If it was your career how would you feel?
I am a licensed appraiser...if you don't know the answer then just say so...I have been asked to do a review of an appraisers appraisal that was a condo...is that better?
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.