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Desk top Appraisals

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Mountain Man

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified General Appraiser
State
Georgia
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. :p
 

John M. Parker

Freshman Member
Joined
Jun 4, 2002
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

Sophomore Member
Joined
Jan 16, 2002
Professional Status
Certified Residential Appraiser
State
Missouri
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

Elite Member
Joined
Jan 16, 2002
Professional Status
Certified Residential Appraiser
State
Arizona
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

Elite Member
Gold Supporting Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
As for me and my house...."no way"
 

Karl

Elite Member
Joined
Jan 15, 2002
Professional Status
Licensed Appraiser
State
Arizona
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

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified General Appraiser
State
Georgia
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

Elite Member
Joined
Jan 17, 2002
Professional Status
Certified Residential Appraiser
State
North Carolina
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

Elite Member
Joined
Jan 22, 2002
Professional Status
Certified General Appraiser
State
Florida
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

Elite Member
Gold Supporting Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
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.
 
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