More On Free Comp Checks

[Bill_FL]

Otis - have you ever appraised a property you appraised before, and your client knew you had appraised it before? How do you accept that assignment?

 

[Otis Key]

Otis - have you ever appraised a property you appraised before, and your client knew you had appraised it before? How do you accept that assignment?

Open minded, with a new assignment and I don't even look at the old appraisal. Collect at the door, do my job and send in the report.

 

[Mark to market]

Otis,
When you drive to another town to do an appraisal do you not pull likely comps from MLS so that you will not have to make a second trip to view the comparables. If so, you have basically done most of the work in a comp search. If not you are wasting a lot of gas (pun intended).
My point being, (in case you have missed it) is that the restricted use report is not a lot of extra work

_______________________
The Loan Appraiser

 

[Mark to market]

Stone
Thanks for your comment. I probably am treading in high water here.
I will take a hint from your post and start a separate file for full appraisals that come in below the value of the restricted use report. It has happened more then I care to admit.
_____________________
The Loan Appraiser

 

[Mark to market]

Good morning Otis,

The great comp search debate generally comes down to “how can you work for free”. I can see where this would be a problem to you, as people who provide a greater service will probably end up taking business from those that do not.

In your case and for New Mexico I believe it goes farther. Right now in New Mexico we are a non-disclosure state. We have a very active appraisal community that fairs pretty well and at present is not being inundated by valuation machines.

I recall from your past posts that you have bragged about gouging lenders who ask for changes to the appraisal.

If I were a lender and was being gouged and paying for appraisals that I could not use on a regular basis I would probably be clamoring for full disclosure and valuation machines. If other states are an indication, 50% of the appraisers in New Mexico will lose their jobs if we go full disclosure.

We are a service industry. We have the ability to provide a superior service then that of a machine. I suggest that you lighten up on people who wish to do so, let us who wish to do so, improve the industry before it is too late for all of us. You might even consider getting on board. Remember work ethics go beyond what is mentioned in USPAP.

This will be my last post on the subject, I have enjoyed talking with you.
See ya at the next rodeo.

The Loan Appraiser

 

[Bill_FL]

Otis, so how is that any different from the cert 18 issue. You did it before, they are "expecting" at least what you did before right?

 

[Mr Rex]

I wonder if its any different than doing an Appraiser Assisted AVM. How can you agree with their numbers if you haven't already seen the number? FWIW, I don't do AAVMs.

 

[Webbed Feet]

Mr. Raney,

I support the concepts of desktop appraisals and appraiser's rights to provide them. I also understand and support the concepts involved in phased assignments involving multiple appraisals, even when value is an aspect involved in deciding to move on and complete a next phase that is another appraisal. These are all legitmate products of the appraisal industry that all of us can either offer for a fee, or give away, should we so opt to. What I don't support;

Richard, several times you have called my USPAP compliant practice unethical. Yet you are the one going out to do a job, knowing in advance, that there is no way you will ever get value. Really, which one of us is unethical?

I don't support licensed appraisers using mortgage broker guilt trip language against other appraisers on an appraiser forum. Many banks REQUIRE an appraiser complete an assignment regardless of the outcome, just as they should, because they have to have it to ethically turn a loan down. I suppose you routinely call up banks and tell them it's not ethical of them to require that of you any time you can't "Get Value" for the borrower? Because it's not ethical to complete appraisals with value opinions less than needed to do a loan? ... Is that what you were saying? Perhaps things got emotional and you just fired back something you knew was a hot button for other appraisers.

Also, not that you have to consider it at all, it's your call, but that word "Full" you use in your documentation. I do not feel it's a good idea to be using meaningless slang in an attempt to cover yourself with USPAP. You might want to change that. Because your desktop appraisal is just as "Full" as any other. ... I'll not state the obvious one liner that now presents itself about that....

To All,

I also do not support appraisers twisting certification language around in an effort to claim desktop appraisals or phased assignments cannot be done. I got teased and scoffed at a bit when I tried to coin "Type N" and "Type C" labels for the returning comp check monster here on the forum. It was ok that happened, I expected it. But I support both Mr. Raney's and Mr. DeSaix's rights under our current standards to provide desktop appraisals.

For me the issues are not about "comp checks", they are about an under-regulated sales industry mixed with a highly regulated "cottage" type service-valuation industry at odds with each other in purpose and goals. The issues are being caused by those who are abusing the system on both sides for personal gain. The real guilty party? It's the regulators, it's at the top, it's the federal government and the entire banking system. The real harsh statement here is allowing it to go on has been profitable and aided the government in trying to prop up a recession on the backs of the American people through encouraging debt. So why take action to protect the public from their own bankruptcy as long as a profit can be made? Get people to spend money, get money to people not by creating good paying jobs, since that obviously is not profitable for giant corporations, but by getting all of them to borrow against their real estate. Let not us concern ourselves about the number of lambs sent to the slaughter. The expedient political solution to America's financial woes. The under-regulated must become regulated, the highly regulated must become not a disorganized cottage industry but an organized one with a affirmative political lobby, and the political side needs to stop using intentional encouragement of debt as their solution to their inability to stop corporate abandonment of this country via relocating all decent paying jobs to third world level countries. Honestly, if we can't do this, then I suggest the American People fire all of Congress, all the Representatives, the President, and the Supreme Court too .... Because we can hire the government of India to do it all for us much cheaper!

Barry Dayton

 

[Offshore]

Richard, several times you have called my USPAP compliant practice unethical. Yet you are the one going out to do a job, knowing in advance, that there is no way you will ever get value.

Mr. Raney since I was referencing ethics in broad terms, if you found my words offensive, it was an inference on your part, something to think about perhaps. Please do me a favor and define exactly what you meant in your post above by “GET VALUE”.

 

[Steve Owen]

Good morning Otis,

The great comp search debate generally comes down to “how can you work for free”.

Actually, the debate usually comes down to "how can you violate USPAP rules against providing pre-determined value." At least, as far as I'm concerned.

If you can do what you're doing without doing that, then more power to you. From the discussions I've had with many mortgage brokers, I don't really believe you can.