Mountain Man
Elite Member
- Joined
- Jan 15, 2002
- Professional Status
- Certified General Appraiser
- State
- Georgia
Here is an email I got today:
Dear Georgia Appraisers
As many of you are now aware, LSI stopped doing appraisal work in volume for the Hallandale and St. Petersburg Loan Centers of Bank of America in the state of Florida. Some of you have seen a precipitous drop in appraisal volume from LSI due to this. The reason for this, is the client started to use what they are calling the desktop appraisal.
Attached to this e-mail is a copy of the desktop appraisal form (Microsoft
Word Document) the bank is using for their loans in Georgia. At the present time, Bank of America is supporting the use of this form for appraisals for Bank of America.
The reason for this e-mail is to present the form to you, and inquire about
your willingness to provide this appraisal product to LSI. At this time,
this form is not available on any software packages (but it will be at the
end of August for both ACI and Lighthouse). The fee that LSI will pay for
this appraisal is $35-$50. We would require a 24 hour turnaround time for
this product.
This product is completed by an appraiser, who pulls subject information and comparable properties while in the office, completes the form, and
determines an estimated value to the property, without making a physical
inspection or trip to the property. Thus it is called a desktop appraisal.
Please respond to me to this e-mail, either yes or know, regarding your
willingness to complete this appraisal product for LSI according to the
price and turnaround time listed above. Responding to this e-mail is
sufficient.
Thank you very much for your time
Damon Zeigler
Vice President, Supplier Management
Lender's Service Inc.
700 Cherrington Parkway
Moon Township, PA 15108
(p) 412 299 4315
(f) 412 299 4345
[email protected]
I tried to post the form, but could not figure out how to get it on here. It has a grid that looks like the 2055 with this mice type disclosure:
The undersigned appraiser has performed a desktop valuation of the subject property. The purpose of this desktop valuation is to determine the market value of the subject property. This appraisal is intended for use by the above-referenced client/lender for mortgage loan purposes. It is not intended for use by any other party or for any other purpose. The property rights appraised are fee simple.
The data selection and analysis were performed manually by the appraiser, as noted below.
Here are the limiting conditions on page 2 of the form:
DEFINITION OF MARKET VALUE: The most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: (1) buyer and seller are typically motivated; (2) both parties are well informed or well advised, and acting in what they consider their own best interests; (3) a reasonable time is allowed for exposure in the open market; (4) payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and (5) the price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale.
CONTINGENT AND LIMITING CONDITIONS: The appraiser's certification that appears in this limited residential appraisal and summary report is subject to the following conditions:
1. This assignment is conditioned upon the availability of adequate information regarding the subject property and comparable market data for a 12 month period preceding the date of this valuation.
2. This limited appraisal invokes the Departure Provision of' the Uniform Standards of Professional Appraisal Practice Standards Rule 1-4. In this report, any reference to the term "report" means: limited residential appraisal and summary report.
3. The zoning for the subject property is residential. The subject property is assumed to be a single family dwelling in compliance with this current zoning. The use of the real estate is assumed to be residential and this is the use that is appraised in this report.
4. The reliability of this valuation is considered to be impacted to a certain extent by the appraiser's lack of inspection of the subject property and the comparable sales.
5. The HIGHEST AND BEST USE as improved is assumed to be the present use and is the reasonably probable and legal use that is physically possible, appropriately supported, financially feasible, and results in the highest value. This assumption is an extraordinary assumption, which if found to be false, could significantly alter the value opinion expressed in this report.
6. The appraiser will not be responsible for matters of a legal nature that affect either the property being appraised or the title to it. The appraiser assumes that the title is good and marketable and, therefore, will not render any opinions about the title. The property is appraised on the basis of its being under responsible ownership.
7. The appraiser will not give testimony or appear in court because he or she made an appraisal of the property in question, unless specific arrangements to do so have been made beforehand.
8. The appraiser has no knowledge of any hidden or unapparent conditions of the property or adverse environmental conditions (including the presence of hazardous wastes, toxic substances, etc.) that would make the property more or less valuable. The appraiser has assumed that there are no such conditions and makes no guarantees or warranties, expressed or implied, regarding the condition of the property. The appraiser will not be responsible for any such conditions that do exist or for any engineering or testing that might be required to discover whether such conditions exist. Because the appraiser is not an expert in the field of environmental hazards, this report must not be considered an environmental assessment of the property. If the subject property was built prior to 1978, the dwelling may contain lead-based paint.
9. Information regarding the subject's physical characteristics was obtained either from information supplied on the appraisal request or from third party sources that the appraiser considers to be reliable and believes the data to be true and correct. The appraiser does not assume responsibility for the accuracy of such data that were furnished by other parties.
10. The appraiser will not disclose the contents of this report except as provided for in the Uniform Standards of Professional Appraisal Practice.
