Scope Of Report

[mark peters]

Anybody out wanna put there thoughts in on this to help me out? :question:

I am appraising a single family home. My opinion of value will be used as the sale price for a purchase. This is not a pending sale. My thoughts are that this is being done to estimate market value for a purchase only.

Any thoughts :question:

Mark :blink:

 

[Rich Hahn]

sop
std operating procedure

do your job

market value

 

[Jeff Horton]

How about simply "to determine market value."

Assuming that is what they are asking for, based on normal market time and no special conditions.

 

[Restrain]

Jeff:

It's ESTIMATE market value. You never DETERMINE market value.

I would state something along the lines of: The purpose of the appraisal is to estimate market value to assist the client in the marketing of the subject property.

As to the Scope, it would be the same as any single family home in the neighborhood. You wouldn't do anything different, or at least you shouldn't.

Roger

 

[Terrel L. Shields]

Actually you render an OPINION of market value....an ESTIMATE is a fact, an OPINION, well, its an opinion....I know. That's splitting hares (bunnies), but USPAP does that you know.

"The purpose of the appraisal is render an opinion of market value as of a date for the function of [market analysis][estate planning][mortgage lending] of the subject property."

And while you are at it, state that you informed the owner that this report does not carry with it transportability to a mortgage lender. Check the language in USPAP.

 

[Jeff Horton]

Originally posted by RStrahan@Jun 24 2003, 08:20 PM
Jeff:

It's ESTIMATE market value. You never DETERMINE market value.

If you want to get technical I use "To determine an estimate of the Markets Opinion of value."

 

[Mike Garrett RAA]

Ohhh Lord....give me strength! :rofl: :rofl: :rofl:

I say "estimate market value".

 

[C. Kevin Bokoske MAI]

Not to add fuel........but, I am not a fee appraiser nor a SFR person. The change to "opinion" from "estimate" is USPAP-driven, and, to the appraiser's advantage. For all those who are anti-AVM types, only a person (like an APPRAISER) can form an opinion. A computer can spit out an estimate. We are better off as opinion-renderers.

Kevin

 

[Mike Garrett RAA]

Kevin....your point is well taken. I will have to re-think using "estimate".

 

[Non Sequitur]

Don't back off to easily Mike.

Webster's New World College Dictionary:

estimate-1) to form an opinion or judgement about 2) to judge or determine generally but carefully (size, value, cost, requirements, etc.); calculate approximately