I'm Conflicted - Should I Do These Reports?

[TRESinc]

I’m not surprised. You need to have that diarrhea of the mouth checked out.

like usual when your flawed logic is pointed out you deflect and resort to personal attacks.

 

[Eli]

like usual when your flawed logic is pointed out you deflect and resort to personal attacks.

You are the king of personal attacks. It rolls off me like water off a ducks back. Sorry. Lol

 

[Meandering]

If what you said was even remotely valid, then USPAP would specifically require an interior inspection and it would also state that the appraiser needed to inspect the subject property personally, but it does not say either of those things.

Right.
USPAP does not say an interior inspection is required.
USPAP does say the scope of the work is dependent upon the intended use, and, that the regulations applicable to the assignment must be adheared to.
So,
Where is the lending regulation that says a drive-by is okay?
There aren't any, and many lending regulations say the opinion of conditoin must be credible, or, actually say the appraiser must inspect the interior.

Additionally, there would have been hundreds or thousands or appraisers bonked by their state boards for performing 2055 exterior-only appraisals, but we know that never happened

Drive-by appraisals are not done for lending.
You know that as well as I do.

 

[TRESinc]

You are the king of personal attacks. It rolls off me like water off a ducks back. Sorry. Lol

when the shoe fits.... however i don't need to resort to them as a result of someone proving me wrong, they are earned.

 

[Eli]

when the shoe fits.... however i don't need to resort to them as a result of someone proving me wrong, they are earned.

You wish you could prove me wrong and you can’t. I am not going to make your problems my problems. Grow up!

Your tangents are rediculous.

 

[Meandering]

@timd354

I'll take over (as the appraiser) answering the Prosecutor's moronic questions from here, Marion.


And Mr Appraiser, why did you not attempt to get the assignment conditions extended to cover the interior inspections you have performed for all those thousands of other appraisals you have performed for other clients?

Because, Mr Prosecutor, the order was for a Desktop appraisal which included Extraordinary Assumptions about the interior, whereas information provided by the client was consistent with MLS, Realist, County records and photos of the exterior; therefore it was reasonable to believe that the interior condition by the client's sources was correct, but it may not be a true reflection of the interior condition; This is an acceptable SOW with the use of Extraordinary Assumptions.

The report was based upon the Extraordinary Assumption which clearly and conspicuously stated that their use these Extraordinary Assumptions might have affect the opinions and conclusion if found to be false, thus it is not misleading. USPAP defines “Extraordinary Assumption” as “an assumption, directly related to a specific assignment, as of the effective date of the assignment results, which if found to be false, could alter the appraiser’s opinion or conclusions.” Extraordinary Assumption of the interior replaces the need for verification of fact. The interior condition, as of the effective date, was based upon the extraordinary assumption, whereas if the interior conditions were found to be false, it could alter the opinions or conclusions in that appraisal. This is true with full interior appraisals, as well. Full appraisals include general assumptions such as the interiors of the comparable sales, as the appraiser did not inspect the comp interiors.

And Mr. Prosecutor, I might add that it is important to understand that when an extraordinary/special assumption proves to be contrary to the truth, it does not mean the appraiser was “wrong.” The appraiser must ascertain that the use of the extraordinary/special assumption is appropriate given the client’s intended use of the assignment results, which was abundantly clear and conspicuously stated in this report.

A value opinion is always developed within the context of the assignment as defined by the scope of work and other assignment parameters such as the date of value and the type of value, as well as stated hypothetical conditions and extraordinary/special assumptions. If an extraordinary/special assumption made in an appraisal subsequently turns out to be false, the appraiser is not wrong, nor is the appraiser liable for any impact the extraordinary assumptions may have made if found to be false.

Mr Prosecutor??? Are you ok??? You're sweating and looking very pale

Still didn't read the IAEG yet, eh?



Provide the lending regulation that says you can EA the condition and the inspection, when doing an appraisal for a lending assignment.

 

[Meandering]

Thank you for explaining that. If a contractor does not measure a house right or fails to note significant factors that impact value, what is going to cover them oh wise one?

Their wallet?

Your wallet and E&O, because you're the bright one who put it in writing.

.

 

[Eli]

Your wallet and E&O, because you're the bright one who put it in writing.

.

Screw that. I know a guy who’s e@o had to pay a claim to the homeowner where he sketched the garage and failed to deduct it from the GLA. The homeowner was not the client.

 

[residentialguy]

Still didn't read the IAEG yet, eh?



Provide the lending regulation that says you can EA the condition and the inspection, when doing an appraisal for a lending assignment.

You seem to think that they have a rule against it, so post it

 

[timd354]

Drive-by appraisals are not done for lending.
You know that as well as I do.

What are you talking about? The 2055 is a Fannie Mae form and it was modified to use the UAD dataset and is still included in the Fannie Mae Selling Guide. Literally millions of GSE loans were originated using 2055 exterior-only appraisals. Although the GSE's currently are not accepting 2055's for new originations, 2055-exterior only appraisals are still used by some lenders to originate non-GSE loans such as 2nd mortgages, etc.

Keep on believing the nonsense that you are believe...facts and logic be damned