sqft in 2055 exterior only

[DWiley]

Therein lies a HUGE part of the reason Values were artificially inflated as AVMS & BPOs achieved equal status as "non-appraisal" appraisals within the past 10 years (especially the past 8).

I agree that using the "wrong" valuation service has led to some of the current problems. However, one extreme is as bad as the other. It would be silly to require a "full" appraisal to confirm collateral if I wanted to use my an equity line on my home (with no mortgage on it) to buy a new motorcycle.

 

[Mike Kennedy]

I agree that using the "wrong" valuation service has led to some of the current problems. However, one extreme is as bad as the other. It would be silly to require a "full" appraisal to confirm collateral if I wanted to use my an equity line on my home (with no mortgage on it) to buy a new motorcycle.

Sure if your basement didnt leak, you didn't have your brother the family "electrician" illegally convert your garage into a rental unit, that rain that fell on your roof last week didnt leak through (the real reason for the loan - apparently your other brother the family "roofer" really knew his stuff), or that mold in all 3 of your baths (including the one in the basement no one knows about), really didn't matter and the lender was willing to take your word for it. Doubtful potential buyers would agree or the Judge when they sue you and win.

 

[Gary Schinagel]

Agree ,call an experienced attorney and ask if they will also defend you before the board because if they become invloved even the best of the best appraisers typically has something imperfect about the report which will not help.
In the meantime check to see if any permits were taken out to expand the property.
Also agree with measuring verification so hopefully your attorney can get a copy of the previous report. Measuring standards are discussed here in the forum and they are from exterior measurements including stairs that would in the minds eye fold up into the floor. With some appraisers deducting the stairs this could be part of the problem. Also worth checking against if able is that some appraisers will use old blueprints I have even seen them copied with the architects summary GLA used which DOES NOT typically include exterior measurements or any mechanical closets etc. Thats because the Builders and Architects dont want to be sued either and many times they will count the INTERIOR area and deduct any areas that one CANNOT WALK IN.
BUT WHATEVER YOU DO MAKE SURE YOU DO IT THROUGH YOUR ATTORNEY!
Get E and O insurance though because people make mistakes it will not help now though.
Its a scary time maybe the attoneys are trying to go after all the INSURED and once they find there is no pot of gold then they might backoff especially on a contingency, who knows.
Values are down in most areas. We are always the easiest to blame with the most critcal internal reviews blasting each other. Im hoping there becomes an advocacy group for us. NOBODYS CRUCIFIABLE MATERIAL or should I better state perfect.
Good Luck

 

[NC Appraising]

Danny,

Thanks for continuing to post here, I really appreciate it. :new_smile-l:

I agree with Danny on many points, but it still has to do with how certain one is with the data they're using.

For example, In Union County, North Carolina, the tax card for the most part is correct, except for the square footage. This County is notorious for incorrect square footage. I'm appraising a home right now that is a two year old home and the tax card has it at 2,866 sq.ft., and I measured it at 3,755 sq.ft., go figure. So in Union County, I would hesitate doing a drive-by using the 2055, if I could not verify the square footage in some way. I can sometimes verify the square footage by the on-line permit records. I think one could create a misleading report, or could be accused of being negligent in some way, if one did not verify the square footage in some way, MLS, plans, etc.

In the neighboring County of Mecklenburg, North Carolina, tax records are pretty dead on, and reliable. Most of the time I have no problem using the 2055 form in this County.

I think it boils down to knowing your market, and knowing how reliable your data basis are. And of course this: (per-printed mumbo-jumbo, yadee,yadee,yadha)

(4) research, verify, and analyze data from reliable public and/or private sources, and (5) report his or her analysis, opinions, and conclusions in this appraisal report.



The appraiser must be able to obtain adequate information about the physical characteristics (including, but not limited to, condition, room count, gross living area, etc.) of the subject property from the exterior-only inspection and reliable public and/or private sources to perform this appraisal. The appraiser should use the same type of data sources that he or she uses for comparable sales such as, but not limited to, multiple listing services, tax and assessment records, prior inspections, appraisal files, information provided by the property owner, etc.

 

[Mike Kennedy]

Poster delete (wrong thread)(oops its Friday after hours).

 

[doug clarke]

Assuming that you couldn't see from the street that the home had more than 3,415 SF, and I assume you didn't, your report cites that you are assuming that the living area has 3,415 SF. You did nothing wrong! You could call the attorney and state this fact, and that if he wants another Form 2055 driveby report with 3,900 SF as the living area, you'd be happy to perform the appraisal for $zzz. But first I'd ask what the report is for. Don't do it if it's for litigation purposes unless you want to be an expert witness. If you do, give him your hourly fee in writing. I'd also cite in the new report that you appraised the subject residence with the assumption that it had 3,415 SF on xx/xx/08. Explain it and you'll be fine. I'd charge the attorney a large fee because he's an attorney.

 

[Webbed Feet]

Assuming that you couldn't see from the street that the home had more than 3,415 SF, and I assume you didn't, your report cites that you are assuming that the living area has 3,415 SF. You did nothing wrong! You could call the attorney and state this fact, and that if he wants another Form 2055 driveby report with 3,900 SF as the living area, you'd be happy to perform the appraisal for $zzz. But first I'd ask what the report is for. Don't do it if it's for litigation purposes unless you want to be an expert witness. If you do, give him your hourly fee in writing. I'd also cite in the new report that you appraised the subject residence with the assumption that it had 3,415 SF on xx/xx/08. Explain it and you'll be fine. I'd charge the attorney a large fee because he's an attorney.

Mr. Clarke,

Actually reading the first few posts of any thread is a really good idea before posting.

Webbed.