Ruben Ramon
Junior Member
- Joined
- Dec 29, 2005
- Professional Status
- Certified Residential Appraiser
- State
- Michigan
I am helping out a collegue. Someone took out a first mortgage with her appraisal, then they took out a 125% HELOC using a different appraisal, and now are mad because this appraiser friend of mine "put" them in a position that they couldn't get out of.
The State of Michigan hired someone to review her appraisal. His conclusion is that the appraisal that is the subject of the complaint does not have a supportable value conclusion.
The report has a client, intended users, purpose, license number. However, there are about thirty violations of USPAP, and I mean some real basic stuff.
Michigan Law states that the defination of an appraisal is an, "opinion, conclusion, or analysis relating to the value of real property..."
I say this is an appraisal. But my question is this..this guy has been appraising for over 30 years, and has an impressive resume. And he does a LOT of review work for the state. I'm thinking that there is something out there that makes this not an appraisal. But my reading of the law says it is. What are your thoughts, is it an appraisal or not?
The State of Michigan hired someone to review her appraisal. His conclusion is that the appraisal that is the subject of the complaint does not have a supportable value conclusion.
The report has a client, intended users, purpose, license number. However, there are about thirty violations of USPAP, and I mean some real basic stuff.
Michigan Law states that the defination of an appraisal is an, "opinion, conclusion, or analysis relating to the value of real property..."
I say this is an appraisal. But my question is this..this guy has been appraising for over 30 years, and has an impressive resume. And he does a LOT of review work for the state. I'm thinking that there is something out there that makes this not an appraisal. But my reading of the law says it is. What are your thoughts, is it an appraisal or not?