How do I "REDACT" appraisals to send out as samples?

[Red Flint]

Anyone ever get addicted to Redacting?

A one r add ted to Red ?

 

[Elliott]

You could follow the DOJ example:

 

[jay trotta]

How do I "REDACT" appraisals to send out as samples?

I use ACI software.

Thank you!!

Why ?

 

[BRCJR]

I see comments like, “ if you want a sample order an appraisal”.

That is all fine and dandy if you can show me how that complies with federal law. The law indicates, just the fact someone holds a license is not a justified reason to approve that individual. This is in the IAEG which is codified by The Federal Registry.

What are some ways an Appraiser could be approved and the lender be in compliance?

I would like to find a way to do so. I am a lender that requires samples, brief resume and proof of insurance for approval.

Factual based comments are appreciated.

 

[Tom D]

holly molly, in the old days you would have to mail paper copies. just like comments before, once you have prepared that perfect appraisal to be sent, then you got a pdf that is good for a very long time to use labelled '1004 sample'. much ado about some minimal time spent for your business. be happy that a new client may use you.

 

[bnmappraisal]

You could follow the DOJ example:

View attachment 66848

LOL
I remember years ago (about 10+/-) sending in a Sample Report of a property I had recently completed. It was a 7 figure property to indicate my "competency" for more complex properties to the requesting lender. I redacted so much stuff they came back to me stating (I paraphrase) "Uuuuhhhhhh your report doesn't really help us since you took out so much."

I can't remember if I ended up on their panel or not. Oh well. Thankfully not many other clients since have ever asked for samples

 

[Terrel L. Shields]

What are some ways an Appraiser could be approved and the lender be in compliance?

I would like to find a way to do so. I am a lender that requires samples, brief resume and proof of insurance for approval.

I have rarely been asked to provide samples. I don't know anything in law that requires samples from appraisers... So then who qualified when licensing was initiated and the first USPAP compliant reports were required? Someone had to that those first 3 (assuming you required 3)...

So A- I have a resume and references - that and my licenses are in every report
B - I have a license and E & O
C - I was vetted with 3 samples by the STATE BOARD
D - I can provide a letter of good standing from that board
E - And any number of people have been qualified as MAI's ASAs ARAs etc... with demonstration reports, etc.
F - And time loves a hero as the song says, After 30 years without a sanction what will a sample tell you that time hasn't?

So what requirement does a bank have that mandates sample copies? I understand getting a sample from a newbie but I am curious, does the bank require sample work from lawyers when they hire a new one? Do they even require references?

 

[JeffSH]

Redact PDF - easily, online, free

Free online tool to redact or blacken PDF files. Easy to use. Without installation. Without registration.

tools.pdf24.org

This website is incredible for PDFs. Lots of tools. SHAME on adobe for keeping the file format so closed source and proprietary. PDF needs a successor.

 

[RCA]

It is difficult unless you are one of the many appraisers who do very simple reports.

You have so many dependencies in reports, yet to remove identifying information you need to:

1. Change all identifying information, including data that could be used to find the property, such as GLA, lot size, GIS coordinates, MLS numbers, parcel numbers, etc..
2. Change all price and cost values.
3. Make sure all your data agrees.
4. Alter or replace all photos.

Goal:

Make a demo report that is representative of your reports, showing the techniques you employ.

Suggestion:

1. Pick up the property and move it to a different city. In fact, it can be an imaginary city that doesn't exist, call it "Phantom City." Don't worry if the landscape in the photos doesn't match the new location. Make all the corresponding changes to addresses.

2. Use photoshop or some tool to blur all photos with a landscape so that no one can pick up the original location from the photos.

3. Use low res jpg for your interior shots - and place the words "LOW RES DEMO" on top of each photo with some batch photo tool like IrfanView. In fact, use IrfanView to batch process all interior and exterior images, reducing resolution and placing "LOW RES DEMO" over all images.

4. For GLA and lot size, randomly add or subtract 10,20,30,...,100 sf to all GLA values. You can use the Excel function "randbetween" to randomly choose numbers between 1-10 and then multiply them by 10 and then choose a random number and multiply by -1 if it is odd or 1 if it is even. So, you will alter all GLA values by -100 to 100 sf.

5. Similarly alter all lot sizes.

6. Then alter all sale prices in a similar manner.

7. So, if you know how much you have altered the GLA and lot size, you can correspondingly alter the adjustments. You have altered the sale prices, so you calculate the difference between the sale prices, from that the total adjustment, subtract the adjustments from the GLA, and lot size changes and then find a place to put that difference - which could be split between additional adjustments on condition and quality.

And so on.

Notes:
1. If you want to show how good your photography is, create a separate demo.
a) Maybe you do drone photography - show an example from some house - without any address or location. Blur or alter the landscape to a certain extent.
b) Maybe you do very high quality professional photography - you can show that in the same way, removing or altering enough landscape so that a web program cannot easily find matches on the interiors or exteriors.
2. If you do good floorplans - especially CAD floor plans, make the necessary alterations in a couple of dimensions to change the GLA to match what you have in the report. Remove all other identifying information. Maybe salide a few interior walls around a bit.
3. If you have complex pricing models, then that will likely make your work much harder.
4. Try to deal with adapting the Cost and/or Income Approach to your changes. That can be murder.

 

[Fernando]

Another advice: I would get a "good" appraisal report from a client I know longer work with and redact it.