July 2008 ASC Q&a- Wink Wink Comp Comp

[Fred]

Yes, I know and therein lies the dilemma. We appraisers are faced with an impossible situation.

It's called reality. Do you really think it is different for the rest of the world? Look at what prosecutors make for locking up murderers and what defense attorneys make for setting them free to kill again.

You want to select of life of the straight and narrow, fine, but stop blaming others for the solitude that is the price of your vigilance.

What can I say? The appraisal arguements are met with emotional retorts, so I decided to play one in your park.

 

[Fred]

Danny,

Maybe its time for them to re-visit the Ethics section of USPAP.

Then propose something that makes life happier for appraisers who chose to swim in the home-mortgage end of the pool only, and that doesn't disrupt the longstanding LEGITIMATE practices of other appraisers that don't swim in that end of the pool.

 

[joe huffman]

For all those that have been, are or will be complaining about the ASB, the fact is they are looking for folks to apply and serve on that board and others, rather than blowing hot air, get involved at the that level where you can have direct input..... in other words actions speak louder than words....

 

[Fred]

Perhaps an understanding of the difference between "promulgated for" and "binding upon" would help clear up the confusion?

Worked for me.

BTW, as far as I'm concerned, the term "full appraisal" means exactly the same thing to me that "comp check" does if/when the latter involves an opinion of value.

As USPAP says, "regardless of the nomenclature."

As you may now, the idea behind my signature line is based on the whole idea of not calling an appraisal an appraisal. Now, if could just get you to see that "full appraisal" and "comp check" and "AVM" mean the same thing, we'd really have something.

 

[Carnivore]

Then propose something that makes life happier for appraisers who chose to swim in the home-mortgage end of the pool only, and that doesn't disrupt the longstanding LEGITIMATE practices of other appraisers that don't swim in that end of the pool.

I was not suggesting that at all. I apologize if I have mislead you.

 

[George Hatch]

So what is your definition of the term "Comp Check" because you have given 2 possible definitions in your response, and the ASB has given none.

The ASB has not undertaken the task of defining the term comp check or of including it in USPAP. They already have a definition for appraisal and that's what they use. If the service fits the definition then the requirements applicable to that definition (and hence the service) apply, regardless what anyone calls it.

The whole point of this thread is that there is no single universally accepted definition for what a comp check is. That's why I qualified my use of the term (as did the ASB when they used it) by referring to those services that involve an opinion of value.

USPAP defines services by the actions and expectations involved, not the nomenclature being used. So do I, and so should you.

Go ahead, try it. It feels good. It makes what might appear to be a squishy term much more clear and simple.

Can an appraiser respond to a comp check request that (I shall now qualify by saying) does not include an improper contingency for the 2nd assignment by performing a no-look appraisal and maintaining a workfile? Sure, depending on how tough the subject property is to appraise from your desk, why not?

Can an appraiser renegotiate a comp check request that does include an improper contingency for the 2nd assignment by persuading the client to drop said contingency? Sure, depending on the stubborness of the client, why not?

Absent any improper contingencies in this particular client-appraiser relationship, can an appraiser be engaged for that 2nd assignment and provide it without it involving any improper contingencies? Absolutely. It really comes down to the appraiser's willingness to always say "no" when appropriate, with or without the pitch coming in the form of a comp check request.

 

[Offshore]

Hooker, John, date.
Loan officer, appraiser, comp check.

Those who thrive in the current system can parse USPAP to their heart’s content, but they aren’t fooling anyone.

 

[Hamlet]

It's called reality. Do you really think it is different for the rest of the world? Look at what prosecutors make for locking up murderers and what defense attorneys make for setting them free to kill again.

You want to select of life of the straight and narrow, fine, but stop blaming others for the solitude that is the price of your vigilance.

What can I say? The appraisal arguements are met with emotional retorts, so I decided to play one in your park.

Perhaps I haven't made my position clear....

I am not blaming USPAP or anyone for my solitude. I'm only asking the Feds to even the playing field and not make it easy for criminals to steal from the public.

USPAP only controls the actions of appraisers, not the lenders. Currently there are huge loop holes for the lenders to dance through while the appraiser with ethics is left with very little choice or cause of action.

 

[Webbed Feet]

Hooker, John, date.
Loan officer, appraiser, comp check.

Those who thrive in the current system can parse USPAP to their heart’s content, but they aren’t fooling anyone.

Offshore,

I'm confused if maybe you have the hooker and John in the correct order or not.... ... Shouldn't there be a pimp in there somewhere?

Webbed.

 

[George Hatch]

That solitude is part of the job description. It has always has been so, and I assume it will always be so.