Is pulling comparable sales an appraisal?

[Terrel L. Shields]

What is acting as/role of an appraiser...

If you have a license then you are acting as an appraiser and practicing as one. That's why they hired you.

The fact you might never get caught means nothing. By agreeing to abide by USPAP you are agreeing to it all whether a value conclusion or not.

 

[ucbruin]

If you have a license then you are acting as an appraiser and practicing as one. That's why they hired you.

The fact you might never get caught means nothing. By agreeing to abide by USPAP you are agreeing to it all whether a value conclusion or not.

So you have to be hired-what does hired mean....
What if I say to my neighbor that I think our condos are worth between $XY-$YZ while having coffee together....

 

[itmustbeme77]

Wow, there are a lot of great responses, thank you. While the debate about whether or not an appraisal rages on, let us assume it is an appraisal and I am a CRA. What limiting conditions should I be imposing? What should I be looking out for other than making sure I have a work file? Thank you all.

 

[Terrel L. Shields]

What if I say to my neighbor that I think our condos are worth between $XY-$YZ while having coffee together....

That would be hard to believe it could be proven but in the day of hidden microphones and videos...???

When I started there was a story - true or not- that an appraiser was part of a golf foursome and one of the group mentioned he had a lot downtown on a corner and what was it worth. The appraiser said something like, "I donno but it might be worth X dollars." So the guy sells the lot for that only to see the buyer flip it for double a few days later. He sues the appraiser.

 

[ucbruin]

That would be hard to believe it could be proven but in the day of hidden microphones and videos...???

When I started there was a story - true or not- that an appraiser was part of a golf foursome and one of the group mentioned he had a lot downtown on a corner and what was it worth. The appraiser said something like, "I donno but it might be worth X dollars." So the guy sells the lot for that only to see the buyer flip it for double a few days later. He sues the appraiser.

I didn't hear that story....

As we all have experienced, after the inspection, homeowners will often ask "what's it worth"....
So I would jokingly say between $1.00 & $1,000,000.00....
Until I took a CE course and the instructor said any time an appraiser mentions a value/value range for any property even if it was not an assignment....
The appraiser has performed an appraisal....
Whether it was formal assignment or not....
So I stopped saying my joke....

But Hatch says this is not the case if it wasn't an actual assignment....
So take it up with Hatch....
Because I agree with you....

 

[residentialguy]

I agree with your sentiment, but aren't you doing free appraisal work by giving someone the best MLS comps?

I didn't say anything about free. It'll cost ya.

 

[residentialguy]

I didn't hear that story....

As we all have experienced, after the inspection, homeowners will often ask "what's it worth"....
So I would jokingly say between $1.00 & $1,000,000.00....
Until I took a CE course and the instructor said any time an appraiser mentions a value/value range for any property even if it was not an assignment....
The appraiser has performed an appraisal....
Whether it was formal assignment or not....
So I stopped saying my joke....

But Hatch says this is not the case if it wasn't an actual assignment....
So take it up with Hatch....
Because I agree with you....

USPAP always ties it with an assignment. These stories are just that... stories

 

[ucbruin]

USPAP always ties it with an assignment. These stories are just that... stories

So the OP can provide sales info....

 

[jay trotta]

IMO - pulling what You believe are Comparable or neighborhood data, are you "acting" as an appraiser??

When you were asked for any sales data, was the question; because you're an appraiser can you provide some sale data ??

Then again does FNMA have an appraisal License in every State??

 

[ucbruin]

"When you were asked for any sales data, was the question; because you're an appraiser can you provide some sale data ??"

No, people ask the milkman....