Opinion of value letter

[sneuman]

Does anyone use a letter of "opinion of value". I have been asked for one. They do not want an appraisal, but the agent wants a range of value to help list the property. What is yous guys (n' gals) "opinion" of the opinion of value. thanks

 

[pawwly2]

Just looking to get everybody riled up right?

 

[NORTON]

MY LETTER / OPINION OF VALUE IS CALLED AN INVOICE!...WHICH IS FOLLOWED BY A 25 PAGE APPRAISAL REPORT!!!!

WOW....how does this occur?....I guess we should be calm because it's their first post....but a Certified Appraiser asking how to handle an agent who wants a FREE LUNCH ..."They do not want an appraisal, but the agent wants a range of value to help list the property" on the mainland....we call that an appraisal....charge want u want...but no matter what the results produce, range, single number, relationship to a benchmark, etc..it's an appraisal!..so your friend Mr. USPAP applies to whatever results you provide.....THE SAME AS AN APPRAISAL

Opinion of Vaue = Appraisal

Appraisal = Risk

Risk = Payment

 

[The Warrior Monk]

This FAQ gets to the point:

http://www.USPAP.org/2010USPAP/FAQ_files/faq201_250/faq_238_.htm

Basically, if you are communicating an appraisal (which a range of value is), you are subject to the reporting requirements of USPAP. In your particular case, a restricted use report is likely sufficient.

 

[Paul Isolda]

I have a letter format that I use in certain instances when it's appropriate. It is not a summary report, it's a restricted use report and can only be used as USPAP states. I mainly use it when someone wants to do a FSBO and wants the market data relative to their property. I also make sure they have no intention of sharing the report with a potential buyer. I would not use that in your case, I would use a summary report. Which could be a form or narrative report.

 

[Tony V]

Does anyone use a letter of "opinion of value". I have been asked for one. They do not want an appraisal, but the agent wants a range of value to help list the property. What is yous guys (n' gals) "opinion" of the opinion of value. thanks

You can report the results in a letter of opinion which must be backed up with a USPAP compliant work file. Realize that even though you are presenting this agent with just a letter IT IS AN APPRAISAL which you are responsible for.

 

[AlwaysLearning]

Does anyone use a letter of "opinion of value". I have been asked for one. They do not want an appraisal, but the agent wants a range of value to help list the property. What is yous guys (n' gals) "opinion" of the opinion of value. thanks

"They do not want an appraisal" = They do not want to pay for an appraisal

"Opinion of value (w/ range of value)" = Appraisal

 

[RustNeverSleeps]

MY LETTER / OPINION OF VALUE IS CALLED AN INVOICE!...WHICH IS FOLLOWED BY A 25 PAGE APPRAISAL REPORT!!!!

WOW....how does this occur?....I guess we should be calm because it's their first post....but a Certified Appraiser asking how to handle an agent who wants a FREE LUNCH ..."They do not want an appraisal, but the agent wants a range of value to help list the property" on the mainland....we call that an appraisal....charge want u want...but no matter what the results produce, range, single number, relationship to a benchmark, etc..it's an appraisal!..so your friend Mr. USPAP applies to whatever results you provide.....THE SAME AS AN APPRAISAL

Opinion of Vaue = Appraisal

Appraisal = Risk

Risk = Payment

I think you are confusing an appraisal with the type of reporting. You can do an appraisal on a napkin and comply with USPAP.

 

[Mike Garrett RAA]

Restricted Use Appraisal Report!

 

[Terrel L. Shields]

They do not want an appraisal, but the agent wants a range of value to help list the property.

I never cease to be amazed that the language of USPAP can be no plainer than it is that a "range of value" IS AN APPRAISAL. What are they teaching today? Is this the result of on line stupidity or what?

If it is a "range of value" it is an appraisal and you must comply with Std 1, 2....report it on a napkin, but it better have every talking point in your "napkin letter" that is required under Std 2. Franklly, it would take me longer to 'do' a compliant report as a letter than to use a simple standardized form.