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  #1  
Old 10-15-2009, 05:15 PM
Timothy Fierek Timothy Fierek is offline
 
Join Date: Apr 2002
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Default USPAP and HVCC question

Went to a property and found it to be between a gas station, super market, and other business. It was ordered as a single family residential appraisal. The assignment was too complex for me to complete. AMC says they don't have to pay me anything unless I complete the assignment (per USPAP) and I want them to pay for the trip fee (which entailed the trip, appraisal inspection, and preliminary data pull). I indicated that per USPAP that if at anytime during the appraisal process I find that I am not competent enough to complete the assignment that I am required to decline it. Is not indicating that they will not pay anything unless the assignment is completed a violation of HVCC?
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Old 10-15-2009, 05:20 PM
Denis DeSaix Denis DeSaix is offline
 
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From what you describe, this does not sound like an HVCC issue to me. And collecting fees is not a USPAP issue (although declining the assignment as you did is a USPAP issue and the correct decision to make in your case!).

It does sound like an assignment-engagement issue. Did you sign a general engagement agreement with the AMC? Does it stipulate anything regarding partial fees?
  #3  
Old 10-15-2009, 05:24 PM
Timothy Fierek Timothy Fierek is offline
 
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I only do work for this particular AMC on a per assignment quote basis. They call and ask if I will accept an order and I give them my fee and turn time. My fault I guess.
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Old 10-15-2009, 05:26 PM
Timothy Fierek Timothy Fierek is offline
 
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Oh well, lesson learned.
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Old 10-15-2009, 05:32 PM
Denis DeSaix Denis DeSaix is offline
 
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I don't think the lack of a specific agreement reflects badly on you (per se); I think it is indicative of the overall low-level of professional business standards we appraisers demand for ourselves.
  #6  
Old 10-15-2009, 09:19 PM
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Workbox Workbox is offline
 
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Tim, when you view many dwelling for many years, you become acquainted to the many characteristics of certain markets. When I get calls from either an AMC or others, I ask what is the address, subdivision, district, and so on. Generally I can tell right off once the tell me more specifics, what kind of assignment it is going to be. You should get accustom to asking questions and if possible while talking to them pull up your MLS and see if their is any MLS history or other. At the same time pull up some maps, both Google/MSN/others and get an idea of the general subdivision characteristics. Too many times I see a great photo on MLS, but sides to commercial property one side and manufactured house on the other.

This is just part of the learning curve. Good luck and Cheers.
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  #7  
Old 10-15-2009, 10:20 PM
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DMZwerg DMZwerg is offline
 
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Quote:
Originally Posted by Timothy Fierek View Post
Went to a property and found it to be between a gas station, super market, and other business. It was ordered as a single family residential appraisal. The assignment was too complex for me to complete. AMC says they don't have to pay me anything unless I complete the assignment (per USPAP) and I want them to pay for the trip fee (which entailed the trip, appraisal inspection, and preliminary data pull). I indicated that per USPAP that if at anytime during the appraisal process I find that I am not competent enough to complete the assignment that I am required to decline it.
You declined the assignment, they didn't cancel it out from under you. Trip fee generally occurs if borrower is not home & misses assignment, appraisal is cancelled by client after the inspection, etc, not for you declining an assignment.

I go with Workbox on this one, it is best practice to look on aerial/GIS prior to making the trip. Unless the ZONING is not residential the rest is just view and you may be able to bracket it. If land zoning is commercial then you missed another "hint" it may have been complex before the inspection. More pre-appt research is one suggestion suggestion for the future as is more research prior to accepting assignment. (check zoning, # BRs, size, # dwellings, waterfrontage, aerial, etc before quoting fee)
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  #8  
Old 10-15-2009, 10:41 PM
Tom Woolford Tom Woolford is offline
 
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I had a similar one last week. An SFR, zoned commercial, and surrounded by other commercial uses including a pest control company, a janitor supply company and the County EMS. Properties highest and best use obviously commercial. I turned it down on the basis of my Residential Certification, and HBU of commercial. It took 10 Min, and minimal cost to document the immediate area, client was happy, and minimal cost incurred. Its not an HVCC issue, but a USPAP one: competence.
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  #9  
Old 10-15-2009, 10:58 PM
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Riick Riick is offline
 
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Quote:
An SFR, zoned commercial, and surrounded by other commercial uses including a pest control company, a janitor......
You can tell how long someone's been in the biz by the deals he turns DOWN.
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  #10  
Old 10-15-2009, 11:45 PM
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PropertyEconomics PropertyEconomics is offline
 
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Some of the best jobs I have ever had were the ones I walked away from. In the long run not doing them and not getting paid made me money. Some jobs are both time and money drains not to mention all the heartache you get after.

Be happy you turned it down and write off the trip to an experience.
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