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Need one to two page example letter for litigation client
- Thread starter Blondelife
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Farm Gal
Elite Member
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- Jan 14, 2002
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- Licensed Appraiser
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- Nebraska
USPAP Stacy! Clearly defined scope of work, and results as per S-O-W!
If you deliver an opinion of value or a direction in value you delivered an appraisal with all the attendant need for documentation, certification ethics and etc, etc. ... not to mention that pesky Std 1 & 2 requirement stuff.
If you comment on the appraisal report in a review capacity without an opinion of value... you are in addition (or instead - if you skip the value thing entirely) still required to adhere to Std 3.
If you deliver an opinion of value or a direction in value you delivered an appraisal with all the attendant need for documentation, certification ethics and etc, etc. ... not to mention that pesky Std 1 & 2 requirement stuff.
If you comment on the appraisal report in a review capacity without an opinion of value... you are in addition (or instead - if you skip the value thing entirely) still required to adhere to Std 3.
Lee Lansford
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You state "No value needed" but you are to offer an opinion as to whether or not the current opinion of value "was anywhere possible...or way off"? How do you do that without developing your own opinion of value?
You might conduct a review (Std. 3) of the work of another without offering any opinion of value, but it would not appear that this is what is being asked of you.
Tell me if I'm wrong: The lawyer is figuring that by asking you for a letter that your fee shouldn't be too much. You know..."it's just a letter".
My suggestion: Carefully and thoughtfully read and study Standards Rule 3 BEFORE proceeding.
PropertyEconomics
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I ask this question because I simply dont know ... can a Standard 3 review be presented in a Restricted Report format?
Carnivore
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I recently completed one of these types of reports.
If you ask him, he likely will only want you to provide an ORAL report. Let him write down his own notes. The reason this is so effective for lawyers is simple. One year from now even with the aid of your notes you will not be able to recall exactly what you said to him. Also, this goes to his product workfile disclosure issues and rules of evidence.
This is the proverbial comp check. I would bet money that all he needs to know for himself is how to proceed or what strategy he might want to pursue. Believe me, the attorney is laying ground work for his case.
I might remind you that you are now under his strict confidentiality requirements. If he is not familiar with USPAP, then gain his confidence and send him the Ethics section of USPAP. He will be more open to you after that. This is an extremely important issue. You can cultivate a very good client from how well you do your job now.
If you ask him, he likely will only want you to provide an ORAL report. Let him write down his own notes. The reason this is so effective for lawyers is simple. One year from now even with the aid of your notes you will not be able to recall exactly what you said to him. Also, this goes to his product workfile disclosure issues and rules of evidence.
This is the proverbial comp check. I would bet money that all he needs to know for himself is how to proceed or what strategy he might want to pursue. Believe me, the attorney is laying ground work for his case.
I might remind you that you are now under his strict confidentiality requirements. If he is not familiar with USPAP, then gain his confidence and send him the Ethics section of USPAP. He will be more open to you after that. This is an extremely important issue. You can cultivate a very good client from how well you do your job now.
Pamela Crowley (Florida)
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Stacy,
You are receiving some very good advise. I strongly suggest you need quite a bit more education to keep yourself safe in this litigious world. Please do not think this attorney will help keep you safe. Some are as bad or worse than the worst LOs or MBs or real estate agents in throwing you under the bus the first moment anything appears that could hurt them.
Dealing with litigation work and attorneys is NOT for those that are not fully familiar with USPAP.
You are receiving some very good advise. I strongly suggest you need quite a bit more education to keep yourself safe in this litigious world. Please do not think this attorney will help keep you safe. Some are as bad or worse than the worst LOs or MBs or real estate agents in throwing you under the bus the first moment anything appears that could hurt them.
Dealing with litigation work and attorneys is NOT for those that are not fully familiar with USPAP.
- Joined
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You're dealing with a review (Standard 3) and and appraisal (Standards 1 and 2).
The format depends on what it is being used for; you'll have to discuss that with the attorney. Sometimes attorneys use the report for their personal use, and other times it is presented as evidence. A restricted use format may not be appropriate if it is being presented as evidence.
The format depends on what it is being used for; you'll have to discuss that with the attorney. Sometimes attorneys use the report for their personal use, and other times it is presented as evidence. A restricted use format may not be appropriate if it is being presented as evidence.
Lee Lansford
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"Great minds" must think alike because the same question flashed before me as we began this thread.
