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Florida Reviewer on an Indiana Property

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Doug Meyer

Thread Starter
Senior Member
Joined
Sep 13, 2003
Professional Status
Certified Residential Appraiser
State
Indiana
Just had a desk review done by a reviewer from Florida. The property is located here in Indiana. This was run on an AVM and signed by a Florida appraiser. Is this legal since the property was here in Indiana. I know there has been some conversations on this before. This appraiser did assign a value to this property!!
 

Don Clark

Elite Member
Joined
Jan 17, 2002
Professional Status
Certified Residential Appraiser
State
Virginia
Just had a desk review done by a reviewer from Florida. The property is located here in Indiana. This was run on an AVM and signed by a Florida appraiser. Is this legal since the property was here in Indiana. I know there has been some conversations on this before. This appraiser did assign a value to this property!!

Perfectly legal. There is a Q & A from Taf on the subject.

http://www.appraisalfoundation.org/s_appraisal/bin.asp?CID=12&DID=1125&DOC=FILE.PDF
 

Doug Meyer

Thread Starter
Senior Member
Joined
Sep 13, 2003
Professional Status
Certified Residential Appraiser
State
Indiana
Don, she has come up with another value on the property!! She evaluated the property 20% less than I did.
 

SRQCUB

Sophomore Member
Joined
May 23, 2008
Professional Status
Certified General Appraiser
State
Florida
Wachovia Bank?


Alternatively, review assignments that include evaluating the selection and adjustment of comparable sales typically require geographic competence. As in all assignments, an appraiser must identify the scope of work required for the assignment and determine if he or she has the knowledge and experience to complete the assignment competently.

The way I read it, why does that FL appraiser not take the job and refer it to an Indiana reviewer.
 

Metamorphic

Senior Member
Joined
Mar 15, 2008
Professional Status
Certified Residential Appraiser
State
California

That's not the way I read it.
Question:
I have a client who has asked me to perform a desk review on a property located in a different state. I have no knowledge of the real estate market in that state and have never even stepped foot there. Can I perform a USPAP-compliant appraisal review on this property?
Response:
Yes. If you are engaged to determine whether or not the appraisal under review complies with certain guidelines or standards, geographic competence is not typically relevant. Alternatively, review assignments that include evaluating the selection and adjustment of comparable sales typically require geographic competence. As in all assignments, an appraiser must identify the scope of work required for the assignment and determine if he or she has the knowledge and experience to complete the assignment competently.

If the reviewer in Fl assigned value, he must have at some level judged/selected or other wise made the determination that the comps were appropriate which is where geographic competency kicks in.

I suppose a Fl appraiser could claim geographic competency in another state.... "yeah, I used to live there, I know the area and market like the back of my hand", but that's not likely.
 

SRQCUB

Sophomore Member
Joined
May 23, 2008
Professional Status
Certified General Appraiser
State
Florida
Fences create good neighbors, stay out of my state, I'll stay outa yours.
 

Don Clark

Elite Member
Joined
Jan 17, 2002
Professional Status
Certified Residential Appraiser
State
Virginia
That's not the way I read it.


If the reviewer in Fl assigned value, he must have at some level judged/selected or other wise made the determination that the comps were appropriate which is where geographic competency kicks in.

I suppose a Fl appraiser could claim geographic competency in another state.... "yeah, I used to live there, I know the area and market like the back of my hand", but that's not likely.

First, I did not know based on Doug's first post that a new value had been opined. And, the FAQ says "Typically" geo competency would be required. It does not say it must be required. And, an FAQ is not part of USPAP. It is an opinion called other communications.
 

SRQCUB

Sophomore Member
Joined
May 23, 2008
Professional Status
Certified General Appraiser
State
Florida
Don you got burned, read the first post VALUE / ASSIGN, them words are in there.
 

Howard Klahr

Senior Member
Joined
Oct 4, 2004
Professional Status
Certified General Appraiser
State
Florida
Was thi reviewer a direct employee of the lender or a contractor/vendor? This distinction makes a big difference.
 

Doug Meyer

Thread Starter
Senior Member
Joined
Sep 13, 2003
Professional Status
Certified Residential Appraiser
State
Indiana
Was thi reviewer a direct employee of the lender or a contractor/vendor? This distinction makes a big difference.

Not sure, however they did sign a limiting condition statement
 
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