Scope of Work question

[William K]

How many residential appraisers who use the FANNIE FORMS feel the preprinted scope of work is sufficient?

I am wondering because I am seeing more and more appraisals with no added scope of work items just the preprinted form.

 

[Thomas Fiehler]

I've completed hundreds of reviews (conservative estimate) and you could count on 1 hand the number with an adequate/complete SOW. I remember taking an AI class on the new form prior to its start and teh instructor (SRA from northern Ohio) was working on his SOW. He said it was up to 3 pages and he wasn't finished. IMHO, that would be overkill for a summary report.

 

[William K]

My standard scope of work is just over 3/4 of a legal page for most typical residential properties.

I just don't understand how an appraiser who can seemingly understand how to appraise a property ( properly supported value) can't understand what a scope of work is!

I guess it's just being lazy.

 

[Couch Potato]

I strongly suspect many of those appraisal reports have much more in regard to scope of work than is being acknowledged. Keep in mind the scope of work statements are not required to be labeled "scope of work." What is on the form is what Fannie Mae has stated is the minimum acceptable scope of work. In some situations it is possible it is sufficient, but I typically do more. Also remember it is a summary report. A detailed description of the scope of work is not required. There is no need to give itemized lists of actions. Summary descriptions are acceptable.

 

[Mister Ed]

i have a separate addendum that is discussion of my SOW in my reports. It is mostly "boilerplate" standard this is how I do an interior/exterior inspection, this is how I research the subject and comps to gather my data, etc... However, it has a few fill-in-the blank sections that force it to be job specific... That addendum is about 2-2.5 pages on legal paper (primary because of dealing specifically with fannie or FHA rules) that are not discussed elsewhere.

like couch... the SOW on the forms is the minimum acceptable at best... but i just dont believe that it adequately covers what i do to assure the data is the best i can collect.

 

[stefan olafson]

USPAP doesn't directly require a written scope of work. The information in a properly written scope of work is already in the report....

That's what a reviewer and instructor has told me. I write approximately three paragraphs in each report dealing with the scope of work.

The better question is who among us negotiates a scope of work with the client prior to acceptance of the assignment?

My guess is very few.....

 

[Lee Lansford]

How many residential appraisers who use the FANNIE FORMS feel the preprinted scope of work is sufficient?

I am wondering because I am seeing more and more appraisals with no added scope of work items just the preprinted form.

Regarding your final statement: You see what you see because (IMHO) many (OK...I do think it to be "most") appraisers are essentially clueless.

 

[Mr Rex]

I get kinda amused at the lengthy SOW statements that contain way too much detail:

"After a breakfast of bacon, eggs, toast with light butter, and coffee, I did an exhaustive search of MLS records for comparable sales, current listings, and pending sales.....after completing my research in the office, I walked to my late model sedan parked in the left bay of the 2 car garage, and drove to the subject property, observing the neighborhood as I drove slightly below the speed limit. After arrival, I parked approximately 100 ft from the road and 35 ft from the left front corner of the house...."

Then they lie like a rug in the report.

 

[stefan olafson]

Mr. Rex,

That is way too specific, Why not condense it to I had breakfast without a thought to my cholesterol or my heart. I opened the sold folder to the area $2,000 below and above the 'estimated value on the request', I walked out the door to my gas hog, wasted gas and time driving by the beach to check out the babes. I got the house and measured it and spent 3 minutes on the interior, then returned to my office exhausted!

 

[Mike Boyd]

Rex and Stephan.............you are both wordier than I. If it is a unique or complex property (in my opinion) I might write a few extra paragraphs.