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Review Appraisal
- Thread starter Lee SW IL
- Start date
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D
David Michael
Guest
Have you ever completed a review? Better team up with someone who has experience.
JSmith43
Elite Member
- Joined
- May 5, 2003
- Professional Status
- Certified General Appraiser
- State
- California
Lee: What kind of review are you contemplating? What kind of review was requested? Desk review? Field review?
It's been years since I did any reviews, so wait for other posters to flesh this out a bit. David is possibly right-team up with someone if you can. If you can't you should probably disclose your level of experience doing reviews & what you intend to do about it, pending the client's permission. Please ignore the obvious comments if you have done reviews before......or if the comments are really really obvious
Start by reviewing the part of 2004 USPAP that covers reviews (I haven't).
There is a 4 page FNMA 1032 form review, a 5 page 2002, a short 2002 that is 6 pages?? & one I have seen that is 7 pages. I bet there are lots more choices. I haven't done one that wasn't on a form 2000.
So, see what form the client wants, then make sure you cover everything required of a review in USPAP. Add whatever you have to if the assignment begs for it
I hope that helps a bit. Don't worry. With a post like the one I just made, you are bound to have plenty of experts pitch in & help :redface:
It's been years since I did any reviews, so wait for other posters to flesh this out a bit. David is possibly right-team up with someone if you can. If you can't you should probably disclose your level of experience doing reviews & what you intend to do about it, pending the client's permission. Please ignore the obvious comments if you have done reviews before......or if the comments are really really obvious
Start by reviewing the part of 2004 USPAP that covers reviews (I haven't).
There is a 4 page FNMA 1032 form review, a 5 page 2002, a short 2002 that is 6 pages?? & one I have seen that is 7 pages. I bet there are lots more choices. I haven't done one that wasn't on a form 2000.
So, see what form the client wants, then make sure you cover everything required of a review in USPAP. Add whatever you have to if the assignment begs for it
I hope that helps a bit. Don't worry. With a post like the one I just made, you are bound to have plenty of experts pitch in & help :redface:
Farm Gal
Elite Member
- Joined
- Jan 14, 2002
- Professional Status
- Licensed Appraiser
- State
- Nebraska
Lee:
If you mean "certifications" and not 'conditions'... I think that if you provide a value opinion, both the 2000 and the 2006 are deficient and require either extra comments or the fast and dirty method of using the 2003 USPAP addendum.
Sometimes I do it by adding the comments, if I am in a flat hurry and don't want to risk 'missing' something I just toss in a signed 2003 USPAP.
Does this answer your question?
If you meant limiting conditions you need to spend some time actually reading the preprinted forms and insuring that your scope comments are broad enough (or narrow enough) to clearly indicate what you did and did not do in addition to the pre-print stuff on which ever form you elect to use!
If you mean "certifications" and not 'conditions'... I think that if you provide a value opinion, both the 2000 and the 2006 are deficient and require either extra comments or the fast and dirty method of using the 2003 USPAP addendum.
Sometimes I do it by adding the comments, if I am in a flat hurry and don't want to risk 'missing' something I just toss in a signed 2003 USPAP.
Does this answer your question?
If you meant limiting conditions you need to spend some time actually reading the preprinted forms and insuring that your scope comments are broad enough (or narrow enough) to clearly indicate what you did and did not do in addition to the pre-print stuff on which ever form you elect to use!
Jo Ann Meyer Stratton
Elite Member
- Joined
- Jan 16, 2002
- Professional Status
- Certified Residential Appraiser
- State
- Arizona
Attached is a template that I have for the 2000 form. I use the USPAP Compliance Addendum with the other review forms--changing some of my wording to fit the situation. Read Standard 3 of USPAP very carefully, be sure your review report is in compliance with that Standard. And if you agree or disagree with the report, make sure your process of arriving at that decision follows Standard 1 of USPAP. Because by agreeing or disagreeing with the value, you have done an appraisal. The review form is only the way the review is reported, that is why Standard 3 applies instead of Standard 2.
Lee SW IL
Member
- Joined
- Jan 15, 2002
- Professional Status
- Certified Residential Appraiser
- State
- Illinois
Did you get that line from Otis?
But, for your info it has been a few years since I have done a review. I simply was too busy to do them for the fee they wanted. Well now work is slow and this one is so bad, I'm going to turn it into the state.
I just wanted to make sure I am including all the necessary forms for this field review.
I was thinking that there was a "limiting conditions form" specifically for a field review that I could not find in WINTOTAL. I should have explained more clearly in the original post.
Thanks for all your help.
Jo Ann you are truly a class act, and one that I admire tremendously on this forum.
Thank you for all you do.
Francois K. Gregoire
Senior Member
- Joined
- Jan 14, 2002
- Professional Status
- Certified Residential Appraiser
- State
- Florida
Lee,
Full agreement.
To supplement Jo Ann's warning, be careful of phrases like "The value opinion expressed in the subject appraisal appears to be supported by the data presented." If you haven't applied Std. 1, you can't ethically make this statement.
Remember as well that you're appraising the report, not the appraiser. Avoid beginning any sentence with the words, "The appraiser appears to have...".
Here's an example:
WRONG: The appraiser appears to have fabricated comparable sales #3 and #4.
RIGHT: The reviewer was unable to locate the properties used as comparable sales #3 and #4. The report indicates that "Public Records" is the source of the data employed. The reviewer's search of public records does not show sales of any property at the indicated addresses within the past year. Nor do they disclose the sale of any property on those streets."
See? The wrong way reports your conclusions about the data. The right way reports only verifiable facts.
Remember as well that you're appraising the report, not the appraiser. Avoid beginning any sentence with the words, "The appraiser appears to have...".
Here's an example:
WRONG: The appraiser appears to have fabricated comparable sales #3 and #4.
RIGHT: The reviewer was unable to locate the properties used as comparable sales #3 and #4. The report indicates that "Public Records" is the source of the data employed. The reviewer's search of public records does not show sales of any property at the indicated addresses within the past year. Nor do they disclose the sale of any property on those streets."
See? The wrong way reports your conclusions about the data. The right way reports only verifiable facts.
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