Appraisal questions

[Tiffany Gibbons]

If an estate appraisal is done "subject to" then it needs sent to the state. Estate appraisals are for a certain date and only "as is".

OP never said it was for an estate. You guys noticing all these questions from people that never post again?

 

[timindp]

The appraisal that did not adjust for condition/quality/upgrades is a bad appraisal unless there is very specific commentary as to why no adjustments were made. Sounds like you have an appraisal that is sub par at best. Read the appraiser's addendums, if it contains canned comments, then you most likely have a really bad appraisal and appraiser. Not willing to produce credible results. A review would sound adequate in this case

 

[J Grant]

A f

Spend some time reading USPAP. An appraisal is defined as an opinion of value. A review does not have to include the reviewer's opinion of value. If there is no opinion of value, it's not an appraisal. That block doesn't say that you agree or disagree with the OA's value. It says that the OA utilized the best comparable sales data that were avaliable as of the date of the appraisal. An appraiser could (and I have seen it) use the best comparbles and then completely mess up the analysis. They aren't the same things.

a field review 2000 field review or its counterpart desk review asks the reviewer do you agree or disagree with the original appraisal value. If the reviewer marks agree, they have provided an opinion of value (since value can be a benchmark, the benchmark in this case the OA value )

Whether the reviewer marks agree or disagree with the OA opinion of value, the reviewer has also done an appraisal because they have provided a value opinion, either as a benchmark of the OA value or they develop a new value -

 

[J Grant]

How may an appraiser report their opinion of value to me, thelender, as the client?

The appraiser may report the opinion of value as a single number, as a range of values (minimum to maximum), or relative to a benchmark. This should be specified in the agreement for services.

 

[J Grant]

if you do a full review and nothing is wrong with the appraised value, then in fact you are saying the appraised value is correct. for you to affirm that, you have had to look at sales, etc, etc. if that appraisal value turns out to be wrong, either way, you are more liable for that value then the original appraiser. now i didn't say just a USPAP review only, that is not an appraisal. you are saying the value is correct in the report indirectly. but you had to do this, which is the definition of an appraisal. in poster need is 2 different values of which they think 1 is wrong.
View attachment 76681
and to check this block you had to do what?

They never ask in a review if the OA is "correct", they ask in a review do you agree or disagree with the OA value . (if disagree should demonstrate why your alternate value opinion is better supported as well as why you did not agree with the OA value opinion..)

 

[Zoe]

OR...this could be a divorce situation.

If you ordered and paid for both appraisals, contact the appraiser of the one you think is 'OFF', and voice your concerns. IF you ordered them YOU are the client and have every right to discuss the report(s) with the appraiser(s).

Yeah, if the subject is very dated and no recognition was given for the differences on using all renovated comparables, we have a problem. I would call the appraiser like you said.

 

[Alsie35]

And just like that the OP has disappeared just when the questions started zeroing in on what the real issues/purpose of the appraisal might be. Too bad. It was just getting interesting.

 

[sputnam]

A f

a field review 2000 field review or its counterpart desk review asks the reviewer do you agree or disagree with the original appraisal value. If the reviewer marks agree, they have provided an opinion of value (since value can be a benchmark, the benchmark in this case the OA value )

Whether the reviewer marks agree or disagree with the OA opinion of value, the reviewer has also done an appraisal because they have provided a value opinion, either as a benchmark of the OA value or they develop a new value

Not exactly. A reviewer could use the Fannie 2000 without marking the agree/disagree boxes (Item 10, if memory serves). The reviewer only does an appraisal, IF they provide an opinion about the subject's value. You are correct that an opinion of value could be reported as agreement, direction from a benchmark, a range, or a point value. Whether your review includes your opinion of value is part of your Scope of Work. Providing an opnion of value is not a requirement of Standard 3 or 4. Forms DO NOT dictate the Scope of Work.

 

[Zoe]

If the OP is correct in studying the appraisal and has support for their analysis, the original appraisers should be their first contacts if the OP was the client on both appraisals. We do have a problem if all comparables were renovated and subject is 30 years old with no updates?

 

[Zoe]

I would try to resolve that with the appraisers if I hired them. I would not be scared to back down. I would not be scared to back down if whoever was my client and I was the OP. I would go to the client of appraisal if OP were not the client. The original poster knows on the appraisals they are reviewing who the client is.