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BOA Desktop Valuation

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BlueDog007

Thread Starter
Member
Joined
Jan 25, 2002
Professional Status
Certified Residential Appraiser
State
South Carolina
We have recently been asked to do several Desktop Valuations for Bank of America. Is anyone out there completing this type of report??? Our client faxed over the standard form, which states the report is a Limited Appraisal / Summary Report. The limiting conditions also state departures (no inspection was made; the income and cost approaches were not completed per client; etc...). The form ask for three closed sales and an opinion of value. Again, NO INSPECTION IS REQUIRED PER CLIENT AND COMMENTS. IS anyone out there completing these reports???
 

Tim Hicks (Texas)

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Texas
So far, you are the only one to admit it. Everybody here seems to think it is nothing but trouble. However, somebody has to be doing them or they would not be sending orders for them out. What kind of fee are they paying for this advanced BPO? It sound like just another way to get an apppraisal cheap.
 
K

Kevin Shannon

Guest
Tim, I think you are 100 percent right. Sombody must be doing them because from what I hear they're using them all over the place.
Actually it's probably more like everyones doing them,
Everyone but the usual naysayers on this forum.

Definetely something to think about.
 
A

Anonymous

Guest
You risk your license if you give any opinion of value without inspecting the property and considering all three approaches to value. If you value your license and your status as a professional you will refuse to do anything but a professional appraisal.
 

George W Dodd

Senior Member
Joined
Jul 9, 2002
Professional Status
Certified Residential Appraiser
State
Virginia
Walt is correct. If it looks like an appraisal, it probably is.
How could any reasonable person provide a reliable value estimation on a property that they've never seen? 8O
 

Nancy in Friday Harbor

Junior Member
Joined
Jan 16, 2002
Professional Status
Certified Residential Appraiser
State
Washington
George, Walt & Pam,

How could any reasonable person provide a reliable value estimation on a property that they've never seen?

I agree with not doing "desk appraisals" but I disagree with your statement above.

I guess that means that you never do a construction appraisal or an appraisal where the house has been destroyed or a retrospective appraisal. Right?

USPAP has no requirement that we actually inspect the property. That being said, yes, you have to have/collect enough information that you can produce a credible report that is not misleading. And, working within the scope of the assignment, you can provide a value opinion on a property you've never seen.
 
Joined
Jan 13, 2002
Professional Status
Retired Appraiser
State
Florida
Nancy,

Put that way, I have to go along.

Under that circumstance, the whole appraisal is 'Subject To':

"Completion per plans and specs provided."

We have been to the site and have something to base it all on.


or (tongue in cheek here)

"This Appraisal and Report are subject to: the subject property structure(s) actually existing as of this date and being what the tax records state that they are. Condition is assumed to be 'Average for the neighborhood' as is the site, view, and adjoining properties. The Appraiser had not even driven by the subject and cannot ascertain what is actually on or not on the subject site. This whole Appraisal and Report is either Hypothetical or Assumed and based on Guesses."


Sorry...... I just couldn't resist. I stopped myself before it got tooooo wordy. I could just go on and on and have some fun with this one. :wink:
 

George W Dodd

Senior Member
Joined
Jul 9, 2002
Professional Status
Certified Residential Appraiser
State
Virginia
Nancy,

On any of the types of appraisal you suggested, you have been to the site, reviewed all relevant market data, verified your information, considered all applicable approaches to value, and in the case of several make the appraisal "subject to".

These are not the same as what BOA is requesting. Let us not confuse the issues.
 

jtrotta

Senior Member
Joined
Jan 16, 2002
George

if you review data from a source; all relevant to the market; which in turn means you've just verified it and considered all applicable approaches to value and make it "subject to" the Clients request; how are the issues confused :?: :?:

We do not do these, nor have I ever seen one, but from the Q & A here, it appears it may be possible to do some like that. The question is whats the pay scale :?: It would still have to be sufficient just to pay the bills to obtain the information and claim an entrepenurial profit.

IMHO - with the lack of protection for appraisers out there now, I would be inclined to not accept this type of work, as I have not seen enough "court cases" on this issue and what type of liability we would be responsible for.

One wrong move can end your business 8O

8)
 
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