Purchase Appraisal

[Pamela Crowley (Florida)]

Blatant attempt to push your value and maybe raise the contract price after your appraisal made their value wanted.
??????

 

[Mountain Man]

the purchase price on the contract was $273,000 but the faxed order form listed the purchase price as $280,000. Wonder what was up with that?

Some days I hate being a newbie!

That has nothing to do with being a newbie. They'll try that crap on anyone, I have seen it wayyy to often. <_< Trying to hide the closing cost, personal property, or something else in the loan amount.

 

[Mike Garrett RAA]

Now you know why they didn't want to provide a copy of the contract.

I now refuse to start working on an appraisal until I have everything pertaining to the deal...which, of course, includes the contract!

USPAP does say the appraiser should comment on all real estate offerings and contracts. How can you do that if you don't see it? Read Advisory Opinion 1 (AO-1) begining at line 32.

 

[Rich Hahn]

USPAP quote

who needs USPOOP

i believe it is fannie freddie requirment

Why argue we should have a copy of contract in file.period...
we need to know appraisal deadlines, terms(USPAP), parties of contract(USPAP), fractional interests(USPAP).

Lee Ann
so you DONT have a copy of contract in your file????

Tisk, Tisk

 

[Bill_FL]

Standard Rule 1-5 (This Standards Rule contains binding requirements from which departure is not permitted)
In developing a real property appraisal, when the value opinion to be developed is market value, an appraiser must, if such information is available in the normal course of business:

USPAP does not require that you MUST review the contract. It does say if the information is available. I have done many assignments "blind". The buyer specifically requested that I not consider the current or past listings (have been asked dont look at them) or the contract that they have placed on the property. That is absolutely legal.

 

[Tim Hicks (Texas)]

The lenders and loan officers all get their little notes passed around about loopholes in USPAP.

In developing a real property appraisal, when the value opinion to be developed is market value, an appraiser must, if such information is available in the normal course of business:

I have had heads of underwriting and appraisal departments tell me if I was not supplied with a contract, then they probably don't have one and just comment that I was not provided one in the report.

That comes a close second to:

the appraiser must analyze any current agreement of sale, listing ....


I get the current listing thing thrown in my face constantly because I will put any listing in the past year in my report. I will say. "There is no current active listing, however, the subject was listed until xx/xx/xxxx for $zzz,zzz. That comment usually sends certain loan officers through the roof.


This is just more proof that the appraisal process is lowly regarded in the loan process no matter how many rules that can be made.

 

[Dale Smalley]

It seems like turnaround time is becoming more important than accuracy. So go with what you have and state no contract provided in sales concessions, date of sale is per contract. I hate doing it but many companies grade on how fast you can get them done. .

 

[Mike Garrett RAA]

Tell that to a review panel sometime. It's your butt if you don't comply.

 

[Pamela Crowley (Florida)]

I just don't have the 'correct' mentality or disposition to deal with those that put the priority on turn time. If quality isn't primary, I don't deal with them. And, I'm too damn tired to argue about that.

 

[Dale Smalley]

Another damed if you do damed if you don't appraiser delimma. Mike and Pam are correct as usual but I don't actually believe they are that perfect. Just how much do you guys charge for the perfect appriasal? And how many weeks do these buyers wait for the appraisal. And how come I can't find any clients so generous with money and time??????