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Condo Field Review Form?
- Thread starter jdogg3535
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Webbed Feet
Elite Member
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- Feb 11, 2005
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- Certified Residential Appraiser
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Please update your Appraiser's Forum information before half of us toot over a trainee being asked to review the work of a real estate appraiser. Unless you meant something else. Something that brings up another point. Appraiser's don't "Review" structures, we "Review" appraisal reports. So perhaps once you can clearly post what the requested assignment is really for, somebody can answer you and then somebody else can ask how it is your competent for the assignment when you have no idea what "Form" to use and don't know how to comply with Standard Two for the assignment.
And welcome to the forum!
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Michael Tipton
Senior Member
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Attached is a link to the FNMA form 2000 3/2005. Print out the form and review the said form. Pay particular attention to Review Appraisers Certification #10. Note also there is no signature line available for a trainee level appraiser.
https://www.efanniemae.com/sf/formsdocs/forms/pdf/sellingtrans/2000.pdf
If you hold a license level above trainee e-mail the AF head surfer to change your license level to licensed or certified.
Thanks Michael...that is the form I am currently using...it just doesn't have a section dedicated to "project information or project analysis" I don't come on here very often...who is the AF head surfer?
Lloyd Bonafide
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Welcome - and 99.9% of us read between the lines, and knew that you were reviewing an appraisal report, and not a building.
Michael Tipton
Senior Member
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Webbed Feet
Elite Member
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If it was your career how would you feel?
If you don't know how to ask the question using the correct information and wording, don't expect others to know when they don't know.
And yes, I am going to seriously pick on you here. That my friend should not make ANY other appraiser here warm and fuzzy if you don't know what form to use.
The above is exactly what is one of the little items so screwing up this entire trade. The fees being offered for reviewing residential real estate appraisals are so crappy that we have baby appraisers doing the reviewing. Appraisers that cannot so much as understand that a condo happens to be a single family residential (SFR) improvement in most cases, not that they are two different things. Perhaps so new at this, that they don't know there is a condo check box for project type on the most current Fannie Mae field review form.
That means the person may not understand what they are signing when presented with a "Form" with the word "Accurate" all over it, nor will they probably understand or appreciate that question number 10, in Section I, on the form constitutes a real estate appraisal done by the reviewer even if the answer checked off is "Yes" and Section II is not completed. This rotten Fannie form just caused anyone using it to agree or disagree with a benchmark. Something that means EVEN IF YOU CHECK "YES" THAT YOU HAD BETTER HAVE ALMOST EVERYTHING INVOLVING SECTION II, AND MORE, IN YOUR WORK FILE BECAUSE YOU JUST APPRAISED THE SUBJECT PROPERTY if you use that form without altering it. Because, it asks if the market value in the report under review is accurate, not if the "appraiser's report" is credible.
Stop and think about the above a moment as you appreciate that, most likely, you are being asked to do probably at least twice as much work, as the appraiser whose report you are being asked to review did, for around half the money the other appraiser was paid or less. Then ask yourself who it is that you would want holding your career in their hands, and possibly getting you blacklisted. An appraiser with many years in and highly aware of all of the above, or one that does not so much as know there is a "project type" condo checkbox on the Fannie Mae Form 2000 of March of 2005 and doesn't know what form to use because of that? Or in other words, cannot develop a SOW on their own and had to come to a forum to ask what form to use.
Perhaps this entire trade needs to wake up and understand reviewing should be done by highly experienced appraisers. Not appraisers that may not be so much as competent to have appraised the subject property in the first place due to complexity and lack of experience. Considering copious numbers of us don't seem to grasp the difference between being competent, and being statutorily "licensed" or "certified" for the assignment by administrative regulations, it is a rather serious problem. ..... Unfortunately, the lending world doesn't seem to know the difference either.
If you don't know how to ask the question using the correct information and wording, don't expect others to know when they don't know.
And yes, I am going to seriously pick on you here. That my friend should not make ANY other appraiser here warm and fuzzy if you don't know what form to use.
