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Occ 2005 Appraisal Regulations >>>

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Mike Kennedy

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Elite Member
Joined
Sep 28, 2003
Professional Status
Certified Residential Appraiser
State
New York
specifically note........ section on APPRAISER INDEPENDENCE...... see PAGE 2

and providing Appraisers purchase contracts ........... but stipulating NOT INFLUENCING an Appraisers opinion IN ANY WAY ........



relevance: appraisal orders for HE, REFIS....CONTAINING.......either Lenders Estimate, MB Estimate, or HO Estimate of value ON AN ORDER.......



4. What information should the regulated institution provide to the appraiser upon engagement?
[FONT=Times New Roman,Times New Roman]Answer: [/FONT][FONT=Times New Roman,Times New Roman]The regulated institution should provide the property’s address, its description, and any other relevant information. [/FONT]​


[FONT=Times New Roman,Times New Roman]The regulated institution may also provide a copy of the sales contract for purchase transactions. {NOTE DOES NOT SAY MUST } [/FONT]

[FONT=Times New Roman,Times New Roman]However, the information provided by the regulated institution should not unduly influence the appraiser[/FONT]​

[FONT=Times New Roman,Times New Roman]**** or in any way suggest the property’s value.[/FONT]​

[FONT=Times New Roman,Times New Roman]The regulated institution and the appraiser should agree on the scope of the appraisal in advance, consistent with the Uniform Standards of Professional Appraisal Practice (USPAP) and the agencies’ appraisal regulations and interagency guidelines. [/FONT]​


 
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Mike Kennedy

Thread Starter
Elite Member
Joined
Sep 28, 2003
Professional Status
Certified Residential Appraiser
State
New York
IF ANYONE has a link to any OCC regulation which supercedes this.......please do email it or post it. THANKS.
 

Mike Kennedy

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Elite Member
Joined
Sep 28, 2003
Professional Status
Certified Residential Appraiser
State
New York
[FONT=Times New Roman,Times New Roman]However, the information provided by the regulated institution should not unduly influence the appraiser[/FONT]


[FONT=Times New Roman,Times New Roman]**** or in any way suggest the property’s value.[/FONT]​
 

Mike Boyd

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Jan 18, 2002
Professional Status
Retired Appraiser
State
California
Are you trying to play devil's advocate, Mike?

1. There have been many declarations that sales price does not equal market value.

2. There have also been declarations that a purchase contract DOES show at least one prospective buyer's acceptance of the purchase price as an acknowledgement of value and an element that should be considered in the final analysis of value.

I don't think that the above can be found in USPAP but it has been part of appraisal practice for the 44 years I have been involved in the practice of real estate and probably long before that.
 

Farm Gal

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Joined
Jan 14, 2002
Professional Status
Licensed Appraiser
State
Nebraska
:shrug: And your point is? One (wanna-be) sale doth not a market make. The BUYER won't think so, and the lender/cleint is going to try to convince the appraiser that s/he is worng if the numbers don't match up pretty much to the penny...

All goes back to the 'curren't version of USPAP...

A quality appraisal has always commented on the sale price per contract (if available in the normal course of business:leeann: ) because failure to reconcile the sales price per buyer wanna-be and reality always brought howls of protest.

Not sure where you are heading with this one?

In 'good sale times' the appraiser is an idiot if they don't find the increasing values... In 'bad' you are suspect regardless...and will be shot at for ANY opinion...

And as Fannie/Freddy try to use increasingly sophisticated AVM's and bank data to 'splain' that which they cannot trust low-balling spineless appraisers to define.... (note that they hired the lowest bidder) - the few who have steadily been doing an honest days work are going to find it hard to justify ANY conclusion.

:mellow: Not my problem, not MY fault:new_2gunsfiring_v1:

and if they didn't want to know what I really thought they shouldn't have asked - and mostly they DON'T!
 
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