Appraisal Review Sample and/or CYA statements

[Valueseeker]

Hello, I have yet to complete a 2000 field review however they seem worth working into. I was hoping someone could help by directing me to a good sample or CYA statements they put into their reviews. Thank you

 

[alebrewer]

Do you know someone who routinely does field reviews, and reports on the 2000 form? If so, that might be the best way to gain competence for that type of work. In addition to the 'CYA' statements, performing review work takes the ability to remove the 'person' from the 'document'. By that, I mean that it takes a particular mindset to remember that you're reviewing an appraisal, not an appraiser. Something that is rather challenging for a lot of folks. Might be time well spent to shadow someone who has made review work a routine portion of their appraisal assignments.

 

[jay trotta]

Do you know someone who routinely does field reviews, and reports on the 2000 form? If so, that might be the best way to gain competence for that type of work. In addition to the 'CYA' statements, performing review work takes the ability to remove the 'person' from the 'document'. By that, I mean that it takes a particular mindset to remember that you're reviewing an appraisal, not an appraiser. Something that is rather challenging for a lot of folks. Might be time well spent to shadow someone who has made review work a routine portion of their appraisal assignments.

Agreed, (my bold) and the "Value of the Work Required" is well worth "shadowing someone for a bit" in order to get a grasp on what it really takes (competency), it is not for the faint of heart as you become responsible for ALL the work. "CYA", yup, you need to do the ground work first to understand.
Good Luck

 

[Bob Ipock]

Valueseeker??? Really?

 

[Valueseeker]

Valueseeker??? Really?

USPAP compliant? Really?

 

[Valueseeker]

I completely understand that it’s the review of the appraisal and not the appraiser. Jay, this makes it seem like it’s an incredible task. Can I ask if you do them? If so are you charging more than what you charge for a 1004? In my area I see field reviews for less than the standard 1004 fee. I understand that if you do not agree with the value, you are selecting comps and opining value. So with all of this, I assume all of you charge equal or higher than your standard 1004 fees? Also I’m not asking but honestly how willing are you to let a competing appraiser shadow you to learn review work? Is there not a course where one could learn a good amount of this?

 

[Mr Rex]

Read and re-read the SOW and Certs on the 2000 form. Most CYA concerns are already addressed. Read and understand the Std 3 & 4 requirements in USPAP, a total of 7 pages, so not too onerous to read and re-read until you are more comfortable and what shortcomings the form may have.

 

[Valueseeker]

Read and re-read the SOW and Certs on the 2000 form. Most CYA concerns are already addressed. Read and understand the Std 3 & 4 requirements in USPAP, a total of 7 pages, so not too onerous to read and re-read until you are more comfortable and what shortcomings the form may have.

Thank you will do. Do you add any statements within an addendum on these?

 

[alebrewer]

I completely understand that it’s the review of the appraisal and not the appraiser. Jay, this makes it seem like it’s an incredible task. Can I ask if you do them? If so are you charging more than what you charge for a 1004? In my area I see field reviews for less than the standard 1004 fee. I understand that if you do not agree with the value, you are selecting comps and opining value. So with all of this, I assume all of you charge equal or higher than your standard 1004 fees? Also I’m not asking but honestly how willing are you to let a competing appraiser shadow you to learn review work? Is there not a course where one could learn a good amount of this?

It's been my experience that folks usually don't charge MORE for reviews, but the fees are generally fairly close, if not equal, to what one might charge for an OA. Of course, the SOW generally doesn't include an interior inspection, but often they do.

 

[J Grant]

Idiots undercharging for appraisals are the same idiots under charging for a review. Who knows if they rubber stamp did agree or not - but they are out there working cheap so the market for 2000 field reviews unless one has a good client for them not worth it. Just about any avenue is more profitable even within the AMC realm- but try one or two if you can get the review assignation at a decent fee and see if you like it. Just follow the form and answer what it asks one question at a time and if you need to provide an appraisal within the assignment, it is just like any other appraisal . The only plus imo is if retail mortgage business slows there are usually a few reviews around needing to be done,

PS a great way to learn is do a 200 form review on one of your own appraisals -pick one a few months old as a practice assignment.