The above is exactly what is one of the little items so screwing up this entire trade. The fees being offered for reviewing residential real estate appraisals are so crappy that we have baby appraisers doing the reviewing. Appraisers that cannot so much as understand that a condo happens to be a single family residential (SFR) improvement in most cases, not that they are two different things. Perhaps so new at this, that they don't know there is a condo check box for project type on the most current Fannie Mae field review form.
That means the person may not understand what they are signing when presented with a "Form" with the word "Accurate" all over it, nor will they probably understand or appreciate that question number 10, in Section I, on the form constitutes a real estate appraisal done by the reviewer even if the answer checked off is "Yes" and Section II is not completed. This rotten Fannie form just caused anyone using it to agree or disagree with a benchmark. Something that means EVEN IF YOU CHECK "YES" THAT YOU HAD BETTER HAVE ALMOST EVERYTHING INVOLVING SECTION II, AND MORE, IN YOUR WORK FILE BECAUSE YOU JUST APPRAISED THE SUBJECT PROPERTY if you use that form without altering it. Because, it asks if the market value in the report under review is accurate, not if the "appraiser's report" is credible.
Stop and think about the above a moment as you appreciate that, most likely, you are being asked to do probably at least twice as much work, as the appraiser whose report you are being asked to review did, for around half the money the other appraiser was paid or less. Then ask yourself who it is that you would want holding your career in their hands, and possibly getting you blacklisted. An appraiser with many years in and highly aware of all of the above, or one that does not so much as know there is a "project type" condo checkbox on the Fannie Mae Form 2000 of March of 2005 and doesn't know what form to use because of that? Or in other words, cannot develop a SOW on their own and had to come to a forum to ask what form to use.
Perhaps this entire trade needs to wake up and understand reviewing should be done by highly experienced appraisers. Not appraisers that may not be so much as competent to have appraised the subject property in the first place due to complexity and lack of experience. Considering copious numbers of us don't seem to grasp the difference between being competent, and being statutorily "licensed" or "certified" for the assignment by administrative regulations, it is a rather serious problem. ..... Unfortunately, the lending world doesn't seem to know the difference either.
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Webbed Feet
Elite Member
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- Feb 11, 2005
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- Certified Residential Appraiser
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Welcome - and 99.9% of us read between the lines, and knew that you were reviewing an appraisal report, and not a building.
And so far, due to joking about it, it seems that only 00.1% of us appreciate the serverity of the situation when another appraiser that is entertaining possibly having to harm the business relationships of other appraisers, maybe even provide a professional report that could get another appraiser blacklisted, cannot so much as determine a SOW, with their own client on their own, in order to comply with Standard Two for the assignment.
Guess I failed to see the humor in that. But it is to be expected to have others joke about it, when they failed to see the gravity of the situation immediately, IMO. I wonder if this means 99.9% of you want to be professionally reviewed by posters that cannot determine what "form" to use for an assignment they've been asked to do? Versus having decided they want to get into doing review work and having already taken the time and education to become prepared for such work? Something that just might include actually having done a study of "forms" before entertaining accepting an assignment?
I appreciate many of you want this forum to be a warm and fuzzy place where we never dream of upsetting anyone that comes here with an appraisal issue. You'll all have to forgive me, as this is about as tactful as I can get when the issue is reviewing other appraisers, the poster literally presents to us due to considering accepting a current offer for an assignment to do so, and they don't what "form" to use for the assignment. At some point, I believe it is our duty to strongly instill in members of our trade, that such cases would be the time to turn the assignment down and go study up and get ready for such assignments, instead waiting to have an order for one and then asking us what form to use!
I do not know how the rest of you feel. But I can certainly tolerate a "what form do I use?" question far better when the posting appraiser will be messing with their own career only, and not the careers of other appraisers.
Webbed Feet
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I'd much rather make a mistake such as a forum misquote and apologize for it, and I am sorry about that, than I would post I am considering taking on a review assignment but I don't know what form to use. One is just an accidental misquote that doesn't affect the career of the other person and can be cleared up and apologized for. The later is not so easy to correct once a review report gets signed and sent. So I am sorry for goofing that up and the affect it had on my postings. I'll correct them. But my opinion regarding considering a review assignment, but having to ask what form to use? That will remain my opinion. It's time to turn the assignment down, and then get ready for next time one comes your way. Not something else.
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