Bank Of America-destop Valuations

[BlueDog007]

BOA called today to ask if I was interested in completing these assignments. It seems like a very gray area to me. Is there anyone on this forum completing these, and if so, would you mind sharing your disclaimer with me? The form in my software indicates that it is a desktop valuation without a physical inspection of the property, etc... IF I decide to do these, I want to set up a LONG AND EXTENSIVE disclaimer for my template. Any comments are appreciated!!! Thanks

 

[Tom McDowell]

Deputy director of NCAB told me it does not comply with their guidelines or USPAP in his opinion. It is just a way for them to get a value on a house without paying for an appraisal.

I wouldn't do them for any amount of money.

 

[Pamela Crowley (Florida)]

Uhmmmm,

Just say "NO"?

I don't think they will pay enough for the additional liability.

 

[Jeff Horton]

Never seen it but might I suggest getting a copy and sending it to you State Board for an opinion. Would beat guessing.

 

[Austin]

There is nothing in USPAP that requires a property inspection. If you explain what you did and the scope of appraisal so as not to mislead you shouldn't have any problem. USPAP says use the best data available and don't mislead. Under USPAP 1-1A you don't have to make any adjustments if you don't feel it is necessary. You can use a number of quantitative or qualitative methods in the sales comparison approach. USPAP is a method of letting the client know what you did and what you did not do for two reasons: so as not to mislead, and to protect the appraiser from liability. If I state I did the inspection from an aerial photo and tax data records, just state I assumed the property was in average condition and am relying on tax data records and an aerial photo for a physical description of the subject property. If it ain't in average condition it ain't my problem. The client dictated the terms of the assignment and the client can suffer the consequences.

 

[Carnivore]

you now can attach a copy of the REQUEST in the report to help CYA. What BOA wants is CHEAP, FAST and NO responsibility. Plus their AVM is suffering from all the skippies, FLIPPING, other fraud.

Go for it! they will strip out your report anyway, so who cares!

 

[Mountain Man]

I've gotten the offer before. All they want is an appraiser's name to lay blame on. What's the pay they are offering now? Last year it was $45 per report. :blink: Yeah right..... <_< But you can make it up with volume. :rofl:

 

[Jim Onderisin]

The kind people at one of the large national appraisal companies offered me the opportunity to do on-line type desktop appraisals. The appraisal would come pre-populated with information on the subject property and comparables. Presumably, the comparables were to be selected via some type of AVM. All I had to do, according to the pitch, was to review the form and sign my name. I don't recall the fee offered, but I remember that it wasn't much. I haven't taken them up on the offer. It seemed to me that the time and effort required just to verify the information wouldn't be worth the fee. Maybe someone out there has had some experience with these types of assignments and could show me how to make some money doing them without misleading the public?

 

[Dale Smalley]

No long and extensive disclaimer needed just an accurate scope of work and assumptions for condition.

You can always reject or upgrade if the subject is not a good candidate for this product.

Call it what you want but it is the legal way to do a pencil search and comply with USPAP reporting and get a whole 50 smackaroos

 

[jeanwillick]

Rich -

I have ACI Software and it has a form to attach that is called "Review Analysis - Purpose, Scope and Limiting Conditions." It has a check box that you did NOT inspect. If you can send me your email address, I will PDF the form to you for your info. Hope this helps.