residential review short form

[TC]

Thanks for all the info, I elected to turn down the assignment, just didn't feel comfortable. Plus the manager pretty much told me I didn't know what I was talking about, so the heck with them. :wink:

TC

 

[Pamela Crowley (Florida)]

TC,

Sounds kind of like they wanted an appraisal based on an AVM?????

Wise choice on your part and you do too know more than the manager!

 

[Mike Simpson]

TC-

I no longer do reviews. With possibly two exceptions (been so long I can't remember) I would invariably disagree with the other appraisers value estimate--I'm not talking just a little bit either. The review came to me because someone else saw something wrong with the appraisal to begin with!

Performing a review (properly)--I always inspected the property in the field and comparables--and developing my own conclusions in regards to value, I've always considered this to be TWO assignments (a lot of work to do correctly).

I could'nt charge what I felt was an adequate fee for this work so I just left them behind, and haven't regretted my decision for a moment. The possibility exist that I might again offer that service in the future should my phone cease to ring, however, I no longer worry about that happening (I still turn work away on nearly a daily basis).

I think you made the right decision in turning down the assignment based on your 'gut' instincts.

-Mike

 

[Mike Garrett RAA]

It's almost impossible to do a desk review and arrive at a different value conclusion that will comply with USPAP. On the other hand, if you are doing a field review where you physically observe the subject and the comps AND new comps if you are coming in with a new value you can meet the requirements of "an appraisal". Don't you think it is sort of silly to do this for less than a complete appraisal fee?

Most lenders asking for this want a 2nd appraisal for a fee less than a typical appraisal fee. Guess it's time we stood up and said...."NO!"

 

[bradellis]

Mike,

Sorry, but I must disagree. One can often, and sometimes even easily, do a desk review with a different value opinion and be fully USPAP compliant. There is no magic here nor is there a problem. You just follow the rules. I think the important thing is to understand that you can do it only sometimes- sometimes it will not work.

As to what you charge, well, that is still up to you and your client as it always has been.

Brad Ellis, IFA, RAA

 

[Dave Henry]

Brad:

I have to agree with you. If you are familiar with the area, most times going out to the property won't alter your conclusions. USPAP allows one to a lot more than a lot of appraisers realize.

Dave