Appraisal on Same Property for different client

[George Hatch]

In answer to your question of how we look for comparables, here is one way to do it.

I just highlighted the parcel in the assessor map above at random and zoomed in of it to show you the level of detail in these maps, right down to the measurements of the lot lines and portions of the legal descriptions. The ownership for this parcel might be obscured, but I can definitely find it. And once I inspect it I'll know everything about the size, age, quality, condition and amenities. From there, I can search for comparable properties.

I can even show you how we do it. Zillow and Redfin value estimates are pretty much worthless, but you can still use them in a similar manner to how we use the local MLS. Zoom in on the location, select the relevant search parameters in the "other" tab at the top and Zillow will show all the sales (that they have access to) which fit those parameters.

Lets say the above parcel consists of a house of 1100sf. I can search for all homes between 750-1500sf in that area. From there, I can drive them and select which ones I think are most similar in their attributes and then analyze from there:.



It's actually easier to do this in the MLS systems we use, but this shows the general gist of it.

 

[Tim Hicks (Texas)]

Not in writing. Indicated it to myself and my realtor together while at the property. He was going through his introductory comments and talked about his confidentiality throughout the process.

Also, the staff at the company apparently acknowledged that another appraiser may need to handle it.

The problem with this is that both individuals (licensed in the office) we’re involved in my appraisal. To me, that seems to be an issue as well.

The appraiser can have assistance on the appraisal as long as he discloses the assistance and to what extent in his report. I know some appraisers that have assistants type their reports.

 

[bnmappraisal]

No, this is a USPAP violation! If the client requests at time of acceptance of the assignment that the results are to remain confidential, the appraiser is strictly prohibited from performing an appraisal on the property for 3 years.

Cite that in USPAP !

Love ya, T4V but ... Have to agree with Glenn (my bold)

 

[Tim Hicks (Texas)]

I have had to appraise properties for the listing agent and owner before to help the owner to consider lowering the asking price. If I were to receive the appraisal assignment later, I have no problem accepting that assignment as long I did my job correctly in both instances.

 

[George Hatch]

In this area, they will redact it from tax records. Even the plat will show a hole where that lot belongs. This is typically for law enforcement, judicial employees, etc.

Never seen that in our region but whatever. If there's an address an appraiser can still find one of the neighboring properties and zoom in on the location that way. There is no "I can't find it".

 

[Tim Hicks (Texas)]

Never seen that in our region but whatever. If there's an address an appraiser can still find one of the neighboring properties and zoom in on the location that way. There is no "I can't find it".

I have actually figured out the lot size and parcel number by following the pattern for the street on the tax assessor plats. The actual taxes had to be provided to me by the lender. When out in rural areas, not so much.

 

[bnmappraisal]

It was requested at the beginning that the information and results remain confidential to myself and my realtor

What the appraiser is doing now is a new appraisal assignment. The appraiser will not be disclosing the results of the appraisal that was done for you. "This" appraisal is not "that" appraisal.

@dahofman - understood and for that reason, since it was a "private assignment" (guessing pre/post-listing type thing; non lending), personally, in the circumstance you mention and as a business decision, I would decline the future/current assignment from a lender

BUT! As @leelansford states, it is possible and acceptable for the appraiser to do a "new" assignment on a property they have already appraised
Again, personally, I would not, but ... business decision

 

[CindyR]

BUT! As @leelansford states, it is possible and acceptable for the appraiser to do a "new" assignment on a property they have already appraised
Again, personally, I would not, but ... business decision

but they would have to disclose that they previously appraised the property which sort of defeats the confidentiality agreement

 

[bnmappraisal]

Yes and no, @CindyR It depends on WHAT the confidentiality agreement was

 

[ZZGAMAZZ]

Yes and no, @CindyR It depends on WHAT the confidentiality agreement was

What's fishy IMO is the liklihood that the same appraiser would receive both assignments, unless he marketed himself to the recent client because of his prior involvement.