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  #1  
Old 07-09-2007, 03:10 PM
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Anthem Anthem is offline
 
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Default Plans and Specs in the workfile

I have always kept a copy of the plans and specs in the workfile. I realize that many appraisers just take a photo and then give them back.. Maybe this is ok but I prefer a legible copy.

Here is my question

Is it a requirement to keep plans and specs in your workfile for the 5 year time length?

I have always thought that it was and have kept them, I have a bank telling me otherwise.

I didn't hit the number and the borrower wants them back.
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Old 07-09-2007, 04:25 PM
DWiley DWiley is offline
 
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The Comment to SR 1-2(e)(v) states, in part

Quote:
When appraising proposed improvements, an appraiser must examine and have available for future examination, plans, speccifications, or other documentation sufficient to identify the character and extent of the proposed improvements.

Must the appraiser have/keep plans and specs? No, but if you don't have plans and specs, you must have something else as a substitute. For example, the order might say the home was to be just like Lot 10, which you appraised last week. In such a case, there would be no need for plans/specs.

Whatever you have, you must be able to access during the record retention period. So, it could be in the workfile, or you could arrange for someone to store it as long as you had an access agreement.

Digital cameras have come a long way lately. I have one that has a setting specifically for copying documents, and I think taking a photo of everything I get in paper is probably the easiest way to handle it.

More and more we are getting plans/specs electronically. In fact, we just got one like that today. That really is nice. We just insert the plans right into the appraisal report and a copy of the plans is just part of the workfile copy of the appraisal report.

Take care

DW
  #3  
Old 07-09-2007, 04:33 PM
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Wow. Electronic plans. I would love to see those. I could clean out my little closet which is full of rolled up plans.

When interviewing the borrower/builder I tell them I have to have a set of plan that I can keep. They always come through with a set.
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Old 07-09-2007, 04:54 PM
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Quote:
Originally Posted by DWiley View Post
The Comment to SR 1-2(e)(v) states, in part




Must the appraiser have/keep plans and specs? No, but if you don't have plans and specs, you must have something else as a substitute. For example, the order might say the home was to be just like Lot 10, which you appraised last week. In such a case, there would be no need for plans/specs.

Whatever you have, you must be able to access during the record retention period. So, it could be in the workfile, or you could arrange for someone to store it as long as you had an access agreement.

Digital cameras have come a long way lately. I have one that has a setting specifically for copying documents, and I think taking a photo of everything I get in paper is probably the easiest way to handle it.

More and more we are getting plans/specs electronically. In fact, we just got one like that today. That really is nice. We just insert the plans right into the appraisal report and a copy of the plans is just part of the workfile copy of the appraisal report.

Take care

DW
Thanks for the detailed reply.
  #5  
Old 07-09-2007, 05:39 PM
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What are the Chances?

Got an order today for another Proposed... Plans have been Emailed..... Heck why bother with a sketch :-) Well I guess they may want the GLA calculation breakdown...
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Old 07-09-2007, 05:51 PM
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I checked years ago with my local USPAP guru and got the green light to either scanning or taking photos of the blueprints. It's kosher.

TC
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Old 07-09-2007, 06:02 PM
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FWIW Preston, I also use my picture of the elevation page of the prints in my report, gives the reader an idea of what the finished house will look like. I've seen too many HUDular appraisals where the "appraiser" used cut up site built houses to compare to a box that looks like a Doublewide with a slightly higher roof pitch. Did a review of one recently that got shot down at the 1004D phase because of this very issue. Looked for all the world like a doublewide, all the comps were really nice looking site built houses with cut up roofs, not to mention cathedral ceilings, hardwoods, ceramic tile etc. Seems I saw this fellow's name in the Quarterly Disciplinary notices for something similar.
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Old 07-09-2007, 10:18 PM
Scott FL Scott FL is offline
 
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I always do the apex drawing. I had an architect for one of my regular projects email the pdf plans but he placed the wrong square footage into the box with the lot number and GLA etc details. When I finished the drawing I was off 289 feet from his numbers. I realized by the parcel ID number he copied the box summary information from a previous assignment into this other stock set of plans. It has only happened once. If I had relied on the architect’s data and merely scanned in the plans it would have created a rather significant error throughout the report.
  #9  
Old 07-09-2007, 11:16 PM
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Do any of you do a cut in paste of the large Blue Prints? I usually scan them to half size on my copier and then match the walls and paste and are small enough for the file. And yes! PDF plans are cool.
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  #10  
Old 07-09-2007, 11:18 PM
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Quote:
Originally Posted by Scott Smith View Post
I always do the apex drawing. .
Likewise, but you still have to keep a copy of the blueprints, and I prefer to scan them to a PDF.


TC
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