Desktop Valuation

[quality control]

I have received a couple of orders for Desktop Valuations. This is then followed by a full order for the same property. Should I decline this? Are the lenders going around the whole "no precomp" law?

 

[Pittsburgh Pete]

Different scope of work in each instance. I assume you are getting paid for the desktops? Other than making sure you point out the "prior service" I don't see a downside or a problem.

 

[quality control]

I am getting paid. It came from an AMC so I didn't know what they were selling their cleints. Wonder if this falls in the predetermined value category or if it is a grey area that no one thought of.

 

[Lee Lansford]

You best be certain that there is very clear understanding that your engagement in this 2nd assignment is not predicated on attaining the results of the 1st assignment.

And...what was the Intended Use of the 1st appraisal?

 

[quality control]

Intended use was market analysis.

 

[Lee Lansford]

Intended use was market analysis.

??

I think that you were probably asked to provide a "market analysis", but, the Intended Use has to be something other.

And, a "market analysis" of the neighborhood in general or...?!

So, you did not provide an opinion of value for a particular (subject) property? Were you asked to provide "comps" for a specific property?

I'm just trying to better understand how the two assignments are linked.

 

[quality control]

If you have wintotal it's form dvl3. Market as in neighborhood. 3 comps with an opinion of value. Lots of extraordinary assumptions on this. All information is pulled off the tax card. No inspection required. The order form indicated "Market Value". The second order came across as a refinance.

 

[RSW]

If you have wintotal it's form dvl3. Market as in neighborhood. 3 comps with an opinion of value. Lots of extraordinary assumptions on this. All information is pulled off the tax card. No inspection required. The order form indicated "Market Value". The second order came across as a refinance.

I don't understand how appraiser's can appraise real estate and not know what "Intended Use" is. Market value is not an intended use. The question you need to ask is: What will the Market value in your appraisal report be used for? Then, you need to ask: Who is going to be using it? That would be the intended user. Both of these have to be disclosed in your appraisal report.

 

[quality control]

The intended use is to help the client analyze the risk associated with making a loan on the subject property. (verbatim) This is why I found it sketchy to begin with.

 

[CANative]

It's likely the intended use is to make a decision on whether or not to proceed with a loan application.