Gated Community

[Sunshine in VA]

Do you think an appraiser should perform a field review (FNMA 2000 Rev 3/05) when he/she cannot gain entrance to the development. I'm seeing a lot of these.

SOW states "the appraiser must, at a minimum, (2) perform a visual inspection of the exterior areas of the subject property from at least the street", which he/she has not done.

Certification #1 states "I have, at a minimum, developed and reported this appraisal feld review in accordance with the scope of work requirements stated in this appraisal field review report", which is false.

 

[TJSum]

I would either get it changed to a desk review, or decline the assignment.

 

[J Grant]

State you cannot get entry to view ext and are relying on original appraisal for condition etc after all , we don't see interior and rely on original report for that.

 

[Sunshine in VA]

I would either get it changed to a desk review, or decline the assignment.

It is not an assignment for me...I work as a fraud investigator and an MI company is sending this field review to the lender I work for to discredit the origination appraisal and rescind the MI coverage.

My thoughts are if this reviewer will violate the SOW and he/she signed the certification when cert #1 is false, then he shouldn't be reviewing another appraiser's work.

 

[J Grant]

Are you are working for a lender trying to defend inflated value appraisals? Good luck trying to discredit a legit review for SOW if he/she can't get into a gated community it does not discredit the review, or reviewer, and an inflated value still is an inflated value.

 

[Sunshine in VA]

Are you are working for a lender trying to defend inflated value appraisals? Good luck trying to discredit a legit review for SOW if he/she can't get into a gated community it does not discredit the review, or reviewer, and an inflated value still is an inflated value.

So the SOW doesn't matter, you can violate it???

The certification you sign to can be false and it's ok???

I just don't want the origination appraiser judged by someone who doesn't do what he/she is suppose to do either.

It's like the pot calling the kettle black.

 

[J Grant]

I did not see this review, but normally on a review when a rev appraiser cannot access to take a photo, they will state that in the report, and state that they relied on the original report, MLS photos etc. IF the appraiser still feels they can make a credible review without taking an ext photo, it does not violate the scoop of work.

Good try though. I have seen a few ads lately for appraisers to defend lender appraisals against reviews for buy back purposes. I guess any tactic will do and trying to discredit a review appraiser for not being able to enter a gated community is as good as any. A review appraiser does not see the interior either, and can still perform a credible review.

 

[444nutman]

It is possible to see the subject from outside the gate. Nowhere in the certs does it state what street, the exterior was viewed. I do plenty of review work and you can see most of the project from outisde the gate. You look to see if something has burned down, you can see tops of all the houses. The second point you are reviewing the subject based on an effective date and not an inspection date. If the house burned down after the effective date, it still does not affect the review.
I have walked around the outside of gated projects until I can find the house if I can't get in and have observed the home from the exterior.
Just for the record, I disclose I could not gain access. What is the appraiser supposed to do, break in the gate and get arrested?
If I turned down every review that was located in a gated project I would turn down about 50% of the work. 99% of the time, I can gain access by following someone in or calling a listing agent for the code.

 

[Winston Wolf]

I look at MLS for all listings in the PUD and get a gate code from MLS. Then I use it. Come-on guys. User your head.

 

[Mike Kennedy]

USPAP 2010 SR 3-3 (c)
http://www.USPAP.org/USPAP/stds/sr3_3.htm
see Comments - last paragraph

IMO, it is a Review SOW issue to be discussed with the Client and communicated in the Review Report. Further, as others have posted, an experienced Local Review Appraiser most probably can gain access and has considerable data from prior assignments in the Gated Community.