Hybrid

[George Hatch]

i.e.- it's a done deal, so deal with it. You are only needed as cannon fodder.
A joke, and a cruel one upon the appraiser-intended victim
What JG said
The intended use is to bypass any semblance to a thorough appraisal report but to monetize the valuation for the maximum benefit of the lender.​

exactly. I can think of five instances where boards were reversed by higher courts and appraisers spent up to $50,000 (except for the one who was a lawyer and basically went to court, the board paid him and agreed to certain terms which relieved some of the problems in that state.)

Every example you've ever shown has involved the board not understanding what USPAP does and doesn't say, and being incapable of connecting those dots in court. That's a government incompetency issue, so at most I'd say that it pays for an appraiser to be aware of how competent their state boards are, and to be capable of making their own arguments in a manner that even an idiot cannot deny.

And to Marion's point about states having the right to add more limitations on their licensee's conduct that's also a given that isn't in conflict with USPAP - they can always add more. Nodody has ever suggested otherwise. But the hitch to that is that they have to do it in writing. Secret expectations that nobody but the board knows about aren't enforceable - which goes to Terrel's observation that the boards can be reversed in court when they are in error WRT the laws, rules and regs.

So yeah, if YOUR STATE has additional (and knowable) requirements then being competent in the assignment will include being knowledgeable about those additional requirements. But that doesn't include making them up out of thin air because you're afraid the state will move the goalpost on you.

 

[Meandering]

Every example you've ever shown has involved the board not understanding what USPAP does and doesn't say, and being incapable of connecting those dots in court. That's a government incompetency issue, so at most I'd say that it pays for an appraiser to be aware of how competent their state boards are, and to be capable of making their own arguments in a manner that even an idiot cannot deny.

Oh,
you mean like quoting 2010 DF that was only good for 90 days in 2010 while claiming it's the law?

Yeah sure make the idiot argument, because at the end of the day, the idiots get to make all the rules they want.

And these do not pay enough to fight it in court,
idiots or not.

Quoting bnm,

fo-get-a-bout-it.

.

.

 

[Meandering]

 

[djd09]

So if the inspector estimates the GLA at 2,000 when in reality it was 2,500 then there is no substantial error. hahahaha. Selective USPAP reading is funny.

 

[George Hatch]

An appraiser is only responsible for what they do; not what other people do. In fact, one of the certs in the Fannie form addresses this:

13. I obtained the information, estimates, and opinions furnished by other parties and expressed in this appraisal report from reliable sources that I believe to be true and correct.

Now if you have reason to believe the third party is unreliable then you would be violating the above cert if you chose to proceed anyway.

But other than that, if the client ordered a hybrid from you and your report discloses both that point as well as the point that you relied on the 3rd party info and if it turns out to be incorrect it might have an effect on your value conclusions then that client would be hard pressed to say they were tricked into anything by the appraiser.

But sure, if you're incapable of making that argument then you should most definitely avoid putting yourself into the unlikely position of ever having the explain what/why you did what you did in this type of assignment. Or any other assignment, for that matter.

 

[George Hatch]

That's a different answer (however valid) to a different question.

 

[George Hatch]

Here's yet another question that has no right or wrong answer: If some lenders are going to start using these things, would you rather see them performed by a licensee who has the knowledge and experience to appraise properties, or by a non-licensed person with fewer qualifications?

 

[Meandering]

Here's yet another question that has no right or wrong answer: If some lenders are going to start using these things, would you rather see them performed by a licensee who has the knowledge and experience to appraise properties, or by a non-licensed person with fewer qualifications?

Nope,

Let the pizza delivery guy do them.
That way the lender will stand on the carpet when the loans go belly up, or owners are suing for under/over valuations.

.Need some lender responsibility in this game of shifting risk without rewards.

.

 

[djd09]

That way the lender will stand on the carpet when the loans go belly up,

Absolve the minions so the profits can flow. Put it in writing first.

 

[Terrel L. Shields]

Need some lender responsibility in this game of shifting risk without rewards.

The missing element has always been skin in the game.