Terrel L. Shields
Elite Member
- Joined
- May 2, 2002
- Professional Status
- Certified General Appraiser
- State
- Arkansas
Desktop review? Yep. Looks like particle board with pecan veneer... $50 please.
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Valligent
- Thread starter Doug Wegener
- Start date
- Status
Lost Cause
Senior Member
- Joined
- Sep 17, 2004
- Professional Status
- Certified General Appraiser
- State
- New York
It seems to me the minute one goes any farther than stating that the work under review appears reasonable (or not) to stating that there is some other "best" or even merely "better" comp, one has ventured beyond a review assignment into an appraisal assignment. Therefore those claiming that Mich CG is wrong when he asserts the need to comply with SR 1-4 because it is a review and not an appraisal are just plain wrong.
- Joined
- Feb 14, 2002
- Professional Status
- Certified Residential Appraiser
- State
- Louisiana
Depends on the SOW.
DJBanas
Senior Member
- Joined
- Aug 26, 2005
- Professional Status
- Retired Appraiser
- State
- Pennsylvania
no change from original posted SOW:
Scope of Work:
The reviewer must rely upon the original appraiser’s property inspection and make the appropriate assumptions. An opinion of accuracy for the physical aspects of the property is out of scope for this assignment.
Step 1: The review appraiser to search for comparable sales using the same tools and methodology employed when completing full appraisal assignments within the market area.
Step 2: The review appraiser to compare reviewer selected comparable sales to the reported sales and determine if the reported sales are among the best available, reasonable with no material effect to the analysis and conclusions, or unacceptable having a material effect to the analysis and conclusions.
Ø The object is to assist the client in determining whether or not the comparables are among the most similar available in the subject’s market area.
Step 3: The development of an opinion of value is out of scope for this assignment and the review appraiser should NOT consider the final opinion when determining the appropriateness of the comparable selection.
Step 4: When the reviewer identifies more appropriate sales for the scenarios other than “Best Available”, a brief description is to be provided for each sale.
Step 5: The review appraiser will clearly indicate an overall opinion of the reported sales by making a selection denoting: *Best Available, *Acceptable, or *Unacceptable.
Scope of Work:
The reviewer must rely upon the original appraiser’s property inspection and make the appropriate assumptions. An opinion of accuracy for the physical aspects of the property is out of scope for this assignment.
Step 1: The review appraiser to search for comparable sales using the same tools and methodology employed when completing full appraisal assignments within the market area.
Step 2: The review appraiser to compare reviewer selected comparable sales to the reported sales and determine if the reported sales are among the best available, reasonable with no material effect to the analysis and conclusions, or unacceptable having a material effect to the analysis and conclusions.
Ø The object is to assist the client in determining whether or not the comparables are among the most similar available in the subject’s market area.
Step 3: The development of an opinion of value is out of scope for this assignment and the review appraiser should NOT consider the final opinion when determining the appropriateness of the comparable selection.
Step 4: When the reviewer identifies more appropriate sales for the scenarios other than “Best Available”, a brief description is to be provided for each sale.
Step 5: The review appraiser will clearly indicate an overall opinion of the reported sales by making a selection denoting: *Best Available, *Acceptable, or *Unacceptable.
- Joined
- Feb 14, 2002
- Professional Status
- Certified Residential Appraiser
- State
- Louisiana
Not an assignment I would take at the fee stated, but I know an appraiser who is disabled and considers it a blessing to be able to earn money from home by accepting similar assignments. The problem I have with these type of assignments is the way they are structured. Steps 4 and 5 punish the reviewer if the report is unacceptable, and let's be honest a "brief description" becomes a game of stips for more, more, more.
- Status