Real Estate Appraisal Forum

appraisersforum.com logo
The Premiere Online Community for Real Estate Appraisers!
 Fastest Way to Find a Real Estate Appraiser Enter Zip Code:
 
 
Go Back   Appraisers Forum > Real Estate Appraisal Forums > Fannie Mae, Freddie Mac, USPAP
Register Help Our Rules Calendar Archives Mark Forums Read


Closed Thread
 
Thread Tools
  #1  
Old 10-02-2007, 03:58 PM
meierd2000 meierd2000 is offline
 
Join Date: Sep 2007
State: Texas
Professional Status: Licensed Appraiser
Posts: 13
Question Comp check/Look up

I've looked on here and can't seem to find anything about it. I had a new client email a look up and said they needed $400K or more, wanted me to get back to them with the value and then they will order the full appraisal. I remember reading in USPAP that look ups are illegal and especially meeting a pre-determined value. Another appraiser in my office found something in 2004 USPAP saying it's okay as long as you disclose this is an appraisal, keep it 5 years, etc with lots of assumptions and could change upon the actual appraisal of the subject. I have noticed that many appraisers will not do look ups saying they are illegal but will do an appraisal if the client wants to order one. So, what is true?? What should I do? Is there a certain way to do them that makes it legal?
Sponsored Links

  #2  
Old 10-02-2007, 04:03 PM
seattle98116's Avatar
seattle98116 seattle98116 is offline
 
Join Date: Apr 2007
Location: Seattle
State: Washington
Professional Status: Certified General Appraiser
Posts: 234
Default

The "need $400k or more" is where you can get in trouble. There are many threads on here about "compliant comp checks" and there are people that will argue for them either way, or so I have read. There are USPAP instructors on here too that can elaborate more, but if you choose to do a "compliant comp check", it really is a desktop appraisal and you need to have the relevant certs and signatures included in your work file. Some people charge for this. If an order gets "upgraded" to a full appraisal then it is a new assignment.
That is how I see it anyway. I am not advocating either side, just trying to spell it out. However, I am putting on my kevlar vest just in case...I think I may get blasted
Justin
  #3  
Old 10-02-2007, 04:07 PM
Pamela Crowley (Florida)'s Avatar
Pamela Crowley (Florida) Pamela Crowley (Florida) is offline
 
Join Date: Jan 2002
Location: Wherever We Are Parked
State: Florida
Professional Status: Retired Appraiser
Posts: 25,254
Default

http://appraisersforum.com/showthrea...ighlight=check

http://appraisersforum.com/showthrea...ighlight=check

http://appraisersforum.com/showthrea...ighlight=check

http://appraisersforum.com/showthrea...ighlight=check

http://appraisersforum.com/showthrea...ighlight=check

And that's just a few of the newer threads about this.
__________________
All that is necessary for the triumph of evil is that good men/women do nothing.
Fight Back!
  #4  
Old 10-02-2007, 04:15 PM
Michael Tipton's Avatar
Michael Tipton Michael Tipton is offline
 
Join Date: Sep 2005
Location: SW Florida
State: Florida
Professional Status: Certified Residential Appraiser
Posts: 2,758
Default

Quote:
Originally Posted by meierd2000 View Post
I remember reading in USPAP that look ups are illegal and especially meeting a pre-determined value. Another appraiser in my office found something in 2004 USPAP saying it's okay as long as you disclose this is an appraisal, keep it 5 years, etc with lots of assumptions and could change upon the actual appraisal of the subject.
Attached is a link to the 2006 version of USPAP.

http://commerce.appraisalfoundation.org/html/2006%20USPAP/toc.htm

I'd suggest reviewing the Ethics Rule-Management Section lines 266-273 and AO-19.

Last edited by Michael Tipton : 10-02-2007 at 07:21 PM.
  #5  
Old 10-02-2007, 04:17 PM
Joyce Potts's Avatar
Joyce Potts Joyce Potts is offline
 
Join Date: Feb 2005
Location: Central Florida
State: Florida
Professional Status: Certified Residential Appraiser
Posts: 8,026
Default

Where did I put the bullets?
__________________
If you have something to say,
keep your mouth shut!
  #6  
Old 10-02-2007, 04:18 PM
Suz-E's Avatar
Suz-E Suz-E is offline
 
Join Date: Apr 2006
Location: Chicago Area, IL
State: Illinois
Professional Status: Certified Residential Appraiser
Posts: 1,618
Default


I was going to say...."Are you SURE you searched comp check?"

