Desk top Appraisals

[Mountain Man]

Everyone is jumping on the band wagon! Got another e-mail from an AMC (Appraisal Forum) that is looking for appraisers to do these things. Except this one is worse than the form LSI is pushing, has much less info and very little mentioned, in the way of disclosures, that indicates no inspection was made. The statement that gets me is "It is reasonable to assume the subject is a single-family residence that is not a mobile home." Well...... in my rural area, ain't no way to tell that except by going to see it. Any of you city appraisers doing these? I guess they may be legal (USPAP wise) but I can't certify that it is not a moble home in middle of a cow pasture. We just don't have subdivisions, and every appraisal I do is an adventure.

 

[John M. Parker]

We got one from AMC, estimated value $750,000. Ran it up on public records and couldn't find improvements. Called owner and was told that it was a 4000+ Sq.Ft. home on 40 acres. Also told me it was about 50% done.

I called R------k and told them what I had found, they were upset because I called and performed a phone interview. They said "all major bank wants is your estimate of value". I said "sight unseen?" not me baby.

This guy doesn't finish house guess who they are going to look to?

Don't do them, we don't and sleep better at night.

 

[Dave Doering]

It is amazing to me that in this environment of appraisal regulation, that apparently the total responsibility for enforcement of USPAP falls on the individual appraiser and their ability to withstand the pressures of lenders, AMCs and others wanting values without documentation. In a perfect world, it would be nice if the various state appraisal regulatory boards would address these quasi-appraisal products and take a stance on their acceptability. Instead, in most states, the boards will not look at a specific form or format or do anything to enable appraisers to better fend off such requests.

While I realize that the role of state appraisal regulatory boards is to regulate appraisers, IMHO part of this is to do some preemptive regulation of these non-complying appraisal products, AMCs and others who pressure struggling appraisers to accept such assignments.

 

[Jo Ann Meyer Stratton]

And how is the appraiser to know if it is a mobile home or a manufactured home without observing the labels on the home or the data plate inside the home??????

 

[Mike Garrett RAA]

As for me and my house...."no way"

 

[Karl]

Everyone should get at least one assignment of these & send them to your state board. Just to see if they respond as to what we should do with them.

 

[Mountain Man]

I could not get the form posted, but belive me.... if it were a joke, it would be funny as #$%. It's not a joke :evil: All they want is your signature and liability to boot.

 

[Doug in NC]

Dave,

I agree totally. I would like to see the state appraisal boards look at the products being put out by the AVMs. Since these are a type of appraisal product, they should be held to the same strict standard that us working stiffs have to produce.

If anyone gets hold of one of these AVM "valuations", please pass it on to your appraisal board if you think it fails to approximate market value. We may not be able to stop them, but we may be able to slow them down or set them back if we can show why they only cost $25-$50 a pop.

Doug

 

[Restrain]

Had an AMC call me with one of these with a bump up to a 2055. Did a quick comp search to see what was there (1 minute). Only 1 sale in last 6 months in size of subject - it was the subject, $40K below the qualifying value. Told them we wouldn't do the 2055. No use wasting my time.

 

[Mike Garrett RAA]

Roger....I am seriously considering on all conventional requests doing a quick comp search and if they are rediculous with the "owners estimate of value" just declining the assignment. I am sick of doing the work and then being told..."you are providing a useless service doing an appraisal when you can't come up to our needed amount". It just isn't worth the brain damage any more. I am presently 17 assignments behind.