July 2008 ASC Q&a- Wink Wink Comp Comp

[Carnivore]

Bet they got a comp check on this one!

wooo hooo

http://appraisersforum.com/showthread.php?p=1649163#post1649163

 

[Hamlet]

.. care to tell us EXACTLY what it is you are asking in simple langage not filled with Rice Crispieisms?

Mr. Santora was accused of being esoteric, but I do believe this one takes the cookie!

 

[Fred]

Mr. Santora was accused of being esoteric, but I do believe this one takes the cookie!

I am not sure that one had my exact address on it. Speaking abnormally, being a lapdog, and never posting anything of substance were directed at me personally. Although, in that flurry of flak, I can see why you might have gotten confused.

 

[George Hatch]

woodyva

Sorry for the delay in responding, I just got back from teaching a class today.

are you saying that an appraiser should define one's own scope of work?

I'm repeating the party line. While the process of identifying the assignment conditions involves communication with the client, the appraiser always has the final say - and the final responsibility - for the SOW decision. There are references in the SOWR about not allowing either the assignment conditions or the clients objectives to cut into the credibility or the objectivity of of the assignment results.

 

[Non Sequitur]

While the process of identifying the assignment conditions involves communication with the client, the appraiser always has the final say - and the final responsibility - for the SOW decision. There are references in the SOWR about not allowing either the assignment conditions or the clients objectives to cut into the credibility or the objectivity of of the assignment results.

IMO this cuts to the heart of the comp check issue. Appraisers who comp check don’t do it as a standalone service. They comp check in an effort at landing the full paying assignment. To that end they let the assignment conditions and the clients objectives (we need X amount to make the deal work) drive the process towards landing the “real” paying assignment. The appraiser knows the LO/MB will not order a full appraisal if the comp check comes up short. Appraisers who claim this doesn’t affect their judgment and how they handle the comp check act like other appraisers don’t have to deal with the same issues.

 

[woodyva]

woodyva

Sorry for the delay in responding, I just got back from teaching a class today.


I'm repeating the party line. While the process of identifying the assignment conditions involves communication with the client, the appraiser always has the final say - and the final responsibility - for the SOW decision. There are references in the SOWR about not allowing either the assignment conditions or the clients objectives to cut into the credibility or the objectivity of of the assignment results.

So if I decide that my SOW is given more credibility by including a table of contents (it shows all the pieces to my report, so that the reader knows they have a complete and true copy), then being told to not include it by a client would that not make my reporting unethical?

 

[Fred]

are you saying that an appraiser should define one's own scope of work?

I'm repeating the party line.

Party line? Sounds like you are repeating the part that is chiseled into stone.

For each appraisal, appraisal review, and appraisal consulting assignment, an appraiser must:

1. identify the problem to be solved;​

2. determine and perform the scope of work necessary to develop credible assignment results;

​

"An appraiser must...determine the scope of work necessary."
​

 

[Lee Lansford]

...So hold on to that party line---but I hate to tell you that there isn't any one really on the other end because they are sitting on the sidelines busy going to their meetings and patting the lenders on the back.

Sandy, I don't want to put words in your mouth, but are you offering that it is somehow the fault of TAF and the ASB that many appraisers don't do as they ought?

If you are, you expect the impossible.

If you are, whose fault is it when someone murders...steals...drives faster than the speed limit...doesn't pay their taxes nor file a tax return...or breaks any other law?

Lee

 

[Mike Kennedy]

Connecticut State Law - Eff 7/1/2008 .......section 14.

Sec. 14. (NEW) (Effective July 1, 2008) (a) A mortgage broker is prohibited from influencing residential real estate appraisals. For the purposes of this section, "influencing residential real estate appraisals" includes, but is NOT LIMITED TO:

(1) Refusal, or intentional failure, to pay an appraiser for an appraisal made that reflects a fair market value estimate that is less than the sale contract price; or (2) refusal, or intentional failure, to utilize, or encouraging other mortgage brokers not to utilize, an appraiser based solely on the fact that the appraiser provided an appraisal reflecting a fair market value estimate that was less than the sale contract price.

(b) Any person who violates the provisions of subsection (a) of this section shall, upon a verified complaint in writing of any person, provided such complaint, or such complaint together with evidence, documentary or otherwise, presented in connection therewith, make out a prima facie case, to the commissioner, who shall investigate the actions of any mortgage broker. The commissioner shall have the power temporarily to suspend or permanently to revoke any license issued under the provisions of chapter 668 of the general statutes after notice and hearing in accordance with section 36a-24 and chapter 54 of the general statutes. In addition to or in lieu of such suspension or revocation, the commissioner may impose a civil penalty of not more than one thousand dollars for any violation of the provisions of subsection (a) of this section.



http://www.cga.ct.gov/2008/TOB/H/2008HB-05577-R00-HB.htm:new_ukliam2:

 

[Michigan CG]

I spoke with Mr. Socrates ....

Can I have his phone number?