Brooklyn, 10 Family

[Daystar]

Hi,

10 Family brownstone in Brooklyn, Dean Street between Franklin and Bedford. Does anyone know of any sales? I have a couple of 8 unit sales. This home needs a complete renovation so if you know of any sales in similar condition that would be helpful.

 

[Kevin Mc]

Use the 8s

you are going to be hard pressed to find 10 family homes. Eight is the norm.

 

[The Warrior Monk]

Sounds like an investment property to me; Income Approach might be the way to go.

 

[NY Tony]

I hope there is a Certified General signing off on that report. It looks to me like you may have accepted an assignment you are not qualified to complete.

 

[The Warrior Monk]

NY isn't a mandatory state, so if it is not for lending purposes, then a GC is not required to appraise the property.

If it is for a lender, chances are it is a federally related transaction, and a GC signature will be required.

 

[NY Tony]

NY isn't a mandatory state, so if it is not for lending purposes, then a GC is not required to appraise the property.

If it is for a lender, chances are it is a federally related transaction, and a GC signature will be required.

COMPETENCY RULE

Prior to accepting an assignment or entering into an agreement to perform any assignment, an appraiser must properly identify the problem to be addressed and have the knowledge and experience to complete the assignment competently; or alternatively, must:

disclose the lack of knowledge and/or experience to the client before accepting the assignment;

take all steps necessary or appropriate to complete the assignment competently; and

describe the lack of knowledge and/or experience and the steps taken to complete the assignment competently in the report.

Last time I checked USPAP was mandatory in NY. I would recommend reconsidering that logic.

 

[The Warrior Monk]

Last time I checked USPAP was mandatory in NY. I would recommend reconsidering that logic.

Where would that citation be located.

One does not have to have to have a license to be competent. And in NY you only need a license to appraise under specific circumstances.

It should be interesting to note that there are instances to which the NY Appraisal Board is aware where appraisers have been disciplined, are no longer licensed, and are still appraising. However, since the state is not mandatory and they are no longer doing work that requires a license (no FRTs), there is nothing they can do since it is outside of the scope of their jurisdiction.

 

[NY Tony]

Let me rephrase my original statement...

Last time I checked USPAP was mandatory in NY for ethical appraisers that maintain their license in good standing.

I was not considering those that think USPAP is optional.

 

[The Warrior Monk]

The original poster never stated that he is not competent to appraise the property, nor did he state that he is not working with a GC if he is not competent to do so...It's pure speculation.

 

[NY Tony]

I hope there is a Certified General signing off on that report. It looks to me like you may have accepted an assignment you are not qualified to complete.

Please note the words "hope" and "may have".