Appraisal questions

[Zoe]

This confuses me. It seems neither appraisal took into consideration that all comps were renovated and subject was very dated. That one puzzles me.

I told you I am tough appraiser. 48 hours turn around? Kiss my azz.

 

[Zoe]

Post subject pictures and comps and pictures and all you have on your analysis. We can work through this maybe. Give all you have on comps used and any other info.

 

[Zoe]

Take this note original poster. You need to post subject info and somebody local would be your best source for a review of both appraisals.

 

[J Grant]

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.

Ihave never seen a review assignment where th client voids the disagree or agree quesiton

Anonye can make up a theoretical example of somehing that does not ever happen in real life. When has anyone been asked to do that ? Raise your hands, reviewers. A client assigns you a 2000 form and says do't fill in the agree or disagree part ?I have never heard of it, I have done hundreds of them over course of career..

Forms /DO dictate the SOW , or at least part of it, when the assignment is related to the questions and contents demanded on a form they sign on to use.

 

[glenn walker]

JG Private Assignment Per OP : Quote Post #1 Hello. Can you tell me the best way to resolve an issue of two private paid for appraisals that are way way off from each other? also, is it normal to not adjust for condition for a comp that is 100 percent upgraded/updated?

My Response : Yes a review can be done without forming an opinion. I think you are confusing a Form with what can be done. Often attorneys would have me review two reports just to help them find possible errors or my opinion about data without forming any opinion as to value : Note: Forget what form used its a Private Review any form can be redacted or replaced on Non-Lending.

 

[Surf Cat]

The OP moved on.....pumped the forum for intel, got the answer they were looking for then bolted. I think the Keebler Elf mentioned that in some other threads that there are some "users" posting here on the forum for us to readily give our knowledge and expertise away......for nothing.

 

[Terrel L. Shields]

OP never said it was for an estate.

I've never seen a private appraisal that was "subject to". They all are "as is".

 

[sputnam]

Ihave never seen a review assignment where th client voids the disagree or agree quesiton

A few months ago, I pointed out a USPAP fail to an appraiser. The appraiser's response was something like ' I've been an appraiser for 30 years and I've never heard that in a USPAP class'. I had to refer him to the applicable part of USPAP (btw, it was SR 2-2(a)(xiii)). I do reviews that don't include my opinion of value, including agreeing with the OA's value, every day. They are a thing, whether you've ever seen one or not.

 

[Mark K]

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".

Disagree. It depends on the SOW agreed to between the client and the appraiser.

If its to be used for establishing a tax basis, I'm inclined to agree, but there are many reasons for an estate appraisal that don't involve the IRS.

I wouldn't advocate sending it to the state unless there are significant value issues; the IRS has ways of handling incompetent appraisers.

 

[Lost faith]

Condition and quality can be too different things. New granite/quartz counter tops, new top of the line appliances, new ceramic wainscots in the baths and new formica counter tops, new appliances and new fiberglass showers are all considered in good condition, but one is higher quality than the other. Without knowing the factual data about the subject and comparable sales we would be challenged to give you informed answers.

Lol.i filed complaint with Columbia county WI circuit court about low ball appraisals.they did nothing.complaind to state of WI proffesenial service and lic board.they find the appraiser took away his lic for AG.had to take classes over again.judge said there was no house 100 yrs d that's worth 150,-175,000.00 in Columbia county WI.lol talk about curuption in real estate.