your study guide and other sources.

    Do that, & I'd give the USPAP seal of approval to the process. Of course, after reading your study guide, some might think they are on the road to certification & a back-up career:rof:
     
  9. JSmith43

    JSmith43 Elite Member

    22
    May 5, 2003
    Professional Status:
    Certified General Appraiser
    State:
    California
    Don C & I had it out on this topic a few years back. I think his point, respectfully taken by me, was something like an 800 pound gorilla can open up a can of whoopa$$ on a 500 pound gorilla any time it wants:shrug:

    Maybe he will read this and chime in, since this may not be how he recalls the discussion & it might take forever to search it down.

    Edit: I found the thread, back in 2005. It was a mini riot! Here is one of the livelier pages:
    http://appraisersforum.com/showthread.php?t=91974&page=3
     
    Last edited: Aug 31, 2009
  10. LI-Appr

    LI-Appr Senior Member

    0
    Nov 15, 2008
    Professional Status:
    Certified Residential Appraiser
    State:
    New York
    Hey Mentor I still want to know who exactly wrote USPAP. I mean names and corporate affiliations. I wonder how much input appraisers have had. Compared to the influence of large title companies and AMCs. Which are probably all owned by or in part the same Company. Does 1st Amer ring a bell. Same goes for 1004mc and HVCC. We will never know.
     
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