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I know an SRA, MAI Certified USPAP instructor in Tennessee that 90 % of his business is Commercial and Residential Evaluations. These are like drive-byes but with much less work. Bankers usually have their forms for these, or you can create your own. I say **** USPAP and do them.
No need to say that in TN The law specifically allows appraisers to do non-USPAP compliant evaluation reports, with some specific reporting requirements.
No need to say that in TN The law specifically allows appraisers to do non-USPAP compliant evaluation reports, with some specific reporting requirements.
I choose to do it - in part - because it doesn't cost me anything to do it. Same amount of time, same amount of effort. The pay for them is usually less, but then again I never chase fees.
As for the ""even though the client ordered an evaluation" I've never once had a problem with adding the word "evaluation" to the report. Not once.
I do find it kinda weird that AFAICT it mostly seems to be AI members who think there's some significant distinction to be made. But every time I ask what the big difference is all I get is crickets. Can you articulate what you think the big difference is?
For flyover America it is plain nuts to be "certified"... So few properties are over $400k there. Only a few ranches, farms, and larger commercial properties would require an appraiser.
For flyover America it is plain nuts to be "certified"... So few properties are over $400k there. Only a few ranches, farms, and larger commercial properties would require an appraiser.
Even in 2019, the TAF persistently endeavored to establish 'standards' for evaluations. Their efforts extended to lobbying the Florida legislature while considering relevant bills. Their preference seemed to lean towards untrained gas service attendants rather than qualified appraisers conducting these evaluations. It appears that TAF's agenda is to impose USPAP regulations on appraisers, putting undue burdens on them. Fortunately, their attempts have faced setbacks, with several states rejecting their proposals on this matter left and right.
"I have no idea. I didn't ask him. I Googled it and several :examples" of "Desktop CRE" examples come up "using public records". Clear Capital Commercial and First American offer the Product. A sample was in Lightbox format separately. I figure it's like those auto generated reports in Costar, kind of a Zestimate. I won't be doing them or working as a staff appraiser. But that is how come Terrell isn't getting poultry farms any more, I bet."
Fair play. The reason I asked was rhetorical in nature because I already know that if a given SOW is sufficient for an intended user when a broker or other non-appraiser does it, that SOW doesn't suddenly become unusable just because an appraiser is doing it. Our advantage as appraisers is that we're far more practiced at valuing properties and writing reports, so we *should* be able to perform competently in a far more expedient and efficient manner.
TAF has actually published an appraisal report form for non-residential that is *far less detailed* than what is required for an Eval. This format is mostly boilerplated, so once someone has input the format it might take 5 minutes to fill in the blanks and do any edits to the boilerplate that might be necessary for a specific scenario. Anything else required by a user for an eval or other appraisal assignment type can be added by the appraiser. It's like a Lego set. Add blocks until you meet the requirements for the assignment.
This chart summarizes the types of assignments appraisers can perform in compliance with USPAP. Evals for lending is listed as being one of those assignment types.
Okay, why would I want to do them? I used to do commercial narratives for local lenders (usually, they wanted an approach to value omitted, where it wasn't relevant anyway) in the limited, restricted format. It was just as much work, and this was before I moved to area with Costar having the monopoly on commercial data. It was all to do with getting a lower fee then. What's it about now?
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The law specifically allows appraisers to do non-USPAP compliant evaluation reports, with some specific reporting requirements.
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