Client Asking For Response To Rebuttal To Be Placed In Original Report

[DTB]

Y

You should think things through a little bit more. The act of selecting or rejecting sales as being comparable is an appraisal and sending a letter in which the appraiser rejects the lender's suggest comps is an appraisal report which would need to have the required certifications and meet the other requirements of USPAP standard 2 and a copy would have to be retained for 5 years. There is no way that it not easier to comply with the USPAP stand 2 requirements by providing that info in an additional addendum attached to the appraisal report than it would be by adding the required certs and disclosures to a separate letter

Really?

You don't think Word allows one to create a template?

 

[djd09]

I cannot find it in USPAP that a separate letter could not be sent and added to the work file.

 

[The Warrior Monk]

I'm always happy to discuss potential report deficiencies, and will always quickly fix them.

But the issue here is not a deficiency in any way, shape, or form. It is a third party, who is not the client, and who is clearly biased and trying to get the appraiser to hit a number, insisting on addressing information that does not appear to be relevant to the appraisal. And in 99% of the cases, there is no explanation as to why they are better comparables, or why the appraiser professional opinion is deficient. Why does the appraiser have to "amend" his/her report as a licensed professional opinion to address concerns to a non-client? What other profession does this???

 

[Meandering]

That might be an interesting experiment with a painter. . But, it i snot relevant to thsi discussion. As far as I know, there is no federal law for painters that contains provisions like those in DF authorizing many parties to ask for consideration of alternative date. Since the passage of that law, addressing alternative sales data is just part of handling an appraisal assignment - and good business folks price accordingly

Been drinking too much of your own kool aid there Danny.

Let's look at the part in red.

12 CFR 226.42
(3)Permitted actions. Examples of actions that do not violate paragraph (c)(1) or (c)(2) include:
(i) Asking a person that prepares a valuation to consider additional, appropriate property information, including information about comparable properties, to make or support a valuation;

Yeah,
It's a bit different to consider something, than it is to research and report about something, and that APPROPRIATE part, sorry, is from the perspective of the appraiser, because while you can ask, you can not direct.

Kool Aid for the lemmings who refuse to read is not going to fly much longer there Danny.


.

 

[Meandering]

I cannot find it in USPAP that a separate letter could not be sent and added to the work file.

Search it for "communications"

 

[timd354]

I cannot find it in USPAP that a separate letter could not be sent and added to the work file.

A letter reporting the results of an appraisal can be sent and added to the work file as long as that letter complies with all of the USPAP standard 2 reporting requirements for communicating the results of an appraisal.

 

[timd354]

Really?

You don't think Word allows one to create a template?

Sure you can, but it is less time consuming to just open the existing appraisal report in your forms software (which takes all of 1 second), add the needed language to an addendum, update the report date and send the signed updated report to the client. Either way, you need to keep a copy of the updated report or letter for 5 years

 

[Meandering]

EVERYBODY read this Very Carefully.

Y

You should think things through a little bit more. The act of selecting or rejecting sales as being comparable is an appraisal and sending a letter in which the appraiser rejects the lender's suggest comps is an appraisal report which would need to have the required certifications and meet the other requirements of USPAP standard 2 and a copy would have to be retained for 5 years. There is no way that it not easier to comply with the USPAP stand 2 requirements by providing that info in an additional addendum attached to the appraisal report than it would be by adding the required certs and disclosures to a separate letter

New fee for "additional comps" is $450.
New report
New opinion of value.
New statement that new opinion of value, was or was not influenced by data provided from 3rd party interested sources.



Thanks Tim.


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[Mike Garrett RAA]

I wish my software would open a report in a second. Mine takes at least a minute. LOL.

 

[djd09]

I wonder in all the reconsideration of values that occurred how many appraiser actually switch the value. Anyone?