Reasonable Exposure Time

[Pittsburgh Pete]

Please cite where it is forbidden by USPAP---and don't recycle that bias BS you posted yesterday. It is called an assignment condition.

 

[DWiley]

And since Fannie decided that the REO addenda is for MARKET VALUE.....

??? The REO Addendum is not a Fannie Mae form so Fannie policies would not apply.

If a client wants a 30-day value or a 60-day value, that is just a different definition of value. USPAP does not mandate the use of any specifc definition.

Anyone who wishes to see the last time we discussed this at length can just use the search feature. I do not have the time to re-post all that I posted previously on this topic.

At least the ASB saw why you were confused on the topic and tried to address it. I will forever think of the change as the ASB's "Marion" edit.

 

[Meandering]

oooohhhh,

An assignment condition,

I'm scarrreeed of you and all that knowledge and support.


You have an assignment condition that says ignore USPAP definitions? That's interesting. I'd like to see that one in writing.

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[DWiley]

And since Fannie decided that the REO addenda is for MARKET VALUE.....

??? The REO Addendum is not a Fannie Mae form so Fannie policies would not apply.

If a client wants a 30-day value or a 60-day value, that is just a different definition of value. USPAP does not mandate the use of any specifc definition.

Anyone who wishes to see the last time we discussed this at length can just use the search feature. I do not have the time to re-post all that I posted previously on this topic.

At least the ASB saw why you were confused on the topic and tried to address it. I will forever think of the change as the ASB's "Marion" edit.

 

[Meandering]

??? The REO Addendum is not a Fannie Mae form so Fannie policies would not apply.

If a client wants a 30-day value or a 60-day value, that is just a different definition of value. USPAP does not mandate the use of any specifc definition.

Anyone who wishes to see the last time we discussed this at length can just use the search feature. I do not have the time to re-post all that I posted previously on this topic.

At least the ASB saw why you were confused on the topic and tried to address it. I will forever think of the change as the ASB's "Marion" edit.

Damn Danny,
There are no definitions of 30-day value or 60-day value.

USPAP does not mandate the use of any specific definition. You are right, it does not. Appraisers certify they follow USPAP,



and heck if USPAP did not make an entire definitions section, and the unmitigated gall of the AF was to include:

"USPAP addresses the ethical and performance obligations of appraisers through DEFINITIONS, Rules, 156
Standards, Standards Rules, and Statements. 157
• The DEFINITIONS establish the application of certain terminology in USPAP. 158"

Damned Ethics, we can't make it up as we go along, and we had to certify we followed USPAP.

Try again.

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[DWiley]

Damn Danny,
There are no definitions of 30-day value or 60-day value.

USPAP does not mandate the use of any specific definition. You are right, it does not. Appraisers certify they follow USPAP,

View attachment 25816

and heck if USPAP did not make an entire definitions section, and the unmitigated gall of the AF was to include:

"USPAP addresses the ethical and performance obligations of appraisers through DEFINITIONS, Rules, 156
Standards, Standards Rules, and Statements. 157
• The DEFINITIONS establish the application of certain terminology in USPAP. 158"

Damned Ethics, we can't make it up as we go along, and we had to certify we followed USPAP.

Try again.

.


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I am sorry, what point are you trying to make? The market value definition in USPAP is NOT a working definition that can be used in an assignment. It merely presents the elements required in a market value definition. A client can certainly provide a definition of "60-day value" or "30-day value" and there is nothing that would prevent an appraiser from using such a client-provided definition.

 

[Meandering]

I am sorry, what point are you trying to make? The market valeu definition in USPAP is NOT a working definition that can be used in an assignment.

Absolutely!
The market value definition on the1004 that is the report the REO is an addenda to, is the working definition of the value. I copied and pasted it to you previously. Did you miss it?

It merely presents the elements required in a market value definition. A client can certainly provide a definition of "60-day value" or "30-day value" and there is nothing that would prevent an appraiser from using such a client-provided definition.

Absolutely!

They can provide any definition they like, but then they can't say use this form that has a different definition and different verbiage. You can have it with client definitions, or, you can have the pre-printed form with the pre-printed definitions and the pre-printed certifications, and the pre-printed minimum scope of the work, but we can't provide conflicting information.

And really, won't you get a better quality report if REO assignments were narratives?

And isn't it the "quality" thing you all are looking for?

Perhaps you could redesign the REO addenda to have a fill in the blank for the second value set, and we would just need to copy and paste the client's definition of that value. Sounds pretty simple, what could possibly be holding up the process of fixing this form if it's not Fannie?????


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[DWiley]

They can provide any definition they like, but then they can't say use this form that has a different definition and different verbiage. .

Why not? The intended user would certainly be aware of the situation, so doing that would not be misleading to the intended user.

 

[Sid Holderly]

A shorter marketing time means a lower price. Add a bigger discount to the REO to get it to or under the 90 day requires limit. This is needed because the normal market time for an REO as you stated was 90 to 180, (the average REO market value). To get it lower larger discount. For example, if may area non-REO small ranch properties say sell for 100,000 in 180 days, REO properties sell for $60,000 in 90days. The condition of buyers perception of value is a 40% discount. Track several sales of REO's compared to simiar sized non-REO's and look for those with more problems and see the extra discount. The long spreadsheet method.

 

[Meandering]

Why not? The intended user would certainly be aware of the situation, so doing that would not be misleading to the intended user.

Now see,
That's the kind of response that is so questionable.

Why can't the second set of values be a fill-in the blank for the values the client has asked for? What are we hiding by not disclosing the value, at the reporting of the value on the form?

Why is it so very important that the REO addenda form says market value, for the second set of values?

are you trying to justify that we say the market value is $X then some other place in the report, say the $X is really not the market value, but some other value?

Is that what you are saying is okay?

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