Can I verbally communicate a value the day before the written report is transmitted.

[Tom D]

Oh my gosh fernando. do you understand that i said a non lender client. Your like the lender that doesn't read the whole report.
You have no non lender clients, usually a simple appraisal to do.

Having a bad day, you seem to be in your pit bull attack mode.

 

[Fernando]

Oh my gosh fernando. do you understand that i said a non lender client. Your like the lender that doesn't read the whole report.

Having a bad day, you seem to be in your pit bull attack mode.

Even non lender client, don't give value until report is completed. After completed, you can discuss with client all you want.

 

[J Grant]

Once you have your workfile properly preped you can discuss the value with your non lender clients. If they want a hard copy you got it.

Some of yous are a little too lender oriented. Not every appraisal has to be done full hard copy version, but every value has to be done in full version workfile. Without a wriiten form, i would give a range. No need to prove adjustments.

You are lucky to have expanded your income source. Direct clients can have the value anyway they like served up.

To some of you AMC plantation workers, appraiser life was better before hvcc and USPAP. And payed much better, less aggrevation and minutia.

I do not do AMC work - but the sleazy Appraisals doing comp checks and hitting unsupported target values is what made the feds turn to AMC's and everybody got punished for it..

Direct clients usually want real market value, not number-hitting -

The buyer needs a hard copy appraisal to enact their appraiser financing clause in the CONTRACT. Some don't even understand how financing contingency works in contracts > ??? The buyers' obligation is contingent on if the appraised value is less than the SC price, the buyer can get released from the contract ( or parties can re-negotiate) The appraiser is doing an end run around this by supplying a verbal I AM SO SORRY I DID NOT HIT THE NUMBER I TRIED SO HARD< ANYWAY, NO NEED FOR ME TO FINISH THE APPRAISAL JUST PAY HE HALF. Even the slimiest bottom-feeder lenders might not go along with this because they have an obligation to their borrowers, and they are federally regulated.

 

[Tom D]

Both of you are loopey. If you have a client who buys properties and wants your opinion about 1 particular one, you can give him a hard copy or an oral report. either issue is a needed workfile.

You both ranting about lender work is talking to yourselves, since we know the rules. And yes, life got better with hvcc, maybe in bizzaro world.

I never had an issue with getting rid of bad appraisers and bad clients. But I didn't need mommy getting in my adult appraisal life.

 

[J Grant]

Both of you are loopey. If you have a client who buys properties and wants your opinion about 1 particular one, you can give him a hard copy or an oral report. either issue is a needed workfile.

You both ranting about lender work is talking to yourselves, since we know the rules. And yes, life got better with hvcc, maybe in bizzaro world.

I never had an issue with getting rid of bad appraisers and bad clients. But I didn't need mommy getting in my adult appraisal life.

Wrt buyers on their own behalf who order an appraisal ( all two of them) sure, it can be oral Value opinion, but the eOP referenced a purchase contract and that means financing and that means a lender.

 

[Tom D]

We both agree on lender appraiaals, which i also stated like yous.
I was discussing non lender exception to a written appraisal needing to be done 1st.
I also deal with contractors who fix and flip. As a matter of business i am going back myself to fix and flip. To bored with the lack of work.

Their concern is the final value going to give them a profit. Not an exact number.

Appraisal wise we are mostly in the same boat. And appreciative of your appraisal wisdom.

 

[djd09]

I do not do AMC work - but the sleazy Appraisals doing comp checks and hitting unsupported target values is what made the feds turn to AMC's and everybody got punished for it..

and you are the lowballer...

 

[Tom D]

The original complaints that brought on hvcc was filed by staff appraisers who worked for a large non bank lender. I forget the name. But this group of crying staff complained about the upward value pressure. But not 1 quit in the years they complained about. None of them were adults i guess.

We got AMC because cuomo who sued fannie for new rules was somehow on the board of an AMC at that time, who somehow gave him great unbiased way to handle pessure. cuomo should burn in h*ll for his corruption in helping his AMC friends, for his own benefit.

And also, the covid senior citizen killer governor.

 

[sputnam]

I've run into this a couple of times, where I have a value, but for one reason or another it will take another day to put together items in the report that are not value sensitive. In the past, I've told the client that I can't give a value until the report is complete. Is this correct? Would the fact that I haven't put together my comparable maps and addenda exhibits or signed the written report yet prohibit me from communicating a value? If I can disclose the value before the written report is complete, am I correct to assume that I would be required to disclose the verbal communication as a previous report when I submit the written report the next day?

On a semi-related note, I've also run into situations where I can tell without a doubt from my comps that the value will not come anywhere close to the purchase price well before completion of the report. Am I allowed to call the client and communicate this fact, without giving a specific value? I'm thinking that the fact that I would say, "you are not going to be anywhere close to the purchase price", makes it an appraisal because the purchase price is a specific number. Is there any way to do this without it being a standards violation?

You can. USPAP allows for oral appraisal reports. Just be sure that you read that section of USPAP and comply. Your work file will beed to include a memorandum of the oral report. Don't be wishy washy about it. Your oral appraisal report should be the same number as your final written report. That is, ALL of your development should be complete and documented in your work file before you deliver any appraisal report... oral or written.

 

[timindp]

N O !