More On Free Comp Checks

[Mr Rex]

Don't call me bro.

http://www.youtube.com/watch?v=6bVa6jn4rpE

 

[Webbed Feet]

<......snip.....>

It would be an honor to play with you sir and again the round is on me.

I just had this really bad mental image of trying to putt to your belly button. I'm gonna have to go lay down now.....

 

[Samshile]

From what I'm reading you're putting the borrower culture above the appraisal culture and those intellectual muscles could stand some roids, bro.

LOL. As much as I want that control, do we not really answer to the investors? We send addendums with FHA guidelines and the response is what the investor wants and how soon can you do it. Were waiting on you for docs.

 

[Mister Ed]

Please allow me to add my ditto to Mr. B on this....

I did a desktop for a three year client today on a house here in town with good info on the subject (I appraised it two years ago when the current owners purchased) and good MLS data. This was my first for this client, but he and I talked about it a few times before and he knows what I can and cannot "hear" from him.

The order was simple and to the point:

I need a desktop appraisal on xxxx Claxton Dairy Rd. Please email the report to me when you have completed it.

Based on my knowledge of the subject, the recent sales and listings per MLS, the subject fell in the range of $150-165k.

I may or may not get an order from him. It depends if the order goes FHA or USDA versus conventional. So what? I will get $75 from him. I gave him the information that he was looking for... information that he needed to help him decide if he has a potential loan package to put together or not... information to help him decide what direction will be best for his customer.

If I get the order, it will not have an estimated value on it. It will not have "must get this number for this to work on it." It will have all the pertinent info that I need for the order... owner, access info, subject address, client name, loan type, and the promise of delivery of my fee within 48 hours of report delivery. If the order has anything about a needed value, I will be shocked and refer him to another appraiser. And no, he will not ask me to apply the $75 toward the fee of the new assignment.

Yes, if he sends me an assignment for an FHA or USDA appraisal, it will be based on the indications from the desktop report. However, I will not know if all he needs is $75k in value or $150k or $165k. What I will know is that the numbers indicate something equal to or larger than he needs for the deal. However, I will be happily ignorant of any number that makes the deal "doable."

Am I in compliance with USPAP? I believe so... I developed and reported per standards 1 & 2. We agreed upon a SOW that would be sufficient for his needs and give some semblance of credibility to meet his purposes. Would he be able to use this for lending purposes? I seriously doubt it.

 

[Kevin Mc]

LOL. As much as I want that control, do we not really answer to the investors? We send addendums with FHA guidelines and the response is what the investor wants and how soon can you do it. Were waiting on you for docs.

????....get back on the meds bro.

 

[Webbed Feet]

I have been pointing out other senarios. Comp checks without an "if, then" aspect to it.

Ok, I'll bite and gladly help you dig your hole as deep as you want to. In that case of the above, no "if, then" aspect... please go into detail how you comply with the SOW Rule, communication with the client that is required, and intended use disclosure needed for doing all of that...



I can't wait, this is going to be so exciting!!!!!! :new_multi:

 

[Michigan CG]

Who let the duck out of his cage?

 

[Webbed Feet]

Please allow me to add my ditto to Mr. B on this....

I did a desktop for a three year client today on a house here in town with good info on the subject (I appraised it two years ago when the current owners purchased) and good MLS data. This was my first for this client, but he and I talked about it a few times before and he knows what I can and cannot "hear" from him.

The order was simple and to the point:

I need a desktop appraisal on xxxx Claxton Dairy Rd. Please email the report to me when you have completed it.

Based on my knowledge of the subject, the recent sales and listings per MLS, the subject fell in the range of $150-165k.

I may or may not get an order from him. It depends if the order goes FHA or USDA versus conventional. So what? I will get $75 from him. I gave him the information that he was looking for... information that he needed to help him decide if he has a potential loan package to put together or not... information to help him decide what direction will be best for his customer.

If I get the order, it will not have an estimated value on it. It will not have "must get this number for this to work on it." It will have all the pertinent info that I need for the order... owner, access info, subject address, client name, loan type, and the promise of delivery of my fee within 48 hours of report delivery. If the order has anything about a needed value, I will be shocked and refer him to another appraiser. And no, he will not ask me to apply the $75 toward the fee of the new assignment.

Yes, if he sends me an assignment for an FHA or USDA appraisal, it will be based on the indications from the desktop report. However, I will not know if all he needs is $75k in value or $150k or $165k. What I will know is that the numbers indicate something equal to or larger than he needs for the deal. However, I will be happily ignorant of any number that makes the deal "doable."

Am I in compliance with USPAP? I believe so... I developed and reported per standards 1 & 2. We agreed upon a SOW that would be sufficient for his needs and give some semblance of credibility to meet his purposes. Would he be able to use this for lending purposes? I seriously doubt it.

As the fact would be that you DID get what we call an order for an appraisal assignment.... I tend to think you left out a few thoughts typing things like "If I get the order..............."

P.S.. Sure hope you used several good EA's...

 

[Pittsburgh Pete]

As the fact would be that you DID get what we call an order for an appraisal assignment.... I tend to think you left out a few thoughts typing things like "If I get the order..............."

How about "if I get the new assignment with a different SOW....."?

 

[Mister Ed]

As the fact would be that you DID get what we call an order for an appraisal assignment.... I tend to think you left out a few thoughts typing things like "If I get the order..............."

P.S.. Sure hope you used several good EA's...

Webbed... got the order for the desktop directly from the MB. The MB only has to order thru an AMC if it is conventional. He does not have to for FHA or USDA.

Please allow me to clarify... If I get an order for a second appraisal on this subject. Yes. As stated, I did get an order for a desktop appraisal on the subject and quoted the order verbatim in my last post. I am working on completing too many assignments in one day. ARRRGGGHHH!!!!!

Sorry... so far... no order for this one. I no longer do conventional work for him because there is someone who is doing the AMC work for about $150 less than I will agree to.

PS... Oh yes... the EA's are pretty solid.