2024 USPAP - "Personal Inspection" definition revised

[Carnivore]

I recall a USPAP class one time where there was this Dude sitting in the back with a small laptop typing up a report. I was not the only one PO'd at this clown. We got his name and all of us hoped we would get one of his report to review. Would we do that review the best we could? Yep. One thing we also would do is not cut him any slack or any benefit of the Doubt.

 

[bnmappraisal]

Say what you do, do what you say.

I did not personally inspect this property for this assignment. I did previously inspect the interior/exterior of the property on 03/12/2023 while performing a previous appraisal assignment. This appraisal is based in part on the assumption that the property attributes and conditions have not significantly changed in the interim. If this assumption is incorrect it would have an effect on my opinions and conclusions. ​

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They are not requiring the appraiser to disavow or otherwise not disclose their prior inspection of the property.

100% agree with George on this one
Just explain what you did/did not do (inspected this date, did NOT inspect this date, etc) and I don't think it's an issue
I've done updates for private/non lending assignments before and this is what I have done
Knock on wood, no questions ever

 

[djd09]

just a bad case of unconscious bias by targeting the appraisers in the back of the class...

 

[Tiffany Gibbons]

just a bad case of unconscious bias by targeting the appraisers in the back of the class...

I sit in front because my eyesight is bad but I can't read close up books, computer screens, etc. WITH my glasses. If I don't sit up front, I have to constantly take them on and off.

 

[Fernando]

With virtual classes, we don't have to worry about who sits in the front or the back. I like!

 

[Carnivore]

I was just ranting and raving .... seem odd that we have had USPAP for a long time now and here we are changing it again. It's like the changes are made so that certain people can remain relevant, Oh, ya, and the printing company can make more money. maybe this version will be last one.

 

[Mejappz]

It’s all about the money for TAF. When is Congress going to step in and disband this rogue organization.

 

[Ricky LaFleur]

Here is my question: How can your physical in person Inspection precede the Assignment acceptance date of the new client? It can't. period!

Carnivore, you've been doing appraisal much longer than I have, so don't take my challenging as arrogance, rather, I'm seeking to flush out what the new interpretation means. A physical inspection can happen at any time before or after accepting some assignment (whether or not that's acceptable for some clients is a separate concern). I've inspected the same places numerous times on some occasions. Whether or not you can now state that you technically performed a "personal inspection" that occurred prior to engagement, as with the new definition it appears to prevent labeling it that way, that is my question.

Another problemI see with this strange thinking is later the active/pending comparable you used may have a status change after your first actual in person inspection. Now what are you going to do. Another issue I see is what if something happened to the subject after your first on-site subject inspection.

Let's say you have already made a personal inspection of a property on 01/01/2024, and subsequently you are engaged in another assignment for the same property later in the month (call it 01/30/2024) for an estate. Under previous USPAP, you could state that you made a personal inspection of the property on 01/01/2024 and either 1) use the retrospective effective date of the same 01/01/2024 or 2) make the effective date current as of 01/30/2024 and rely on the past inspection with the EA that property is in same condition. Now that EA solves the problem of potential changes that may have occurred since your first on-site subject inspection, however, you wouldn't make that assumption if you inquired of the property owner if anything had changed and they told you it had, etc.

AfterThought I get the reasoning. I just wonder how often is this going to come up? Probably not enough to make any difference. If there attempting to save time and consumers money. That's laughable. Have you looked at a settlement statement lately. we are one of the lowest cost in that statement.
No one has answered. prolly because they don't want to admit they are completing them for chump change.

It seems to me that the only reason this can even be a problem for appraisers is to the extent they are using the pre-printed forms with the hard-wired verbiage about did/didn't inspect.

Again, it matters more in non-residential work. The appraisals are continuously increasing time required from the appraiser when many private and lender clients are already wary of the cost. How are appraisers supposed to stay solvent with decreasing need/demand for their work? We're trying to meet the needs of the client, and still have clients willing to pay for it.

 

[Tiffany Gibbons]

I recall a USPAP class one time where there was this Dude sitting in the back with a small laptop typing up a report. I was not the only one PO'd at this clown. We got his name and all of us hoped we would get one of his report to review. Would we do that review the best we could? Yep. One thing we also would do is not cut him any slack or any benefit of the Doubt.

You are reviewing the report, not the appraiser. You never know what another person has going on in their Iife. It might not have even been an appraisal. I had a class once I couldn't get my money back on when my Dad was suddenly hospitalized. I was texting and emailing during the whole class. I passed and it was my money and time anyway. Nobody else's business.

 

[Carnivore]

I get that Tiffany, we were just po'd at the dude because of his blatant disrespect for the class members and Instructor.