I'm Conflicted - Should I Do These Reports?

[J Grant]

I can't believe they put that as a sample

The sample report looks like they imported a CMA side by side of sales right from MLS,boilerplate comments and a generic MLS or computer chart...with an appraiser's signature.

Nothing wrong imo with the concept of the product, but since like so much of appraisal the orders are sent through an AMC with AMC fee skim, the $ left for the appraiser is very lean-therefore appraiser to be profitable has to take short cuts..or do a thorough research job, spend 3 hours on each, and make little $.

 

[residentialguy]

Nothing wrong imo with the concept of the product,

Sure there is...it's unsupported.

 

[J Grant]

Sure there is...it's unsupported.

It's not the product (short form with inspection by other ) that is the problem, it is the way it is done by an appraiser that can be the problem- such as this sample report which to me looks like a direct import from MLS.

Then again, USPAP does not specify what goes into a report, rather it says the work file contain sufficient content to create an appraisal from (paraphrasing)...so the USPAP compliance, (in addition to disclosures such as prior service), comes from the work file content- but I doubt the work file for a rapid dump from MLS would stand up to being that to what USPAP calls for.

 

[residentialguy]

USPAP does not specify what goes into a report, rather it says the work file contain sufficient content to create an appraisal from (paraphrasing)...so the USPAP compliance, (in addition to disclosures such as prior service), comes from the work file content- but I doubt the work file for a rapid dump from MLS would stand up to being that to what USPAP calls for

I can guarantee you that.

 

[Meandering]

Start again.


INTENDED USER
The intended user of this report is the named Lender/Client. In some jurisdictions, e.g. Illinois, the AMC is considered an intended user.

Aren't GSE/FHA/USDA/VA/IAEG appraisal guidelines applicable to an intended user who is a LENDER/CLIENT, and not just a client????

INTENDED USE
The intended use of this appraisal report is to provide an opinion of the MARKET VALUE of the real property that is the subject of this report based on a sales comparison analysis, for the purposes as defined in this report.

And opinion of market value is not a USE OF THE REPORT.

USPAP fail.

.

 

[timd354]

Start again.


INTENDED USER
The intended user of this report is the named Lender/Client. In some jurisdictions, e.g. Illinois, the AMC is considered an intended user.

Aren't GSE/FHA/USDA/VA/IAEG appraisal guidelines applicable to an intended user who is a LENDER/CLIENT, and not just a client????

INTENDED USE
The intended use of this appraisal report is to provide an opinion of the MARKET VALUE of the real property that is the subject of this report based on a sales comparison analysis, for the purposes as defined in this report.

And opinion of market value is not a USE OF THE REPORT.

USPAP fail.

.

Reading comprehension fail (see the language highlighted in orange) ...you forgot to include the the following Intended Use statement that is found further on in the report:

I don't know whether or not these reports are USPAP compliant, but they don't fail to comply to USPAP because of anything having to do with not identifying the intended use.

 

[Meandering]

Reading comprehension fail (see the language highlighted in orange) ...you forgot to include the the following Intended Use statement that is found further on in the report:
View attachment 33508
I don't know whether or not these reports are USPAP compliant, but they don't fail to comply to USPAP because of anything having to do with not identifying the intended use.

I see............

2 different intended use statements.

Hummmmm,

Could that be confusing and misleading?????

USPAP fail.

.

 

[Meandering]

Reading comprehension fail (see the language highlighted in orange) ...you forgot to include the the following Intended Use statement that is found further on in the report:
View attachment 33508
I don't know whether or not these reports are USPAP compliant, but they don't fail to comply to USPAP because of anything having to do with not identifying the intended use.

And isn't it the APPRAISER that determines the scope of the work for the INTENDED USE of the report,

and not some software programer, and not even the CLIENT?

.

 

[residentialguy]

And isn't it the APPRAISER that determines the scope of the work for the INTENDED USE of the report,

and not some software programer, and not even the CLIENT?

.

Like the 1004 with it's pre-printed SOW....the appraiser signs it and makes it his/hers.

 

[Meandering]

Like the 1004 with it's pre-printed SOW....the appraiser signs it and makes it his/hers.

Nope.

You can add endless amounts of addenda to a 1004, and comments to the SOW as the 1004 states, "at a minimum", not, The appraisers SOW was limited to only this.

.