No Plat Map

[OSU Beavers]

Ha, unfocused and unprofessional perfectly describes the original report. My angst is not over a missing plat map, but the fact that the original appraiser does not appear to have any idea how or where to access local data sources. Neighborhood description "The whole damn town" sure why not? So long as the AMC saves $25.

There were only a dozen comps to choose from and any combination supports the prior sales price. So easy a caveman could do it. All I am asking for is a basic level of competency, which this report did not demonstrate.

Sorry if my rant seems "odd", but if the lender is not going to bother hiring a local expert then they might as well just run an AVM then call it good. SMH.

 

[J Grant]

There were only a dozen comps to choose from and any combination supports the prior sales price. So easy a caveman could do it. All I am asking for is a basic level of competency, which this report did not demonstrate.

Why is the appraisal being judged about whether or not it is "supporting a prior sales price"? Is that what you do, pick comps that match a sale price ?

 

[OSU Beavers]

Why is the appraisal being judged about whether or not it is "supporting a prior sales price"? Is that what you do, pick comps that match a sale price ?

You are not comprehending and are reading your own bias into my comments.

My point is that the original report 1) should never have been placed with an appraiser who lacked local competency, 2) should never have passed the AMCs initial review, and 3) it is sad that the old expression remains true "as long as the bullseye is hit, nobody cares about quality."

 

[J Grant]

You are not comprehending and are reading your own bias into my comments.

My point is that the original report 1) should never have been placed with an appraiser who lacked local competency, 2) should never have passed the AMCs initial review, and 3) it is sad that the old expression remains true "as long as the bullseye is hit, nobody cares about quality."

Then I Missed the joke or sarcasm ! ( lol )
All we can do is review what is in front of us, the appraisal on its own merits and go step by step in the field or desk review . Someone "did care about quality", even though it hit the bulls eye, since it was sent to you to for review.!

Stop ranting about this and that and concentrate on the review, did they pick the best comps or not?

 

[DWiley]

Anyone find it ironic that a person who posed this question, "Is a Plat Map required for an Appraisal Report on the 1004 form?," is questioning the competency of the original appraiser? Just askin'

 

[sputnam]

I am completing a field review on one of the minimalist reports I have ever read. The original appraiser is located out of state over 100 miles away! There are over a dozen closer appraisers that the AMC could have chosen from. The report does not contain a Plat Map. Perhaps the out of state appraiser does not know how to obtain one.

Is a Plat Map required for an Appraisal Report on the 1004 form?

Depends. USPAP doesn't require one. It depends on the requirements of the client/lender. I typically expect either site dimensions or a plat with dimensions or the metes & bounds description of the property. It's not a hard stop though. When I encounter a report that has none of those, I write a comment noting the omission, saying that best practice is to report site dimensions (one way or another) and let the client decide if they want the appraiser to fix it or not. Of course, if I already know that it's a client requirement... then, it's a fail. In a case where the appraiser refers to a site map, but then doesn't include one... that's a fail too. And, I agree with the poster who called it 'lazy'. It's one of my pet peeves.

 

[Joe Flacco]

I don't include plat map.

 

[Digger88]

I am completing a field review on one of the minimalist reports I have ever read. The original appraiser is located out of state over 100 miles away! There are over a dozen closer appraisers that the AMC could have chosen from. The report does not contain a Plat Map. Perhaps the out of state appraiser does not know how to obtain one.

Is a Plat Map required for an Appraisal Report on the 1004 form?

is that report signed by an appraiser named digger by chance? asking for a friend.

 

[andrew81]

Under Dimensions the report lists "See Plat Map". As I stated there is none.

There is no narrative about the site. The Taxes and Map Reference are incorrect.

Except for "comps were adjusted for this and that", there is no analysis.

Most of the appraiser added text is CYA boilerplate.


Now here is the kicker, in my mind there was no reason for this appraisal. The subject sold 10 months ago after being listed in the MLS for about a month and the new report value is within one-half of one percent of the last sales price.

Do a DeskTop or whatever. I guess they wanted to sell the loan, which why the 1004 and review were ordered.

this changes things.

if the reported site dimensions say 'see plat map' then, yes, it is required.

 

[Deleted member 150397]

Sounds like the lender doesn't think the "local expert" is competent. I think it's a good thing to have different appraisers work in different areas. Region wide I mean, too often the "local expert" isn't an expert at all but rather a form filler who hasn't done any actual appraisal work in years, he or she just updates data within cloned reports. I see this a lot and it's sad knowing that the appraiser would truly expose their incompetence if they were forced to step out of their comfort zone. Moreover the whole "market competence" rant is a farce and the only appraisers I know that claim it want to protect their little monopoly because they really aren't that good at their job and forcing them to work elsewhere would be too much work. A true appraiser should be able to analyze any market any time. Claiming someone doesn't live down the road so they don't know what their doing is patently false. The market is to be analyzed in every appraisal assignment. As a new independent appraiser I'm sent all over my regional area, it's tough and not as profitable as staying in my backyard but it's what I have to deal with as my work makes the old standby appraiser look like the chump he is. The competent lenders use me but the ones looking for a number with zero analysis and fraud worthy comps don't like seeing me contradict their buddy with data. Maybe you should try to learning something from the appraisal/appraiser instead of being spiteful? If there's nothing to learn from and obvious errors or inconsistencies then light it up and turn it in. The last review I did was pure trash and hit the sales price. I indicated on the form that the lender should have another appraisal performed. I haven't heard from that lender since and I'm glad. If they want to loan on trash that's their problem, I pointed out the errors and they were bad enough to trash the whole report. That's the process, if the report has enough errors to disqualify it as competent and credible then you disqualify it. It's not personal and it's not subjective, its data and analysis plain and simple which is all to often lacking in this profession.