I'm Stunned - Is It Me?

[JSmith43]

The guy's a ***** because he accepts the 24 hour turn time and says he cannot do a verification that will take more time? He reports what verification efforts and success were obtained and describes the likely effect on reliability, going with what was possible, and his confidence level regarding the opinion of value.

However, if the guy has 2 weeks and the agent still hasn't called back, he reports what verification efforts and success and describes the likely effect on reliability, going with what was possible, and his confidence level regarding the opinion of value.

Both results credible. The second result had a shot at being more reliable.

 

[TEL2002]

If you tell your client, in writing, that you can not verify certain data within the 24 hr time frame and how do they want you to proceed. I assume the appraiser would tell the client what options are available. Seems to me their written response would then become part of your SOW. IF it will result in an inadequate report...it is what they want and you have that fact in writing.

 

[c w d]

I guess it boils down to is credible equivalent to reliable? I think they're wholey separate. The result can be a credibly unreliable opinion.

 

[Riick]

Such an OLD story.

You can have it:

FAST,
CHEAP,
or,
RIGHT
​

--- Pick any TWO

 

[Bearslide]

Such an OLD story.

You can have it:

FAST,
CHEAP,
or,
RIGHT
​

--- Pick any TWO

I dunno, Riick - in this market, seems to me there is only one choice to be offered - and it isn't fast or cheap.:icon_mrgreen:

 

[Fred]

I guess it boils down to is credible equivalent to reliable?

In USPAP, it isn't, and never was.

I'd have to disagree with most of the posts here. It sounds to me like some have their own pre-determined level of credibility, and believe any assignment conditions that don't permit the achievement of that level are unacceptable. That's wrong. The assignment conditions are what set the level of credibility.

You could turn all those USPAP questions around. What in USPAP prevents accepting rush orders? Nothing. What in USPAP prevents disclosing how much of a rush was involved? Nothing, in fact, all the assumptions created by the rush would have to be disclosed.

 

[Terrel L. Shields]

"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."

I'm sure a judge would muse over being second-guessed, but that doesn't make the report not credible....we haven't seen that to know.

The assignment conditions are what set the level of credibility.

good point

 

[Ken B]

Knock on the neighbor's door and say "Hi, my name is zzz and I'm doing an appraisal on the house next door. Since you recently purchased your home, I would like to use it as a comparable sale in my report. Do you mind if I verify the information I have about your property?"

I have never had anyone say "Get off my property" and slam the door in my face.

("But, but, what if no one is home?" Then use your imagination.)

Allow me to pose a scenario. You have a 24 hr turnaround requirement. You find 4 sales in a subdivision that are reasonably similar but not great - say they are all from the 1970's, mostly remodels and average about 2200 sf. You find the closest sale (next door) appears to have been built by the same builder and is a mirror image design pre-addition. The additions appear to be similar age and size. BUT the MLS says there were concessions, unstated how much, and there is a basement. The public record shows no basement and you suspect that the Realtor has made a mistake. So, a call to Realtor sez "Sorry, we are attending a convention in Dallas. Back next Monday"....
So you substitute the 4th comp and omit the obviously more similar house appearing. Points -
-Just because it is more proximate and recent does not make the house more similar. You cannot know until you talk to the Realtor.
-You have 3 other reasonable comparables.
- You can wait til the Realtor comes back and likely it won't change your value should you use the other 3. You won't know.
- You can finish the report and state why you didn't use the 4th comp. - time constraint. Does that fact alone make your report misleading?
- Is the report LESS reliable? Is it still CREDIBLE? Have you met conditions of the client that would have otherwise been unnecessary had you had more time?
- Who gives a rat except a few fannie mae form monkeys that prefer form(s) over substance? This profession has become blessed with appraisalbabble and psuedolegalspeak language. It gets worse and all the time TAF is saying we are not being dictated to about forms, reports, etc. "The Department of Redundancy Department." Our reports are on the verge of collapsing under their own weight.

-did i say something wrong? Stunned again...

 

[Riick]

I dunno, Riick - in this market, seems to me there is only one choice to be offered - and it isn't fast or cheap.:icon_mrgreen:

So... Fast/Cheap/Right

Agreed..... Right is what we want,

SO....what do you want to pair it with??
Fast - but not Cheap
or
Cheap - but not fast
??

 

[JSmith43]

The winners in the long run will provide the best combination of fast/cheap and right.