reviewing BPO's

[benu malenfant]

under USPAP can an Appraiser review a BPO - i.e. agree, disagree with the
value?? strange market out there - is this a strategy just to get a license number on the report??

 

[CANative]

Things are getting pretty silly, aren't they?

 

[Scott Kibler]

It would make more sense to do an exterior appraisal based upon the interior characteristics reported in the BPO; assuming the appraiser in question deems it a credible data source.

 

[CANative]

Is it a BPO if a non-broker appraiser did the job? I would think it is an appraisal with standards failure.

 

[alex gilbert]

Per USPAP the only things that can be reviewed under Standard 3 are an appraisal, appraisal review and a consulting assignment. Forming an opinion about a BPO would be an appraisal service for which no particular Standard Rule applys, unless you provide your own opinion of value. In that case, you'd have done an appraisal and would be back under Standards 1 & 2.

 

[Lawrence R.]

A slightly different question.

Does an appraiser's acceptance of a review for a BPO imply that the appraiser feels a BPO is a credible document, full of opinions and facts worthy of his time/consideration?

I am legitimately torn on this...are appraisers to assert that we are the ONLY source of wisdom on all things value related? Are we so bold as to say that real estate professionals have no basis for their opinion and/or no standing in the valuation field? Or do we assert ouselves as the FINAL source on all things value related?

I am trying to lean toward the second, I think that being asked to comment on the conclusions drawn on a BPO is a logical thing for someone to want us to do. Perhaps we can root out some advocacy on the part of the author of the BPO and do what we are supposed to do and protect the public.

I would further assert that the other way around is what is laughable.