2070 Form & Owner's Estimate

[Roger]

Here's a new one, never seen it discussed here.

Got an order for a 2070 exterior inspection (from an AMC, of course).
The order has an owner's estimate of value, which appears to be about 10% high for the subdivision.

Just looking for some input, if I complete this order as it stands, am I in effect agreeing with the owner's estimate of value?

What about USPAP?

 

[Elliott]

Roger,
Last nite I went for a walk and had a phone call
on the answering machine from a LO at 8:45pm.
He wanted to know if he couldn't get more money
on that 'appraisal' I had done two weeks ago on
the 2070 form.

I called him back, said he must be mistaken, I did
no valuation on the subject property, and stated so
on the form.

I guess old habits die hard....LOs are just so use to
pushing up appraisals, they don't know how to deal
with underwriters cutting their mortgages. Who you
going to blame when you can't blame the appraiser?

elliott

 

[Pamela Crowley (Florida)]

I've never had an order for a 2070 so I printed it out and read through it. This would make me very uncomfortable when an "owner's estimate of value" is included with the order, especially since it appears high.

I really don't know how to answer this. The Statement of Limiting Conditions and Appraiser's Certification makes it sound like an appraisal when it really is not. I do not like this form at all.

 

[Joe Moore]

Where on the 2070 are you indicating an opinion of value?

A homeowner's opinion of value isn't relevant unless you make it part of your report. The scope of the 2070 does not include developing an opinion of value.

Joe

 

[Joe Birrell (NY)]

They should send the form to the owner and let them fill it out.

 

[larryhaskell]

Roger:

You said it appears to be 10% high for the subdivision. Appraisers don't speculate, we estimate value based on the best data we can find. I do these on a regular basis. Retain nothing in your work file relative to value. If you have a data source like Metroscan, use only the info you need identify the legal description, etc. Do not pull the one liners because it would then appear that you initiated the process to estimate the value. If so, you have begun the appraisal process.