11. The appraiser must provide his or her written consent before the lender/client specified in this report can distribute this report (including conclusions about the property value, the appraiser's identity and professional designations, and references to any professional appraisal organizations or the firm with which the appraiser is associated) to anyone other than the borrower, the mortgagee or its successor and assigns, the mortgage insurer, consultants, professional appraisal organization, any state or federally approved financial institution, any department, agency, or instrumentality of the United States, or any state or the District of Columbia, except that the lender/client may distribute the property description section of this report only to data collection or reporting service(s) without having to obtain the appraiser’s prior written consent. The appraiser’s written consent and approval must also be obtained before the report can be conveyed by anyone to the public though advertising, public relations, news, sales, or other media.
APPRAISER’S CERTIFICATION: The Appraiser certifies and agrees that:
1. I have researched the subject market area and have selected a minimum of three recent sales of properties most similar and proximate to the subject property for consideration in the sales comparison analysis. Differences in the subject and comparables were analyzed to arrive at the value conclusion in this report. Utilizing the Sales Comparison Approach, I placed most emphasis on the comparable(s) considered to be most similar to the subject.
2. I have taken into consideration the factors that I am aware of that have an impact on value in my development of the value conclusion presented in this report. I have not knowingly withheld any significant information from this report and I believe, to the best of my knowledge, that all statements and information in this report are true and correct.
3. The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions and are my personal, impartial, and unbiased professional analyses, opinions, and conclusions.
4. I have no present or prospective interest in the property that is the subject of this report and no personal interest with respect to the parties involved. I have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment.
5. My engagement in this assignment was not contingent upon developing or reporting predetermined results. My compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal.
6. My analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice.
7. I have not made a personal inspection of the property that is the subject of this report.
8. In this assignment the appraiser has relied exclusively on the Sales Comparison Approach. Based on prior agreement with the client, an inspection of the subject property, the Cost Approach and Income Approach were excluded from this report. I have considered these exclusions and determined that the exclusion of an inspection, the Cost Approach and the Income Approach would not result in a report that is misleading to the client.
9. Although I have not personally inspected the subject property and the properties utilized as comparables in this report, I certify that I have no knowledge of any hidden or unapparent conditions of the property or adverse environmental conditions within the immediate vicinity of the subject property.
10. I personally prepared all conclusions and opinions about the real estate that were set forth in this report. If I relied on significant professional assistance from any individual or individuals in the performance of this report or the preparation of this report, I have named such individual(s) and disclosed the specific tasks performed by them in the general comment section of this report.
APPRAISER:
Signature:
Name:
Company Name:
Company Address:
Date of Report:
State Certification #:
0r State License #:
State:
Expiration Date of Certification or License:
ADDRESS OF PROPERTY APPRAISED:
APPRAISED VALUE OF THE SUBJECT PROPERTY $
EFFECTIVE DATE OF APPRAISAL
Their proposed fee is :lol: :lol: :evil: USPAP? that is the appraisers problem :twisted: :twisted: :twisted:
Dear Georgia Appraisers
As many of you are now aware, LSI stopped doing appraisal work in volume for the Hallandale and St. Petersburg Loan Centers of Bank of America in the state of Florida. Some of you have seen a precipitous drop in appraisal volume from LSI due to this. The reason for this, is the client started to use what they are calling the desktop appraisal.
Attached to this e-mail is a copy of the desktop appraisal form (Microsoft
Word Document) the bank is using for their loans in Georgia. At the present time, Bank of America is supporting the use of this form for appraisals for Bank of America.
The reason for this e-mail is to present the form to you, and inquire about
your willingness to provide this appraisal product to LSI. At this time,
this form is not available on any software packages (but it will be at the
end of August for both ACI and Lighthouse). The fee that LSI will pay for
this appraisal is $35-$50. We would require a 24 hour turnaround time for
this product.
This product is completed by an appraiser, who pulls subject information and comparable properties while in the office, completes the form, and
determines an estimated value to the property, without making a physical
inspection or trip to the property. Thus it is called a desktop appraisal.
Please respond to me to this e-mail, either yes or know, regarding your
willingness to complete this appraisal product for LSI according to the
price and turnaround time listed above. Responding to this e-mail is
sufficient.
Thank you very much for your time
Damon Zeigler
Vice President, Supplier Management
Lender's Service Inc.
700 Cherrington Parkway
Moon Township, PA 15108
(p) 412 299 4315
(f) 412 299 4345
[email protected]
I tried to post the form, but could not figure out how to get it on here. It has a grid that looks like the 2055 with this mice type disclosure:
The undersigned appraiser has performed a desktop valuation of the subject property. The purpose of this desktop valuation is to determine the market value of the subject property. This appraisal is intended for use by the above-referenced client/lender for mortgage loan purposes. It is not intended for use by any other party or for any other purpose. The property rights appraised are fee simple.
The data selection and analysis were performed manually by the appraiser, as noted below.
Here are the limiting conditions on page 2 of the form:
DEFINITION OF MARKET VALUE: The most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: (1) buyer and seller are typically motivated; (2) both parties are well informed or well advised, and acting in what they consider their own best interests; (3) a reasonable time is allowed for exposure in the open market; (4) payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and (5) the price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale.
CONTINGENT AND LIMITING CONDITIONS: The appraiser's certification that appears in this limited residential appraisal and summary report is subject to the following conditions:
1. This assignment is conditioned upon the availability of adequate information regarding the subject property and comparable market data for a 12 month period preceding the date of this valuation.
