Property Condition Adjustments With No Comps Available

[residentialguy]

What Rex said

 

[Deleted member 130081]

No it doesn't. Start reading on line 375 of USPAP. Are you sure you are competent to spout USPAP?

Well Rex, if you read the post that I wrote originally, then you would know that I am, at least on this issue.

 

[Deleted member 130081]

What Rex said

Go read the original post Res.

 

[Deleted member 130081]

So here's a USPAP thing for all of you (or at least Rex and Res), who would be the OPs peers in this case?

 

[Mr Rex]

Likely the folks that participate in this forum...

 

[Terrel L. Shields]

USPAP says we must be competent prior to accepting an assignment

The OP is attempting to obtain competency by coming here and seeking a better way to handle it. USPAP is explicit in that one can obtain competency thru learning or getting assistance. Only Fannie requires pre-assignment knowledge. The OP, as a trainee obviously (should) have a mentor and is exploring additional thought on dealing with an unanticipated complexity. How else does someone learn?

 

[residentialguy]

Go read the original post Res.

I went by your recap of that post and you said

You know, I think what I said is fine and I stand by it. USPAP says we must be competent prior to accepting an assignment.

USPAP allows the appraiser to become competent. FNMA says we must be competent prior to accepting an assignment...but that has nothing to do with USPAP

 

[Deleted member 130081]

The OP is attempting to obtain competency by coming here and seeking a better way to handle it. USPAP is explicit in that one can obtain competency thru learning or getting assistance. Only Fannie requires pre-assignment knowledge. The OP, as a trainee obviously (should) have a mentor and is exploring additional thought on dealing with an unanticipated complexity. How else does someone learn?

345 Being Competent
346 The appraiser must determine, prior to accepting an assignment, that he or she can perform the
347 assignment competently. Competency requires:
348 1. the ability to properly identify the problem to be addressed;
349 2. the knowledge and experience to complete the assignment competently; and
350 3. recognition of, and compliance with, laws and regulations that apply to the appraiser or to the
351 assignment.
352 Comment: Competency may apply to factors such as, but not limited to, an appraiser’s
353 familiarity with a specific type of property or asset, a market, a geographic area, an intended
354 use, specific laws and regulations, or an analytical method. If such a factor is necessary for an
355 appraiser to develop credible assignment results, the appraiser is responsible for having the
356 competency to address that factor or for following the steps outlined below to satisfy this
357 COMPETENCY RULE.
358 For assignments with retrospective opinions and conclusions, the appraiser must meet the
359 requirements of

 

[Deleted member 130081]

I went by your recap of that post and you said

USPAP allows the appraiser to become competent. FNMA says we must be competent prior to accepting an assignment...but that has nothing to do with USPAP

345 Being Competent
346 The appraiser must determine, prior to accepting an assignment, that he or she can perform the
347 assignment competently. Competency requires:
348 1. the ability to properly identify the problem to be addressed;
349 2. the knowledge and experience to complete the assignment competently; and
350 3. recognition of, and compliance with, laws and regulations that apply to the appraiser or to the
351 assignment.
352 Comment: Competency may apply to factors such as, but not limited to, an appraiser’s
353 familiarity with a specific type of property or asset, a market, a geographic area, an intended
354 use, specific laws and regulations, or an analytical method. If such a factor is necessary for an
355 appraiser to develop credible assignment results, the appraiser is responsible for having the
356 competency to address that factor or for following the steps outlined below to satisfy this
357 COMPETENCY RULE.
358 For assignments with retrospective opinions and conclusions, the appraiser must meet the
359 requirements of

Does taking a thread post out-of-context twice, even after being informed you are doing so, count as incompetence? Or might there be another word for that?

 

[Terrel L. Shields]

Does taking a thread post out-of-context twice, even after being informed you are doing so, count as incompetence? Or might there be another word for that?

Read the rest of it hotshot