The flood gates have opened....
__________________
  #7  
Old 10-02-2007, 04:28 PM
meierd2000 meierd2000 is offline
 
Join Date: Sep 2007
State: Texas
Professional Status: Licensed Appraiser
Posts: 13
Default

well, i put in look up, comp check, maybe i did it wrong, i'm new to this forum! sorry! but thank you for all the info! i've signed up for a USPAP update class next week, my last USPAP class was in 2005!
  #8  
Old 10-02-2007, 04:32 PM
Joyce Potts's Avatar
Joyce Potts Joyce Potts is offline
 
Join Date: Feb 2005
Location: Central Florida
State: Florida
Professional Status: Certified Residential Appraiser
Posts: 8,026
Default

Quote:
Originally Posted by meierd2000 View Post
well, i put in look up, comp check, maybe i did it wrong, i'm new to this forum! sorry! but thank you for all the info! i've signed up for a USPAP update class next week, my last USPAP class was in 2005!
Unfortunately, I doubt your USPAP class will adequately convey to you the differences. You're far better off to research the posts in this Forum, IMO.

No personal offense to the 1,000 certified USPAP instructors out there.
__________________
If you have something to say,
keep your mouth shut!
  #9  
Old 10-02-2007, 05:23 PM
Tom Woolford Tom Woolford is offline
 
Join Date: Nov 2005
Location: Nature Coast
State: Florida
Professional Status: Certified Residential Appraiser
Posts: 5,286
Default

Quote:
Originally Posted by Joyce Potts View Post
Where did I put the bullets?

I'll send you some.
  #10  
Old 10-02-2007, 05:39 PM
Elliott's Avatar
Elliott Elliott is offline
 
Join Date: Apr 2002
Location: Pumpland
State: Oregon
Professional Status: Certified General Appraiser
Posts: 11,025
Default

meier asked, Is there a certain way to do them that makes it legal?

If you supplied them with raw data, lots of it, then ASB would probably
say that's ok. If you were to work up a report (do you know anything
about the subject?) and keep a standard workfile (essentially do an
appraisal), then I doubt you could be faulted.

But you do understand they don't give a rats a** about your comps,
they want your assurance that you'll make the number they gave you
work. That's a harder one to get around. Cause your work file would
have the 'comp check' request in it. Some, maybe even your state
board, could say you accepted an assignment with a pre-determined
value. That would be wrong.
Sponsored Links

Closed Thread


Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Forum Jump




Copyright © 2000-, AppraisersForum.com, All Rights Reserved
     Terms of Use  Privacy Policy
AppraisersForum.com is proudly hosted by the folks at AppraiserSites.com

Fastest Way to Find a Real Estate Appraiser Enter Zip Code:
Partner Sites:
AppraiserUSA.com - National Appraiser Directory AllDomainsUSA.com - Domain Name Registration
DeadbeatListings.com - Deadbeat ListingsAppraiserSites.com - Web Hosting for the Professional Real Estate Appraiser
Find FHA Appraisers - FHA Appraiser Search Commercial Appraisers - Commercial Appraiser Search
Relocation Appraisal - Find Relocation Appraisers Domain Reseller - Business Opportunity
Home Security Buzz - Home Security Info Radon Testing - Radon Gas Info
My Medicare Forum - Medicare Info Stop Smoking Help - Help Quitting Smoking
CordlessPhoneStore.com - Great Cordless Phones AndroidTabletCity.com - Android Tablet Computers

Follow AppraisersForum.com:          Find us on Facebook            Follow us on Twitter


All times are GMT -5. The time now is 08:16 AM.

SiteMap: 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37, 38, 39, 40, 41, 42, 43, 44, 45, 46, 47, 48, 49, 50, 51, 52, 53, 54, 55, 56, 57, 58, 59, 60, 61, 62, 63, 64, 65, 66, 67, 68, 69, 70, 71, 72, 73, 74, 75, 76, 77, 78, 79, 80, 81, 82, 83, 84, 85, 86, 87, 88, 89, 90, 91, 92, 93