I'm Stunned - Is It Me?

[Ken B]

Unless I misread the statement, the appraiser is stating he attempted to comply with the lender's turn time requirement, but if unable to do so, too bad for the lender. I didn't read that he was cutting any corners to do so. I read just the opposite.

 

[Mike Phillips]

Sorry, I don't understand everyone's confusion. The aprpaiser clearly is saying that the client did, in fact, make anunreasonable request for a 24 hour turn time and, while he had tried, such was not possible because her preferred to do the job correctly. He is basically stating that the "sophisticated user" knows that such requests are not practical and neither he nor the client could expect such a time limitation to be met and that is why it was not.

John

Oh...that was creative. You've twisted this but I'll bite.

The client made "an unreasonable request" which the appraiser obviously agreed to, and even though the appraiser tried to fullfill his contractual obligation to deliver on time, he could not because he preferred to do the job correctly. Thus the court appearance, which must have been due to t-time issues, not report quality. But the fault is not with the appraiser who should have quoted an appropriate t-time, rather, the fault is with the "sophisticated user" who should have known the quoted t-time was unrealistic to begin with.

OK...I got it.

FTR, that is NOT what the appraiser said, but you had me going there for a moment.

 

[Mike Kennedy]

"but they MADDDDDDE me do it" ............. is an infantile defense guaranteed to lose in court and at a state board hearing.

 

[TEL2002]

Boy some of you guys don't get the real problem. Some of these AMCs will fine you $25 of your $150 fee if you don't complete the assignment on time.


Maybe it was that guy's attempt to head off losing the 25 bucks.

 

[JSmith43]

Post one was an extreme example. If turn time was, say 2 weeks, it still may not be possible to receive the degree of verification desirable assuming some agent doesn't return calls, is on vacation, etc.

Most of them can be tracked down in 2-3 days, if necessary.

But how about a one week turn time over the 4th of July weekend? Good luck, if your best comps have incomplete/conflicting MLS info, etc.

It may be possible to do the report up to USPAP minimums, but not up to your normal standards due to turn time and the time of the year, weather, etc.

The appraiser's approach to fight back with CYA is no different than Fannie fighting back with Cert 23, etc. Even if he pre-checked the available data prior to agreeing to the turn time, decided he could deliver a report with credible results, I believe it is a material factor that the dimension of time is unusually short. It is worth mentioning.

 

[Mr Rex]

Maybe he once had a teacher that gave credit for partially completed problems if he showed his work. I had a Calculus class like that once.

 

[Karl]

Trainees & newly Licensed individuals; DO NOT!!! use the lender said I had to do it quick, in order to get paid!!! as a defense.

 

[Lee Lansford]

...
So another poster replied to my comment and this is what stunned me:

"I disclose the turn time requirement (implication – it is unreasonable) and disclose my best efforts to meet my clients requirement. If pressed (in Court) I would argue that my client was a sophisticated user of appraisal services and knew (or should have known) that 24 hours was not sufficient time to properly verify data."

That was written by a State-Certified Appraiser.

WTF was that?

I stated I'd like to see that one run by the ASB or his state board.

Any thoughts?

"Any thoughts?"

Yes.

The other appraiser is an idiot.

His lame excuse doesn't alleviate the need for the development and communication of a credible appraisal.

 

[Lee Lansford]

...
Even if he pre-checked the available data prior to agreeing to the turn time, decided he could deliver a report with credible results, I believe it is a material factor that the dimension of time is unusually short. It is worth mentioning.

Mentor, my friend, why is the required turn-time "worth mentioning"? I don't see its relevance to the appraisal.

 

[JSmith43]

Mentor, my friend, why is the required turn-time "worth mentioning"? I don't see its relevance to the appraisal.

I think the UW would like to know. Even on assignments with a 1 week turn time, juicy tidbits can turn up after the fact. The dimension of time is valuable, but real life makes one either **** or get off the pot.

Lee, my point is that the appraiser may well meet all the minimum requirements of std 1 & 2, but could exceed the minimums, if given more time. Part of that time might be waiting for return calls. Myself, I used to like to sleep on it before sending out a report on a complex assignment. It is an internal clock thing for me-dumb as a rock in the morning, sometimes that's the high point

What is the industry standard to wait for verification of comp data, for example? 2-3 days? The industry standard for appraisal turn times is certainly less than a week now. Every time the research cycle is compressed there are trade offs.

Appraisers should consider negotiating the scope in terms of turn time vs reliability. The report may still be credible, but with reduced reliability.