Rack O Miniums???

[xm39hnu]

Wow, I came here for advice, not pricks to make **** head comments.

Yep. That's the way to get help, alright.

 

[Ryan Bailey]

Hey Jeffrey Cale,
I will agree with you that you can sometimes get some interesting comments made here on this forum, BUT I have found it an excellent source of information. I don't know how long you have been appraising, but I think ALL appraisers grow a little cynical and often use this forum to express such cynicism. This comes out even more so when it comes to discussing Loan Officers and the things they hypothesize, I have yet to meet an appraiser who is married to an LO for any length of time.

Just make to sure you thank the person who you get your answers from on here!

 

[Robert Hronek]

HOw many violations can you rack up on this one? What part/parts of USPAP is being violated?

A look at your first post. With the limited data you were given by the lender you were asked to appraise a property that is sold for boat storage along with the associated amenities. No mention of any residential units. A quick H&B analysis as improved tells me this is a commercial property. In your words you ask ".... just want some input from other appraisers on what they feel about accepting an order such as this as a residential assignment." This clearly tells me that you are considering doing this assignment.

You are a licensed residential appraiser. No mention of seeking help from a CG. So if you prepared this appraisal by yourself you would have violated USPAP.

You also say that the lender wants you to do it on land form with a condo addenda. I haven't taken the forms out to analyze the forms but may guess is that they wouldnt adequately address the needs of the assignment.

So as a residential appraiser doing a commmercial assignment I see that you would not have competence, the proper license, the report may be misleading, etc. I would guess there would be many USPAP violations.

As a professional you should not have to come to this site to be told that it is a commercial appraisal and that you are not qualified. The 1st step you should have done is called a CG to see if they would assist you and agree on a fee. Then call the lender back and let him know the proper way to do it and what your fee will be.

Having said that, you knew that they are not willing to pay a CG's fee. What they want is a skippy to do the work in violation of USPAP. I would have turned the tables on them an asked to get a copy of a report done for them. Then I would turn it into the state Appraisal board and the banking department.

 

[Restrain]

A residential appraisal is for a HOUSE. Not a boat, not a place for you to store your boat and have the use of a deck to watch the world go by. A HOUSE. It may have some form of condominium declaration, but so does a lot of retail/commercial properties. I've seen the same thing with high-dollar parking facilities, but it doesn't make these houses. They're simply garages with common facilities.

Doing one of these as a residence is a very good way to get to meet with the state licensing board.

Maybe you could ask for a copy of a previous one from the lender...and send it to Pam?

 

[Hal Mann]

This Lender Is A Major Problem!

Maybe you could ask for a copy of a previous one from the lender...and send it to Pam?

Or better yet, send it to the lender's regulator (FDIC, OTC, whichever). After all, it is the lender's insane cheapness combined with their complete lack of ethics (not to mention common sense) that is the problem here. At their next audit, some butts would wind up royally scorched.

 

[Webbed Feet]

Mr. Cale,

I have mixed feelings on this one. So I'll risk ticking off a couple of CG's.

In my State a residential license can in fact appraise commercial properties up to a transaction value of $250,000 if qualified to do so. This qualified to do so is the catch.

Other than the above I am kind of reacting like everyone else. I think I'd happily ask for copies of the last four or five appraisals they have had done by other "Residential" appraisers so I could see examples and "quote them a really great fee!" .. If you ever read my other posts you'll understand what I would probably do next.

I can't imagine, especially in my location, one out of 500 residential appraisers understanding how to appraise such an interest in land without kissing the big USPAP blarney stone in Ireland first. Nor do I see the forms you mention working out for them without it being full of USPAP holes in the process. Closing those holes would take PAGES of addendums. I do not know of one residential appraiser I converse with in my area set up to take on such a dog.

So what you might consider is if you do it .... someone like me may be next and asking for a copy of YOUR appraisal to see "how it's done" .. :Eyecrazy: Sometimes bright ideas by a lender's staff are horrible ideas for the appraisers involved. I feel you have a really fine idea looking for a partner CG on this. .... .. Nothing wrong with getting a few commercial hours... But unfortunately, State regs may mean you have to become a "Trainee" to do that.

Barry Dayton

 

[Don Clark]

NCAB is watching

JRS @ OBX, the NCAB is definitely watching. I would not have admitted what you just admitted on an internet forum. Residential appraisers cannot do commercial appraisals in North Carolina. I have been licensed in North Carolina since 1994(Virginia since 1991) and have seen license taken away for far less. Be careful out there. The NCAB does monitor this forum.

 

[Mr Rex]

Don, of course you know that in NC, a residential appraiser can appraise non residential 1-4 unit properties under $250,000. The operative wording being 1-4 units. I'm not sure if the Oregon board is the same (for Mr Dayton). I would personally seek guidance from the board on their view of a single unit in a "condo" with multiple units in light of the 1-4 unit limitations of a Residential license.

 

[Hal Mann]

JRS @ OBX, the NCAB is definitely watching. ... The NCAB does monitor this forum.

Maybe since Bob quit posting they've quit watching?

Nonetheless, Don is right; that may not have been the wisest thing to put up here.

 

[Couch Potato]

In Florida, any authorization for a residential appraiser to do a commercial property would be found only in some federal regulation; no such authorization in Florida laws and regs. For a commercial property a general appraiser must sign the report (a residential appraiser can sign too, but not without the general appraiser.)

I would not touch such an assignment myself. Not without a very big fee, but then they would just go back to using a general appraiser.