Field Review-What does this consist of?

[Kevin Mc]

Reviews by Ivory tower people and or amatuers are more of a nuisance then anything else. Sometimes I dont explain things very well, so I fix that. Power users of appraisals should have some basic understanding of the process dont you think?

My bold......


Thank you. They should also be hiring compentent people.

 

[Riick]

.
I expect that everyone who insulted the OP was born with the knowledge of how to do a field review.
Oh unlucky me, I had to learn how to do one.
It was terribly difficult; I had to read the questions on the review form, and then figure out some way to answer them.
JMHO
.

 

[Mr Rex]

The same folks that show incredulity at the fact that a certified appraiser doesn't know how to do a field review are the same ones that ask WTH a Trainee is doing one when that comes up.:new_smile-l:

Of course if he just waits until he's been certified for a minimum of 5 years, then he would automatically know how to do it, since 5 years experience is always required to do reviews.

 

[Dennis J. Black ASA IFAS]

Let's cut the Bravo Sierra. The original question was a USPAP SOW question. Any certified appraiser should understand SOW for any type of assignment. AO-20 points it all out clearly. Focus on lines 52-67 on page A-59. The reason this annoys me is because it is not an appraisal theory question, but rather a simple USPAP question.

 

[Smokey Bear]

.
I expect that everyone who insulted the OP was born with the knowledge of how to do a field review.
Oh unlucky me, I had to learn how to do one.
It was terribly difficult; I had to read the questions on the review form, and then figure out some way to answer them.
JMHO
.

Guess you didn't know that the form doesn't cover half of what's required of a Standard 3 review?????? THAT'S why you should take courses before doing work you haven't done before, and should work with a mentor as well, until you're competent in doing that kind of work. Your's is an excellent example of WHY you should do this.

 

[Mike Boyd]

Baloney! First of all, the order was for a field review. There is no reason to call the client and ask if they are sure that is what they want.

Secondly, no matter WHAT Smoky says, the review form is self explanatory. Riick is right. The best way to learn is to DO one. I have to assume you know how to do appraisals. If you are not confidant on how to do appraisals then you should not accept the assignment. However, if, in your opinion the comps used in the report are not appropriate you should select new ones that are and place them in a grid to demonstrate how you have arrived at a value. Other than that, it's a piece of cake.

I think the latest field review form is the 2002 version. Look it up in your forms library.

A FIELD review is one in which you go out and at least look at the property from the street. It is much better if you can inspect it. You also have to drive the comps...just as you would if you were doing an appraisal from scratch. You have to provide photos of the subject AND the comps....both the comps used in the report and any new ones you decide to plug in. You need location maps and almost everything that you would provide in an appraisal.

I hope you have charged enough. It should be at least what your fee would be for an original appraisal report. Many appraisers charge much more.

 

[Kevin Mc]

I tend to agree.

it isn't rocket science and one has to start somewhere. i would suggest getting help from someone with experience. I also agree that there should be NO SOW issue. If one is questioning that, then maybe one should be seeking advice from a mentor. Either way, good luck with it.

 

[Smokey Bear]

Secondly, no matter WHAT Smoky says, the review form is self explanatory.

I didn't say it wasn't self explanatory. I said it isn't USPAP compliant. If all you do is what's on the form, you haven't followed Standard 3.

 

[Riick]

I didn't say it wasn't self explanatory. I said it isn't USPAP compliant. If all you do is what's on the form, you haven't followed Standard 3.

What I always loved about the old review form was that THEY ASKED THE WRONG FLIPPIN' QUESTIONS.

Hummm..... is the new Form much better?

Oh.. Right Smokey... WE determine the SOW according to newest USPAP. Errrrr.... Would somebody please inform our clients of that?

 

[LordofTexas]

Sometimes reviews are harder that the actual appraisal. However, pull current data as if the Subject were your own. You should know relatively soon or within a short amount of time if the appraisal is acceptable. I've been reviewing for over 23 years and appraising for over 25 years. Only 1 in +/-500 need a complete redo (Subject info wrong, Comps wrong, etc.). If you're so unsure about yourself, review some previous appraisals of co-workers if possible to get your confidence up to par.