"Appraiser Camp for Executives"

[Mike Kennedy]

The Source for the Definition of Market Value utilized herein was published by Federal Regulatory Agencies pursuant to Title XI of the Financial Institutions Reform, Recovery and Enforcement Act (FIRREA) of 1989 between July 5, 1990 and August 24, 1990, by the Federal Reserve System (FRS), National Credit Union Administration (NCUA), Federal Deposit Insurance Corporation (FDIC), the Office of Thrift Supervision (OTS), and the Office of Comptroller of the Currency (OCC). This definition is also referenced in regulations jointly published by the OCC, OTS, RFS, and FDIC on June 7th 1994, and in the interagency Appraisal and Evaluation Guidelines, dated October 27, 1994. To whit

“Market Value” is the value Appraisers are required to use when appraising property for a Federally Regulated Transaction, unless clear statements to the contrary are used. The definition is included in every FNMA appraisal
“The most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably
and assuming the price is not affected by undue stimulus.

Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby:
(1) buyer and seller are typically motivated;
(2) both parties are well informed or well advised, and each acting in what he or she considers his or her own best interest;
(3) a reasonable time is allowed for exposure in the open market;
(4) payment is made in terms of cash in U. S. dollars or in terms of financial arrangements comparable thereto; and
the price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale.”

 

[Mike Kennedy]

Same 'ole same 'ole cut and paste response. You don't see value in appraisers reading contracts so there isn't any. And you have the ability to cut and paste a definition to prove it.

My favorite part of the typical bullseye contract discussion is when you explain that of course you follow USPAP and analyze the contract. It doesn't cause you to lose your independence. It is only those other appraisers who cannot read a contract and remain neutral.

Having trouble once again understanding???? :

sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale.”

not affected by undue stimulus.

(10) WRITTEN APPRAISAL.--The term "written appraisal" means a written statement used in connection with a federally related transaction that is independently and impartially prepared by a licensed or certified appraiser setting forth an opinion of defined value of an adequately described property as of a specific date, supported by presentation and analysis of relevant market information.

[Codified to 12 U.S.C. 3350]

[Source: Section 1121 of title XI of the Act of August 9, 1989 (Pub. L. No. 101--73; 103 Stat. 517), effective August 9, 1989]

 

[Elliott]

Getting back to the OP.....if you get a bunch of the types your talking about
they'd start forming alliances, doing back porch deals, pull pranks on the
couselors, and sneeking out to visit the girl scout camp.

 

[Don Clark]

Why does every post have to be hijacked for a discussion on excluding contracts from the appraisers analysis. If you really believe that, tell it to TAF, Fannie Mae and Freddie Mac. Personally i am getting to the point where I avoid threads where some post as they try and turn every post into their personal war on one thing or another. Contract analysis is a requirement of USPAP. Express your feelings to the people who make the rules and leave the rest of us alone.

 

[Mike Kennedy]

Don - feel free not to read opinions which do not coincide with yours. Thanks. The Only "Camps" "Executives" would attend are those which ensure the mechanisms to hit the bullseyes they demanded when Title XI was written, and got, are not tampered with.

 

[Richard Carlsen]

I'd rather go bow hunting in the da UP, thank you.

 

[Don Clark]

Don - feel free not to read opinions which do not coincide with yours. Thanks. The Only "Camps" "Executives" would attend are those which ensure the mechanisms to hit the bullseyes they demanded when Title XI was written, and got, are not tampered with.

I avoid your post as much as I can. Having a one track mind, with a single issue must be a lonely journey indeed.

 

[Mike Kennedy]

I avoid your post as much as I can. Having a one track mind, with a single issue must be a lonely journey indeed.

Defending the Status Quo which is intentionally predicated upon the
$$ Bullseye and resulted in the denigration of the appraisal industry and supplants Independent and Objective Appraisers surely must be an arduous task.

 

[Stone]

Having trouble once again understanding???? :

sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale.”

not affected by undue stimulus.

(10) WRITTEN APPRAISAL.--The term "written appraisal" means a written statement used in connection with a federally related transaction that is independently and impartially prepared by a licensed or certified appraiser setting forth an opinion of defined value of an adequately described property as of a specific date, supported by presentation and analysis of relevant market information.

[Codified to 12 U.S.C. 3350]

[Source: Section 1121 of title XI of the Act of August 9, 1989 (Pub. L. No. 101--73; 103 Stat. 517), effective August 9, 1989]

No, Mike, I understand your repetitive argument just fine. No matter how many times you cut and paste, it doesn't change the fact that USPAP requires an appraiser to look at the contract. And, it doesn't change the fact that in many appraisals there is information there that should be examined.

Everybody understands your argument. I will go so far as to agree with much of your bullseye analysis as it relates to owners' estimates and LTV ratios. But, no matter how many times you paste something, it doesn't change the fact that taking a look at the contract is part of our job.

 

[Mike Garrett RAA]

This is getting really old....

The contract is a piece of the puzzle, it needs to be analyzed per USPAP.

If you let it bias you then YOU have a problem.