2. This limited appraisal invokes the Departure Provision of' the Uniform Standards of Professional Appraisal Practice Standards Rule 1-4. In this report, any reference to the term "report" means: limited residential appraisal and summary report.
3. The zoning for the subject property is residential. The subject property is assumed to be a single family dwelling in compliance with this current zoning. The use of the real estate is assumed to be residential and this is the use that is appraised in this report.
4. The reliability of this valuation is considered to be impacted to a certain extent by the appraiser's lack of inspection of the subject property and the comparable sales.
5. The HIGHEST AND BEST USE as improved is assumed to be the present use and is the reasonably probable and legal use that is physically possible, appropriately supported, financially feasible, and results in the highest value. This assumption is an extraordinary assumption, which if found to be false, could significantly alter the value opinion expressed in this report.
6. The appraiser will not be responsible for matters of a legal nature that affect either the property being appraised or the title to it. The appraiser assumes that the title is good and marketable and, therefore, will not render any opinions about the title. The property is appraised on the basis of its being under responsible ownership.
7. The appraiser will not give testimony or appear in court because he or she made an appraisal of the property in question, unless specific arrangements to do so have been made beforehand.
8. The appraiser has no knowledge of any hidden or unapparent conditions of the property or adverse environmental conditions (including the presence of hazardous wastes, toxic substances, etc.) that would make the property more or less valuable. The appraiser has assumed that there are no such conditions and makes no guarantees or warranties, expressed or implied, regarding the condition of the property. The appraiser will not be responsible for any such conditions that do exist or for any engineering or testing that might be required to discover whether such conditions exist. Because the appraiser is not an expert in the field of environmental hazards, this report must not be considered an environmental assessment of the property. If the subject property was built prior to 1978, the dwelling may contain lead-based paint.
9. Information regarding the subject's physical characteristics was obtained either from information supplied on the appraisal request or from third party sources that the appraiser considers to be reliable and believes the data to be true and correct. The appraiser does not assume responsibility for the accuracy of such data that were furnished by other parties.
10. The appraiser will not disclose the contents of this report except as provided for in the Uniform Standards of Professional Appraisal Practice.
11. The appraiser must provide his or her written consent before the lender/client specified in this report can distribute this report (including conclusions about the property value, the appraiser's identity and professional designations, and references to any professional appraisal organizations or the firm with which the appraiser is associated) to anyone other than the borrower, the mortgagee or its successor and assigns, the mortgage insurer, consultants, professional appraisal organization, any state or federally approved financial institution, any department, agency, or instrumentality of the United States, or any state or the District of Columbia, except that the lender/client may distribute the property description section of this report only to data collection or reporting service(s) without having to obtain the appraiser’s prior written consent. The appraiser’s written consent and approval must also be obtained before the report can be conveyed by anyone to the public though advertising, public relations, news, sales, or other media.
APPRAISER’S CERTIFICATION: The Appraiser certifies and agrees that:
1. I have researched the subject market area and have selected a minimum of three recent sales of properties most similar and proximate to the subject property for consideration in the sales comparison analysis. Differences in the subject and comparables were analyzed to arrive at the value conclusion in this report. Utilizing the Sales Comparison Approach, I placed most emphasis on the comparable(s) considered to be most similar to the subject.
2. I have taken into consideration the factors that I am aware of that have an impact on value in my development of the value conclusion presented in this report. I have not knowingly withheld any significant information from this report and I believe, to the best of my knowledge, that all statements and information in this report are true and correct.
3. The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions and are my personal, impartial, and unbiased professional analyses, opinions, and conclusions.
4. I have no present or prospective interest in the property that is the subject of this report and no personal interest with respect to the parties involved. I have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment.
5. My engagement in this assignment was not contingent upon developing or reporting predetermined results. My compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal.
6. My analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice.
7. I have not made a personal inspection of the property that is the subject of this report.
8. In this assignment the appraiser has relied exclusively on the Sales Comparison Approach. Based on prior agreement with the client, an inspection of the subject property, the Cost Approach and Income Approach were excluded from this report. I have considered these exclusions and determined that the exclusion of an inspection, the Cost Approach and the Income Approach would not result in a report that is misleading to the client.
9. Although I have not personally inspected the subject property and the properties utilized as comparables in this report, I certify that I have no knowledge of any hidden or unapparent conditions of the property or adverse environmental conditions within the immediate vicinity of the subject property.
10. I personally prepared all conclusions and opinions about the real estate that were set forth in this report. If I relied on significant professional assistance from any individual or individuals in the performance of this report or the preparation of this report, I have named such individual(s) and disclosed the specific tasks performed by them in the general comment section of this report.
APPRAISER:
Signature:
Name:
Company Name:
Company Address:
Date of Report:
State Certification #:
0r State License #:
State:
Expiration Date of Certification or License:
ADDRESS OF PROPERTY APPRAISED:
APPRAISED VALUE OF THE SUBJECT PROPERTY $
EFFECTIVE DATE OF APPRAISAL
Their proposed fee is :lol: :lol: :evil: USPAP? that is the appraisers problem :twisted: :twisted: :twisted:
