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Landsafe Condo GLA requirement?

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Rut Roh, Rhaggy
 
Actually Couch, on their condo engagement letter (below) it says the appraiser MUST measure the interior of the unit, not SHOULD.

I agree with Lee that Fannie doesn't requirement it, but, the scope required by the client can demand more, just not less than the guidelines.

Lee, if you did this for a mortgage broker s/he should have told you it was going to be CW up front and had a scope of work requirement ready for you. If he didn't and if you are going to charge anyone it would be him, it is his mistake. If you did this directly for LandSafe you should have known their requirements and you are best served by going back out and measuring free of charge.

LandSafe Appraisal Development and Reporting Standards for 1073:
1. Inspection of the Subject Property
• The LandSafe Appraiser must perform a complete visual inspection of the interior and exterior areas of the subject property.
2. Subject Property Photos
• Photographs must be taken of the condominium exterior and should be taken of the condominium interior.
• At a minimum, photos of the front, rear, street scene, and any amenities substantially affecting marketability and/or value must be included in the 1073. (This includes notable common areas and project amenities)
3. Measurement of the Improvements
• The LandSafe Appraiser must measure the interior of the condominium residence.
 
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Jim, I've never seen a Landsafe order, but I'll take your word for it. I just took a quick glance at their web site.
 
Couch Potato said:
Yeah, right. It says "completed per Fannie Mae XI, 204.01" :rof:

You do know Landsafe has a standing floor plan requirement that, "Condominium and Co-Op appraisals should indicate interior perimeter dimensions."
Click to expand...


The appraisal request was from another lender, how am I supposed to know that Countrywide would be offered to buy this loan? Are we supposed to perform everything possible to make sure that the appraisal meets every lender in the universe personal requirements? That's why we have a Fannie Mae SOW, so that every report is uniform and all loan buyers have confidence that all reports contain enough data to make a decision. My point is not that I don't like to measure condos, my point is that to be asked by a third party, who is not the client, to perform extra work outside of the original SOW request, is another assignment.
 
Lee Dillon said:
The appraisal request was from another lender, how am I supposed to know that Countrywide would be offered to buy this loan? Are we supposed to perform everything possible to make sure that the appraisal meets every lender in the universe personal requirements? That's why we have a Fannie Mae SOW, so that every report is uniform and all loan buyers have confidence that all reports contain enough data to make a decision. My point is not that I don't like to measure condos, my point is that to be asked by a third party, who is not the client, to perform extra work outside of the original SOW request, is another assignment.
Click to expand...

Is CW buying the loan? Or was this for a mortgage broker who is putting the loan package through CW? Is the loan closed already?
 
Lee, as appraiser's we have to take a stand against our clients many times. But IMO this is not one of them. You really should measure your condo units unless there is a legitmate reason why it can not be done. Just do it and chalk it up to experience for the future and a marketing chance to your client, that you provide excellent service. We have to pick and choose our fights, save it for when it really matters.
 
Jim Klos said:
Actually Couch, on their condo engagement letter (below) it says the appraiser MUST measure the interior of the unit, not SHOULD.

I agree with Lee that Fannie doesn't requirement it, but, the scope required by the client can demand more, just not less than the guidelines.

Lee, if you did this for a mortgage broker s/he should have told you it was going to be CW up front and had a scope of work requirement ready for you. If he didn't and if you are going to charge anyone it would be him, it is his mistake. If you did this directly for LandSafe you should have known their requirements and you are best served by going back out and measuring free of charge.

LandSafe Appraisal Development and Reporting Standards for 1073:
1. Inspection of the Subject Property
• The LandSafe Appraiser must perform a complete visual inspection of the interior and exterior areas of the subject property.
2. Subject Property Photos
• Photographs must be taken of the condominium exterior and should be taken of the condominium interior.
• At a minimum, photos of the front, rear, street scene, and any amenities substantially affecting marketability and/or value must be included in the 1073. (This includes notable common areas and project amenities)
3. Measurement of the Improvements
• The LandSafe Appraiser must measure the interior of the condominium residence.
Click to expand...

It wasn't for Landsafe, do you agree that a third party non-client is off base to expand the SOW for a review? Am I the only person here that gets this? He's "REVIEWING" an appraisal to verify that it was done correctly according to the SOW as outlined by the person who ordered it, not his personal SOW!

If you were on a witness stand and asked:

"Is a review appraiser, who is not affiliated with the client who ordered the appraisal, within his right to dispute an appraisal that was correct under the agreed upon SOW because it did not meet his personally preferred SOW?"

You would say no.

If you were then asked:

"If a third party called and said they want to buy a loan from XYZ bank and you did the appraisal, but we need you to expand your previous SOW and ammend your report to meet our standards. Would you not agree that this is
a new assigment for a different client?"

You would say yes, because I prepared that report for XZY bank and to change it for a third party is a violation of USPAP.
 
Lee Dillon said:
The appraisal request was from another lender, how am I supposed to know that Countrywide would be offered to buy this loan? Are we supposed to perform everything possible to make sure that the appraisal meets every lender in the universe personal requirements? That's why we have a Fannie Mae SOW, so that every report is uniform and all loan buyers have confidence that all reports contain enough data to make a decision. My point is not that I don't like to measure condos, my point is that to be asked by a third party, who is not the client, to perform extra work outside of the original SOW request, is another assignment.
Click to expand...
The Fannie Mae SOW is not to make every report uniform. It is to be sure every report meets at least a minimum standard. It is important to confirm with the client that nothing more is required by them. (Although you may still find more is needed.)

My mistake for thinking you did the appraisal for Landsafe. I got it now. Mortgage Girl ordered a condo appraisal for an unknown lender. You merely named the Mortgage Girl as the client. Now Mortgage Girl is trying to get Countrywide to fund the loan, but Landsafe says your appraisal is deficient. Mortgage Girl is now trying to get you to make the appraisal fit Landsafe standards after the fact.

If I have it straight now, then yes, charge a nice fee for the hassle.
 
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