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Enchanted Desktop Appraisals

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Bobby Bucks

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Joined
Jan 27, 2002
Professional Status
Real Estate Agent or Broker
State
North Dakota
This thread is not meant to interfere with the USPAP wrestling match on another thread, but is intended to help members find new business which will not risk their license or risk jail time. The thread title is not a typo. Brevity is appreciated. For those who perform hybrid desktop reports, which clients currently order assignments which you are comfortable accepting?
 

Restrain

Elite Member
Joined
Jan 22, 2002
Professional Status
Certified General Appraiser
State
Florida
We have looked at them, and I did them for BofA (before merger). Honestly, I wouldn't touch one knowing the potential liability. I remember the lawsuit that originated out of Houston regarding a drive-by, went all the way to SCOTUS, found against the appraiser. It would seem to me that the liabilities would far exceed the 'increased business potential'.
 

DWiley

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Joined
Apr 4, 2007
Professional Status
Certified Residential Appraiser
State
Tennessee
We have looked at them, and I did them for BofA (before merger). Honestly, I wouldn't touch one knowing the potential liability. I remember the lawsuit that originated out of Houston regarding a drive-by, went all the way to SCOTUS, found against the appraiser. It would seem to me that the liabilities would far exceed the 'increased business potential'.
The liability is actually greatly reduced. How much about the physical characteristics could the appraiser be held liable for when everyone is aware that the appraiser never left his/her desk. :) There are far more lawsuits/complaints, relatively speaking, related to appraisers who missed something during an interior inspection. When I worked with the state board those were a regular occurrence.
 

JRS at OBX

Elite Member
Joined
Jun 13, 2006
Professional Status
Certified Residential Appraiser
State
North Carolina
I have a small regional lender that keeps me busy with desktops. These are for loans that don't require an appraisal in the first place but the chief appraiser doesn't want the bank lending money based on an AVM or tax value.
 

Terrel L. Shields

Elite Member
Gold Supporting Member
Joined
May 2, 2002
Professional Status
Certified General Appraiser
State
Arkansas
The liability is actually greatly reduced.
To me, I see your point but the contrarian view is are the results credible? Do we have any reliable way to verify the evidence? What will the investigators think?

In scope of work, we determine the SOW necessary to be credible. Seems these conditions are being dictated to us. And if the value/loan goes south? I recall all too well, a banker trying to get me to update a complex farm property pre-foreclosure where the HBU had changed. Their in house reviewer was a CR who not only adamant that I could do it cheap as a limited appraisal (at that time was still the reg), but he actually was a sitting member of the state board.
 

jay trotta

Elite Member
Joined
Feb 8, 2004
Professional Status
Certified Residential Appraiser
State
Connecticut
IMO- credible is determined by SOW and an Addendum for specifics to the SOW and in the end, both the Lender & the Appraiser need to be on the same page. When that is possible, you have a meeting of the minds.
That said, I have limited the Clients I work with in this area and for the past several years it has worked favorably for me. We are both of the mind set, there is a need for the product to provide the nuts & bolts of the risk and task at hand. And yes there are also internal review practices that go along, but for the most part they are limited and straight forward.
These are not for everybody and it is wide ranging in regards to other work that comes from developing a business relationship with a Client; Fee's are wide ranging, but commensurate with the workload, a goal that is worked towards.
 

Michigan CG

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Nov 1, 2006
Professional Status
Certified General Appraiser
State
Michigan
Scope of Work is a powerful tool if used correctly. Things could change as does all of business. Currently I have no need to look at other products to provide. 10 years from now? I have a rule that anything that requires a signature has a minimum cost of $200.
 

jay trotta

Elite Member
Joined
Feb 8, 2004
Professional Status
Certified Residential Appraiser
State
Connecticut
Scope of Work is a powerful tool if used correctly. Things could change as does all of business. Currently I have no need to look at other products to provide. 10 years from now? I have a rule that anything that requires a signature has a minimum cost of $200.

Interesting, I remember this attorney who would take any Clients on as long as they $250 cash to initiate the deal
 

Mike Garrett RAA

Elite Member
Gold Supporting Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
I, personally, would never disagree with Danny Wiley. I seriously doubt there are more than a handful of people who post on this forum more qualified to answer issues concerning appraisers and appraisals.
 

Restrain

Elite Member
Joined
Jan 22, 2002
Professional Status
Certified General Appraiser
State
Florida
DWiley, you can be sued even if you do EVERYTHING right. That $200 desktop can cost you over $20K in legal fees to get it dismissed. Doesn't matter what the SOW is, if you follow USPAP to the letter, write a bulletproof appraisal. The assumptions that go with a desktop are not worth the potential liability, IMO
 
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