Std. 2 (with option for "restricted") is specific to appraisal and not appraisal review.
In Std. 3-2, (d), 4 (lines 1036 - 1040) states "...data and analyses provided by the reviewer to support a different value conclusion must match, at a minimum, the reporting requirements for a Summary Appraisal Report for a real property appraisal (Std. Rule 2-2(b))..."
Thomas N. Morgan
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I think you cannot avoid doing a Standard 3 Review, even if you don't give it to him.
At least two other posters here appear to have dealt extensivly with lawyers, Read their posts again. One of those posters said, just wants a letter thinking it will be cheaper. Other poster said he (she) is planning strategy and wants just verbal.
Maybe you should consult a lawyer yourself, before you begin this job. I would.
Lawyers are often more helpful than most people think. Try to find a lawyer who deals with this type of case. (You did not say what it was).
At least two other posters here appear to have dealt extensivly with lawyers, Read their posts again. One of those posters said, just wants a letter thinking it will be cheaper. Other poster said he (she) is planning strategy and wants just verbal.
Maybe you should consult a lawyer yourself, before you begin this job. I would.
Lawyers are often more helpful than most people think. Try to find a lawyer who deals with this type of case. (You did not say what it was).
Webbed Feet
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Ms. Fretina,
Welcome to the forum. I don't mean to sound harsh, but you are committing the same exact sin something on the order of 75% of most posters on the forum commit. That being you are not making your assignment clear to us at all. Personally, I think you have failed to properly identify the intended use of this assignment. Your postings so far make you appear to be confused.
Are you reviewing the other real estate appraisal and to provide an opinion of value of your own using the other appraisers conclusion as a benchmark? Because that is sure the way it sounds. Providing an opinion, about someone else's opinion, using their opinion as a benchmark to say if they are remotely in the "ballpark" too high, or too low, IS a real estate appraisal! You are providing your own opinion of value in a "less than" or "more than" format relative to that benchmark. Doing so is a real estate appraisal. And the fact you do not appear to understand this does not bode well for you or your license.
If I am correct, the reality is you cannot just write a letter that sums up what you found, not unless that "Letter" is part of professional per Standard Three review plus a professional per Standards One and Two real estate appraisal. Even then that "Letter" better comply with Standard Two reporting. Any "Oral" report had better comply with Standard Two reporting and be backed up by a fully written report in your work file because you are required to be able to reproduce your report.
Don't feel badly. I see the issue of many, many, appraisers not really understanding identification of intended use, SOW, and USPAP requirements is pervasive. It is exactly why they come to the forum not knowing how to work with such a client. The moment the assignment is not mortgage form filling work, they are lost. Based on your first and following post, I think you really believe the moment a Fannie form is not required that the assignment is not for a real estate appraisal. If that is the case, you need to turn this assignment down and go back to appraisal school over again.
Webbed.
Welcome to the forum. I don't mean to sound harsh, but you are committing the same exact sin something on the order of 75% of most posters on the forum commit. That being you are not making your assignment clear to us at all. Personally, I think you have failed to properly identify the intended use of this assignment. Your postings so far make you appear to be confused.
Are you reviewing the other real estate appraisal and to provide an opinion of value of your own using the other appraisers conclusion as a benchmark? Because that is sure the way it sounds. Providing an opinion, about someone else's opinion, using their opinion as a benchmark to say if they are remotely in the "ballpark" too high, or too low, IS a real estate appraisal! You are providing your own opinion of value in a "less than" or "more than" format relative to that benchmark. Doing so is a real estate appraisal. And the fact you do not appear to understand this does not bode well for you or your license.
If I am correct, the reality is you cannot just write a letter that sums up what you found, not unless that "Letter" is part of professional per Standard Three review plus a professional per Standards One and Two real estate appraisal. Even then that "Letter" better comply with Standard Two reporting. Any "Oral" report had better comply with Standard Two reporting and be backed up by a fully written report in your work file because you are required to be able to reproduce your report.
Don't feel badly. I see the issue of many, many, appraisers not really understanding identification of intended use, SOW, and USPAP requirements is pervasive. It is exactly why they come to the forum not knowing how to work with such a client. The moment the assignment is not mortgage form filling work, they are lost. Based on your first and following post, I think you really believe the moment a Fannie form is not required that the assignment is not for a real estate appraisal. If that is the case, you need to turn this assignment down and go back to appraisal school over again.
Webbed.
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