If not comp checks.then what?

[Mike Boyd]

The fact is, they really do not want a "comp check." What they want is for you, an appraiser, to tell them that you should be able to get $zzz,zzz for that property assuming public records is correct. Then, they have you on the hook to perform an appraisal at a pre-determined value. They also want to use your statement to the borrower..............."my appraiser says he can get $zzz,zzz for your house." That way, he can close his deal....or thinks he can.

Tell them to log on to Zillow.com.

 

[Nathan Slaman]

Please help me out here, anyone can offer a CMA correct? Our MLX now has a button on it that will do it for the realtor if they want. I had a short sale done on my house and the lender sent out a realtor to do a CMA of the house.

So why cant I tell a lender that "in the last 6 months houses of this size have sold for between 300-320". How is this a verbal appraisal? I haven't given them a hard number just a range of value that similar properties have closed for.

 

[Mike Kennedy]

"in the last 6 months houses of this size have sold for between 300-320".

just a range of value that similar properties have closed for."

:Eyecrazy: This is a trick question is it not? Please tell us you are merely joking. Thanks.

* THEN CONSULT USPAP DEFINITION OF AN APPRAISAL, AO-19, HUNT FOR "FILTERED SALES" ........

please do let us know what you found. Thanks Again.

 

[Nathan Slaman]

no not at all, please explain.

 

[hastalavista]

I haven't given them a hard number just a range of value that similar properties have closed for.

You don't have to give them a "hard number"; a value can be expressed as a point (hard), range or benchmark (more than, less than, etc.).

 

[William Rightsell]

So why cant I tell a lender that "in the last 6 months houses of this size have sold for between 300-320". How is this a verbal appraisal? I haven't given them a hard number just a range of value that similar properties have closed for.

No offense intended Nathan, but again I say "AMAZING"....Read the friggin rule book folks. That would be USPAP!!!

Another certified appraiser (supposedly experienced) that doesn't understand the very basics. m2: No wonder this profession is in a shambles.

A range of value IS an appraisal Nathan.

todd

 

[Workbox]

Please help me out here, anyone can offer a CMA correct? Our MLX now has a button on it that will do it for the realtor if they want. I had a short sale done on my house and the lender sent out a realtor to do a CMA of the house.

So why cant I tell a lender that "in the last 6 months houses of this size have sold for between 300-320". How is this a verbal appraisal? I haven't given them a hard number just a range of value that similar properties have closed for.

Very good question? do you think it has anything to do with making USPAP/REGUALOTORY/FNMA changes in order for the appraisal biz to shift to the Realtor end? After all, many would rather get the listing and do a BPO for free. I would not doubt one bit this was in any way a set up. .......................What's that I hear?............excuse while I cover myself.

 

[Mike Kennedy]

no not at all, please explain.

:icon_idea: See Post 13 ..........revised .

 

[hastalavista]

:new_smile-l:

no not at all, please explain.

Nathan-

Before you get terminally flamed, I will accept your question as sincere and your understanding of this issue to be unclear.

By providing analysis (such as filtering data) to match a subject in order to provide a value range, you are completing an appraisal (that is what we do; analyze properties and provide value opinions).
When you communicate that value opinion it becomes an appraisal report. As such, it needs to comply with Standard Rule 2.

I agree with my peers and suggest that you read Advisory Opinion 19 and do a little search on this subject. This forum is a great place to ask questions. In this situation, I recommend some basic research first.

 

[Mike Kennedy]

p.s. ASB Rescind AO-19.