Rental Agreements.

[satellite]

I asked the owner for his rental agreements and he said that he woould not supply them to me. Is there any thing in USPAP that says we have to have the rental agreements. The owners says he gets a certain amount for rent and I asked for the rental agreement and he said no.

 

[normando]

You can state rental agreement was not avaible in report. You can also verify with tenant occuping subject. Also ask if they pay for the utilities and how long lease to check consistency with owner.

 

[mutigerfan]

IMO....note to LO - No rental agreement = No Appraisal

 

[Michigan CG]

...... Is there any thing in USPAP that says we have to have the rental agreements......

Three threads were started today that asks if something is in USPAP. How do professional people who are supposed to know the rules of their occupation not know what is in USPAP considering that the residential appraisal practice mostly falls under USPAP 2-2(b) along with Standard 1?

The most pertinent pages of USPAP for the typical residential appraiser are about 30 pages. How do three posters in ONE day not know about the 30 pertinent pages in USPAP that apply to them? The USPAP document that must be followed is what puts bread on the table, pays the mortgage and contributes to the kids' college funds. Why would anyone ask a question about the basic 30 pages of the document that dictates the rules of typical appraisal practice for a residential appraiser?

These questions are disturbing to say the least, and I might be called mean or nasty but seriously?

=======================================

To answer the original question, NO, you don't have to have the rental agreements, you do not have to have a purchase contract and you don't even need to inspect a property or the comparables according to USPAP.

You appraise a property for an opinion of the market value of the property, the subject may provide market information, but it is not necessary to provide a credible report.

 

[CANative]

Agree with Michigan CG although I would not have been so harsh.

Well, maybe I would have. :laugh:

 

[Mountain Man]

IMO....note to LO - No rental agreement = No Appraisal

Wrong answer!

 

[Mountain Man]

IMO....note to LO - No rental agreement = No Appraisal

Wrong answer!!! Way wrong.

To answer the original question, NO, you don't have to have the rental agreements, you do not have to have a purchase contract and you don't even need to inspect a property or the comparables according to USPAP.

You appraise a property for an opinion of the market value of the property, the subject may provide market information, but it is not necessary to provide a credible report.

Correct Answer! Study and learn USPAP.

 

[William K]

Three threads were started today that asks if something is in USPAP. How do professional people who are supposed to know the rules of their occupation not know what is in USPAP considering that the residential appraisal practice mostly falls under USPAP 2-2(b) along with Standard 1?

The most pertinent pages of USPAP for the typical residential appraiser are about 30 pages. How do three posters in ONE day not know about the 30 pertinent pages in USPAP that apply to them? The USPAP document that must be followed is what puts bread on the table, pays the mortgage and contributes to the kids' college funds. Why would anyone ask a question about the basic 30 pages of the document that dictates the rules of typical appraisal practice for a residential appraiser?

These questions are disturbing to say the least, and I might be called mean or nasty but seriously?

=======================================

To answer the original question, NO, you don't have to have the rental agreements, you do not have to have a purchase contract and you don't even need to inspect a property or the comparables according to USPAP.

You appraise a property for an opinion of the market value of the property, the subject may provide market information, but it is not necessary to provide a credible report.

I think you were being nice!

I can understand a question as to interpreting something in USPAP, but really if you don't even know what is in USPAP you should have a copy and know where and how to look up an answer.

Think of your copy of USPAP as a copy of a dictionary or a thesaurus.

Would you post a question on, how do you spell COMATOSE? or, what is the definition of LAZY?m2:

 

[mutigerfan]

MM -
Do not assume anything about me or my knowledge of USPAP. I am not the OP.
MCG's point is valid, direct - and harsh. Your assumption of me is - plain wrong.

Most folks on this board try to bounce thoughts and ideas off each other and most get what they came for - but some use the board to crush fellow appraisers for what..? respect? Gimme a break - Help improve this profession by answering the OP question without the neagtive tone of a know-it-all.

You are the reason many view this site - but are too afraid to ask a question if fear of heavy-handed negative feed-back. Be kind and gentle with your reponses and, if respect is what you are after, it will rewarded.


My office has a policy that a rental agreement must be in the file or the assignment will be turned down due to risk exposure.

You run your office and I will run mine - but do not assume my knowledge of USPAP and I will not assume your a horse's ***.

Try to be a little more positive and help those that need it instead of chasing off those who need the help the most.

 

[CANative]

@multigerfan... They weren't dinging you on USPAP. They're just saying you don't need a rent roll to appraise the property. You have you're policy and that's fine. That's a different discussion.

But Mich, MM and I are right in being harsh to appraisers who have such a fundamental lack of knowledge of USPAP. Hopefully it will shock them into reading it every day.