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Home Focus/Bank of America - "Desktop Valuation" R

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Dave Doering

Sophomore Member
Joined
Jan 16, 2002
Professional Status
Certified Residential Appraiser
State
Missouri
My firm has recently been approached about doing what the client is calling a Limited Summary Appraisal Report that they have apparently designed as a "Desktop Valuation". I have reviewed the form and the accompanying limiting conditions and extraordinary assumptions and it appears on the surface to be technically USPAP compliant with Standards 1 and 2 and minimally meets the reporting requirements of a Limited Summary Appraisal Report with a minimally adequate Departure Disclosure. I do believe that additional limiting conditions and expanded Departure Disclosure would be appropriate as well as a clearer statement regarding the scope of the appraisal and limited reliability of the document.

I am curious as to: 1) whether any of the participants in this forum are familiar with this report format; 2) for those of you that are using the form what additional limiting conditions, extraordinary assumptions or other disclaimers you may be attaching; or 3) for those of you that have reviewed the form and format and chosen not to complete this very limited reporting format, what USPAP issues have I possibly failed to consider or what other non-USPAP issues entered into your decission?

I would especially appreciate the input, particularly from those forum participants that are USPAP Certified Instructors.

Thanks for your comments.
 

Judy Whitehead (Florida)

Senior Member
Joined
Jan 20, 2002
Professional Status
Certified Residential Appraiser
State
Florida
If you are talking about the 2075....take the money and run. I add my usual addendums, complete it, take pictures of the front and street and send it happily on its way..there is no value conclusion.

If you are talking about someone wanting you to fill out "their" forms and add a value, then that is something else again. In other words, it depends on "which" desktop valuation you mean.
 

Dave Doering

Sophomore Member
Joined
Jan 16, 2002
Professional Status
Certified Residential Appraiser
State
Missouri
Judy,

Unlike the FNMA 2075, this form (entitled Desktop Valuation) is truly an appraisal, that is comprised primarily of a definition of market value, scope of the appraisal, limiting conditions, extraordinary assumptions a simplified three sale grid, an appraiser's opinion of market value and a certification.
 

Carnivore

Elite Member
Supporting Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
North Carolina
Yes, this is an appraisal. You are still required to have Intended User, pupose, and scope of work. I donot believe I saw any where on there for you to affix a digital signature. That means I got the same stuff you did.


If you do about 10 a day thats about $500.00 bucks, not bad, just imagine oif you did 20 per day.all from your desktop.

In this area NC, they have given up trying to get appraisers to do them, You are still liable. Yopu still have to produce a credible report. You still have to sleep at night.

Go for it, man!

---------------------

"France has neither winter nor summer nor morals. Apart from these
drawbacks it is a fine country. France has usually been governed by
prostitutes."

---Mark Twain
 

Bobby Bucks

Elite Member
Joined
Jan 27, 2002
Professional Status
Real Estate Agent or Broker
State
North Dakota
I believe you’re referring to one of those desktop BOAs.
more on that subject here.
http://appraisersforum.com/forums/viewtopic.php?t=6510

They used to pay $25, now I think they’re up to $65 and tell you if you don’t hit their number,
then they’ll upgrade the assignment to a 2055 interior inspection and pay you all of $165. They
don’t tell you if they’ll pay your bail or visit you in the big house, because that might be just
where you end up if you play with one of those monsters. I love it how they say they’re legal and
fully compliant......yeah, legal for the AMC phone monkey who is hawking the product....what license do they have to lose?....plus their
script changes by the week. What is the other name this BOA uses.....Home Focus???? Why not
call it what it really is..... call it “Focus Appraisers” yeah......."focus all" if we don’t get their qualifying
value. :)
 

Mike Garrett RAA

Elite Member
Gold Supporting Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
As soon as you get 10 a day, the fee drops to $25 and when you get to 20 a day the fee will be $15....but you can make up your loses in volume!
 

Mountain Man

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified General Appraiser
State
Georgia
Read the mice type in the "Desk Top" form very carefully. I found some statements in the form sent to me that puts lots of liability on the appraiser. Crazy things like: although I am not inspecting the subject, I am familiar with the neighborhood and area around the property....... do not know of any environmental hazards around the subject...... subject meets it's highest and best use.......

How do I know without actually seeing it??? :?: :? :roll:
 

Farm Gal

Elite Member
Joined
Jan 14, 2002
Professional Status
Licensed Appraiser
State
Nebraska
BoA

Tends to put that UGLY 'indenity' phrase in their contracts which says you will pay if they get sued, if they are threatened with suit and if they just plain feel like doing research and preventing a suit... even if you did NOTHING wrong, they can charge you for legal fees which they incurr...

Oh yeah if you have E&O it does NOT cover expenses incurred as a result of your signing such an agreement

You wanna bet their pet lawyers work for $25 an hour :( you'd have to do a LOT of volume to cover even ONE legal challenge 8O

I'd hold on to my wallet REAL tight or divest myself of ALL assests before doing any work under those terms....

You probabaly won't need the assets if you are doing time anyway... 8O but other folks have covered THAT ground.
 

Mountain Man

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified General Appraiser
State
Georgia
You probabaly won't need the assets if you are doing time anyway...
:idea: Hey, that got me thinking. A year or so ago, I saw some journalistic 20/20?? thing where prisoners in a private/contracted prison were doing tele-marketing....... pefectly legal. Why doesn't BOA get the prisoners to do the desk tops??? :wink: No one is looking at it anyway :? ; and besides, it could be a two fold "ministry" from a mighty gracious bank :lol: giving back to the community via Desk Top/Pen Pals. :wink:
 
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