Co-Op Appraisal

[Stone]

I will stand my ground in stating "if you don't even know what form to use, you probably are not qualified to do the appraisal."

Why? There are actually appraisers out there who do all sorts of appraisal work that isn't for lenders. Are they all disqualified because they do not know what forms Fannie or Freddie wants?

 

[Brad Ellis]

Michael,

I think Mike Garrett makes a valid point. Competency in property types has always been in USPAP- or at least for more than a decade. So, why would anyone claim competency in a property type that one has never before appraised?

Glenn is right. These can be very very complicated. The original poster's best course of action is to affiliate with someone experienced with these property types.

Brad

 

[Stone]

Michael,

I think Mike Garrett makes a valid point. Competency in property types has always been in USPAP- or at least for more than a decade. So, why would anyone claim competency in a property type that one has never before appraised?

Glenn is right. These can be very very complicated. The original poster's best course of action is to affiliate with someone experienced with these property types.

Brad

Brad - you are missing my point (or I am not doing a very good job explaining it)

There are appraisers who do not do all, or most (or any) of their work for lenders.

As such, not knowing what form to use doesn't automatically make one incompetent. I'm not saying that someone who has never done an appraisal on a specific type of property should claim competency. However, not knowing which form a lender requires doesn't mean that the appraiser hasn't appraised similar property.

About 90% of my work is non-lender originated. The only types of property I do for lenders are SF res and 1-4 unit rentals. However, there are many other types of properties that I appraise. If I were so inclined to perform an appraisal for a lender for a different type of property, I would need to find out what the reporting format would be. I feel safe in saying that there are several types of property that I am competent to appraise that I do not know how to report to a lender.

(Admittedly, I would find out from the lender how to do it, as opposed to asking here. Particularly with so many assuming that lack of knowledge of lending forms equates to not having appraised a type of property:new_smile-l: )

I'm only addressing the "If you need to ask what form to use you probably shouldn't be doing the appraisal" part of this thread.

 

[Mike Garrett RAA]

Lets not make this a "pissing contest". The poster stated this would be his/her first co-op appraisal and then went on to say "what form should be used".

I did not suggest the appraiser was "in-competent" but rather that co-op appraisals are unique and much more complicated than doing a typical single family residence for mortgage lending purposes. Competency also involves "property type". If one has not done a particular type of property they are, in my opinion, not competent to do the appraisal on their own.

 

[Jim Onderisin]

Right you are, Mike. Our Chicago market area has some co-op buildings, but not a fraction of what they have in New York. I've done exactly 3 co-op appraisals, all while apprenticed to an SRA-holding 25-year appraisal vetran. Neither the vet nor I had any idea of how to complete the first one. It took till the third appraisal to begin to understand how much I didn't know. I wouldn't accept the assignment unless I could get some help from someone who has completed MANY co-op appraisals.

 

[Stone]

I didn't think of this as a "pissing contest," but it is probably coming off that way now.

Your comments, as related to the original question, are no doubt correct. From time to time generalizations that are made around here sort of bug me. In this case I took yours out of context. Sorry.

 

[Kevin Mc]

That is some form Ken.....

you actually get manging agents to fill out that whole sheet?....I just like when they return my call to tell me there will be a $100 charge for the info. That usually takes a week or so....Good luck, they are no picnic