PropertyEconomics
Elite Member
- Joined
- Jun 19, 2007
- Professional Status
- Certified General Appraiser
- State
- New Mexico
What if the LO just asks. with no "we need x to go forward, as a condition/reward for a particular outcome of assignment #1. "This is an arguable point, as the SOW of assignment #1 is different from assignment #2. I agree, that assignment #1 should be turned down, if the lender says we need x to go forward, as a condition/reward for a particular outcome of assignment #1.
With the event of HVCC, if the transaction is covered by HVCC, I'm not so sure. I think it might put the kibosh on desk top appraisal assignments. Sure wish the surfer would weigh in on this issue. But, I understand, if he doesn't. Who needs a food fight?
thank you very muchSOW .. Scope of Work
I have been following this "comp check" issue on this and other threads. Here's what I do for my long time clients. I will do an MLS search for solds, actives, pendings and pendings taking back up offers. I do not enter any search parameters other than a 1 mile search radius. I then forward the info to them. If they have a potential borrower who thinks their home is worth $500,000, for example, and there is nothing on the list exceeding $400,000 they can decide whether to proceed or not. If their potential borrower gives them a $350,000 estimate, my clients at least have a more reasonable idea of how to proceed. I never give them any kind of value estimate and I always let them know that I can only provide a value opinion after an appraisal is completed. I don't think I am in violation of USPAP or any other regs.
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I suggest that Apprazur's interpretation of Cali's interpretation is irrelevant unless he is certified in Cali. I suggest that Apprazur ask the powers that be in Washington to render their interpretation.
Ah ha!
Are comp checks a violation of USPAP?
NO.
Are some of you scared you may be in conflict with USPAP?
YES.
JUSt follow the proper guidelines and you will forever stop taking $400 for a report that is useless.
I have been following this "comp check" issue on this and other threads. Here's what I do for my long time clients. I will do an MLS search for solds, actives, pendings and pendings taking back up offers. I do not enter any search parameters other than a 1 mile search radius. I then forward the info to them. If they have a potential borrower who thinks their home is worth $500,000, for example, and there is nothing on the list exceeding $400,000 they can decide whether to proceed or not. If their potential borrower gives them a $350,000 estimate, my clients at least have a more reasonable idea of how to proceed. I never give them any kind of value estimate and I always let them know that I can only provide a value opinion after an appraisal is completed. I don't think I am in violation of USPAP or any other regs.
I agree with mentor, to a point, and you're supplying written documentation of your filtering to the potential client which makes it an appraisal. Numerical range of value is expressed through filtering a 1 mile distance. Don't get caught. They have proof if anything goes wrong with the loan, time stamped MLS data too (usually). Any filtering of data in a written format (MLS) and delivered to the client is an appraisal. In order to not have any filtering your search would have to be wide open with no parameters - hardly possible. JMHO
Def of USPAP appraisal subparagraph 2 or 3 (i believe lol).
That's the whole point. Once the appraiser starts using their knowledge and judgement to filter the data it becomes an appraisal.
Oh, BTW, did you find the lines in USPAP that say that the appraiser must express in a written numerical form the appraisal? I still can't find that in my copy.