Review for a 2000 appraisal?

[Jeff Horton]

Just curious here. I just started doing reviews and received an order for one a while ago. I was just looking it over and I happened to notice the AS OF data was 4/2000. My guess is someone is buying this loan and thats why they want a feild review. Anyone seen that?

Doesn't matter, just struck me as odd.

 

[Jo Ann Meyer Stratton]

I have complete reviews of appraisal reports that up to five years old. Which meant really digging for five year old information. Not only is the review done in the context of five years ago, you definitely don't consider anything after that original effective date (although you might mention some extremely bad or good news since then, which would have no effect on the opinion of the report being reviewed) but the review has to be done within the applicable USPAP for that original effective date of the opinion of value also. Reviews are completed for many different purposes, they might be doing a check of old records, being audited for a date in the past, the loan has been sold several times and it is now the current holder of the mortgage that wants the review, etc, etc, etc.

 

[Tim Hicks (Texas)]

Is this a post foreclosure appraisal? Some lenders look to blame the appraiser for their foreclosure problems. I am sad to say that they have a point to some extent. I have reviewed 2-3 year old appraisals that were terrible, poorly supported and foreclosed upon later. Just remember to keep the effective date/review date plainly stated.

 

[Bobby Bucks]

Jeff I used to do a lot of retrospective reviews....many were batch sample purchases...... My advice is to charge dearly for them because they are more time consuming. Be extra careful if the order came from a certain AMC that occasionally orders reviews. This company is skilled at quoting
one fee and then burying in the text of the order in tiny 2 point type (agreed fee $100.00).........yes sir, that’s worse than dry gulching and bushwhacking, but they do it routinely.....has anyone else ever gotten a call from them for a review request? They start out offering $100.00......after my initial explosion and fee increase demand they do finally give in....and sometimes get huffy when I demand a new fax with the actual fee...........many of you already know of which company I speak.........Now it would be rude of me to actually name this company on a national appraisal forum......nah, I wouldn’t do that.......if you're curious, they're located in Plano, Texas.....hope that helps.

 

[Mountain Man]

Yeap, I understand :wink: Been there too. Rant all you want, but you ARE going to send a new fax confirming my fee before I go to the car. 8)

 

[Farm Gal]

:lol: :lol:
Mr. Bucks those folks from TX have taught their northern neighbors those same bad habits... I am noticing more an more 'errors' of that sort :roll:

How sad that a clients word's (once gold), is now dross "OH didn't it come over with the correct fee? Oh goodness me would you please just start on it anyway cause I now have to go get approval again to resend it..." "NO" says me

And just plain creeps: "Don't you TRUST me? 8O "

to which my answer is an unvarying, <span style='color:blue'>"Of course darlin' I trust you completely, its those nasty accountants they keep chained in the dungeon that I don't trust, and I need a piece of paper to go poke through thier cage so, send it and I'll hop move it to the active file, til then, it sits in the round file!"</span>

 

[Tim Hicks (Texas)]

Hey, I have more trouble getting paid by Californy companies than Texas companies. But, I don't do no (Texas grammar) assignments for that Plano company and I am in their back yard. Most large management companies tend to be on the east or west coast and they have their own ideas about fees.

 

[Tom Hildebrandt]

Jeff

Reviews of reports of long ago are common in the litigation arena. The advice of other posters is on target. Make sure you are reviewing the report in the time context it was written, that includes the applicable USPAP for that report, you of course would structure your review in acordance with the current USPAP. Do not use any data in forming your opinion that would not have been available to the appraiser at the time he wrote the report.

One final note, when you are doing an appraisal review, it is just as important to know the reason the review is being ordered as it is to understand the reason an appraisal is being ordered. You need to know why the client wants the review in order to know what information and analyis you need to develop . You also need to know the use of the review in order to know how much information to put in your report.

This concept is identical to knowing what use the client wants the appraisal. An appraisal and the related report for a litigated divorce is often very different in scope than a for a lender equity line advance.

You need to know what the purpose, the use of the review is for. Do not be scared to ask, it will set you apart as a professional, and often you can justify a bigger fee because you can show that you will be doing more work than they thought.

Regards

Tom Hildebrandt GAA

 

[Verne Hebert]

Hey Tom

Why current USPAP? 2002 USPAP didn't exist at the time of inspection, development, reporting, or completion.

 

[Tom Hildebrandt]

Wayne

Your review is conducted under the rules of 2002, but your opinion of his work is formed in the context of the USPAP when he did the appraisal.

The report would read something like this:

In accordance with your request, this letter forwards my appraisal review dated 16 September 2002 of the appraisal by John Jones dated 15 October 2000. My apprasail review is a Standard Three review conducted in accordance with USPAP 2002. However, the review considered the appraisal report in the context of USPAP 2000, the edtion of USPAP that was effective at the time of Mr Jones appraisal.

The purpsoe of my review......

That is almost exactly the way I write my intro for this type of assignment.

Regards

Tom Hildebrandt GAA