Engagement Letter Suggestions

[Webbed Feet]

Mr. Butler,

Is it not a sad statement for ALL real estate appraising that the topic of "Engagement Agreements" has been virtually ignored by all continuing education providers and appraisal boards in regards to CE?

Here we have such an important aspect of running an appraisal service and 99% of the appraisers are left to learn about it by osmosis and "The Hard Way"

Barry Dayton

 

[Hal Mann]

Is it not a sad statement for ALL real estate appraising that the topic of "Engagement Agreements" has been virtually ignored by all continuing education providers and appraisal boards in regards to CE?

Here we have such an important aspect of running an appraisal service and 99% of the appraisers are left to learn about it by osmosis and "The Hard Way"

Sad indeed, Mr. Dayton.

No appraisals are done for this bank, either commercial or residential; either form or narrative, without a signed engagement letter. It protects both parties.

 

[Pat Butler]

Hi Barry- at a minimum, appraisers need to be complying with GLB when working with non-lender clients. How do they do that without getting some sort of signed acknowledgement?

Interestingly, if an appraiser just goes through USPAP and asks the questions that are needed for the engagement, then a basic engagement letter almost writes itself.

 

[Webbed Feet]

Mr. Mann,

Well, maybe 99% was a little high.. .. But it sure seems over 90% does it not?. At least certainly on the residential side.

Barry Dayton