More On Free Comp Checks

[fifteen]

You guys really don't understand it, yet Ca. does. How do you explain that ? They're dumb ? OK, suuuure (wink wink)

 

[PropertyEconomics]

You guys really don't understand it, yet Ca. does. How do you explain that ? They're dumb ? OK, suuuure (wink wink)

I fear it is you that doesnt get it .. if USPAP is not mandatory in yoru state you are fine .. if it is you are in trouble simple as that. When you have twenty people telling you one thing and you are the only one arguing the other side .. perhaps a little introspection would be appropriate.

 

[fifteen]

You guys are avoiding the practical application of the terms of a USPAP appraisal. I can't for the life of me figure out why - honestly. Unless it somehow got drilled into you. I'm not going to get into it as we already did at length and it did no good to try to convince you of the obvious. Suffice it to say Ca. agrees with me and we'll leave it at that.

 

[PropertyEconomics]

Apprazur .. please tell me how this comp check might be ordered ... give me those details and we can work from there .. how about that. How would the typical order go.

 

[fifteen]

LO : We need a value in the $250k range. Me : What's the least you can work with and I'll have a look. LO : Well, really we only need $190k. Me: Yeah, that's doable assuming the property is as how you've explained and it's not needing repairs. LO : Cool, get your $750 from the HO and if there's any problems give me a call. Me : Okie dokey

See, it's not an appraisal because a value or range hasn't been expressed. A benchmark of $250k yes, but there was no numerical expression by me of a value that could be proved in court. In otherwords, I didn't send an e-mail with a value and I didn't write him a note with the value or range. It wasn't "numerically expressed" to the point where it could be proven that a specific value or range of value was conveyed. It's another case of he said vs he said. If there's more than 2 parties that hear your expression of value than that could be construed as an "appraisal" as it's more than just the word of one person against the word of another person. I do understand your miscomprehension with the term "numerically expressed". Numerically expressed means a conveyance in written form of an analysis. My scoping out the market around the subject doesn't qualify for 2 reasons. As Greg said there's been no contract decided yet between us for an assignment and the value wasn't "expressed" in the terms in the spirit of which the doctrine (USPAP) was written. I'm not going to argue this point, we've gone over it plenty of times already. Ca. agrees with me and that's enough for me. It's not enough for you, fine.

You need PROOF for there to be an appraisal.


OK - I'm starting to think you're just scrwein with me lol. You need proof to claim anything.

 

[JSmith43]

190K is the benchmark established and you communicated greater than equal the benchmark. You threw in some EA's. Big deal. It is an appraisal as defined by USPAP.

 

[Hamlet]

MB's kept me busy when the banks were slow. If I can get a reputable MB to deal with, then why not do a comp check. Reputable ones have always kept me busy, no pressure. Besides, it's always bugged me taking money from the homeowner, who was barely making it, and then not making value. As a public service why would you want to take someones money if you know the value isn't there? Isn't that a little bit like selling a box of pizza at full price knowing there's only a slice in the box.

USPAP states a value must be numerically expressed for there to be an appraisal. You guys really still think that without an expression of value an appraisal has been done??!! As long as a value isn't "numerically expressed" there is not an appraisal. Ca. is right and you guys are wrong. Ha ha. At least practically as it'd be impossible to prove in court verbal agreements in much the same way a verbal contract means squat.

An appraisal must be numerically expressed as a specific amount, as a range of numbers, [FONT=Times New Roman,Times New Roman]or as a relationship (e.g., not more than, not less than) to a previous value opinion [/FONT]or numerical benchmark (e.g., assessed value, collateral value).

Do you not see that this is is suppose to ensure ethical behavior in the appraiser? Suppose the appraiser gets a call for a "comp check". In your scenario, there is no need to perform research because there is no work file. So the unethical appraiser can promise any value and doesn't have to have anything to back it up.

Consider if you would how this would affect those applying for those loans. Oh wait, isn't that what has happened with the unethical performing their "comp checks" already? Hmmmmm............

 

[Hamlet]

LO : We need a value in the $250k range. Me : What's the least you can work with and I'll have a look. LO : Well, really we only need $190k. Me: Yeah, that's doable assuming the property is as how you've explained and it's not needing repairs. LO : Cool, get your $750 from the HO and if there's any problems give me a call. Me : Okie dokey

See, it's not an appraisal because a value or range hasn't been expressed. A benchmark of $250k yes, but there was no numerical expression by me of a value that could be proved in court. In otherwords, I didn't send an e-mail with a value and I didn't write him a note with the value or range. It wasn't "numerically expressed" to the point where it could be proven that a specific value or range of value was conveyed. It's another case of he said vs he said. If there's more than 2 parties that hear your expression of value than that could be construed as an "appraisal" as it's more than just the word of one person against the word of another person. I do understand your miscomprehension with the term "numerically expressed". Numerically expressed means a conveyance in written form of an analysis. My scoping out the market around the subject doesn't qualify for 2 reasons. As Greg said there's been no contract decided yet between us for an assignment and the value wasn't "expressed" in the terms in the spirit of which the doctrine (USPAP) was written. I'm not going to argue this point, we've gone over it plenty of times already. Ca. agrees with me and that's enough for me. It's not enough for you, fine.

You need PROOF for there to be an appraisal.


OK - I'm starting to think you're just scrwein with me lol. You need proof to claim anything.

If you appraise in Washington, you'd better care about Washington law and not California law.

 

[Michigan CG]

........ LO : Well, really we only need $190k. Me: Yeah, that's doable assuming the property is as how you've explained and it's not needing repairs........

You are telling them that it is worth at least $190,000. That is an appraisal, in numerical terms.

...............It's another case of he said vs he said. If there's more than 2 parties that hear your expression of value than that could be construed as an "appraisal" as it's more than just the word of one person against the word of another person...................

So it is ok to be unethical as long as only one person hears it. I am glad you have such high standards.

When do appraisers start being professionals and stop giving away their knowledge for free?

 

[fifteen]

Nope - there has to be proof of an appraisal or there is no appraisal. Just like leprechans, find proof of one and I'll believe you. There is no proof a valuation was done. Hence : how can you prove it? Don't you guys understand that's why USPAP was written that way??!! I'm not compromising anything. I don't know who taught you guys this, but you need to re-learn. Look at it in legal terms - could you be found guilty for casing a joint or do you have to commit a crime.

Come on, use your heads, if there's no proof of an appraisal - how could there be one? Not even a slip of paper with a number on it - nothing. There's nothing unethical about it. Unethical would be saying there's an appraisal when there isn't. 2 sides to that coin.

Tim - like I said, I don't give away info for free or else that'd be all I'd be doing. I USED to have some good mortgage brokers that were very ethical that came to me because they knew I did a good job and didn't "hit the numbers" and they never had any problems with my appraisals. Same with my now gone banks.