Valligent

[CANative]

Today is the 6th. The 3rd business day would Monday the 11th. Guess He got a break. Still, I don't think it's so different.

 

[Evincere]

Today is the 6th. The 3rd business day would Monday the 11th. Guess He got a break. Still, I don't think it's so different.

Maybe that's what makes Valligent not the typical AMC?

 

[CANative]

Weird.

 

[Michigan CG]

Obviously you have no experience or seen some of the work that Valligent does. Suggest you thoroughly read SR3.

Gawd you **** me off sometimes. I was offered one of these last year sometime and they wanted to pay $40. I do THOROUGHLY understand Standard 3 and I do THOROUGHLY understand SR-1 and SR-2. They sell it on 30 minutes of work which we all know is BS.

First of all you have to set up a file, read the report and take notes. That at a MINIMUM is 30 minutes. You then have to do MLS search and decide if the comps are good and what other comps may have been competitive and then make a decision as to whether the comps used are he BEST.

In order to do this you have to VERIFY per SR 1-4. That means pulling the assessor data which in my area is $2/each and then IMHO you try to call Realtors involved in the sales for verification.

One has to remember that they are ordering these products because most likely they MIGHT have an issue with the original report which means that the comps used MIGHT have been cherry-picked.

In another post you state Scope of Work. Well, you can't say you don't have to VERIFY (Please see SR 1-4 again) as it is a USPAP REQUIREMENT, so you can't SOW away that.

Any person who thinks you can do this in 30 minutes is an idiot. Let us say it takes an hour; I don't work for $40 an hour, but it won't, if you do it right and abide by USPAP.

And then there are the phone calls or e-mails to respond to and the "corrections to the report" that have to be made that are inevitable. Who in their right mind would put their signature on something for $40? I charge $125 to take photos and write a three page draw inspection with no opinion value.

 

[Dublin ohio]

Gawd you **** me off sometimes. I was offered one of these last year sometime and they wanted to pay $40. I do THOROUGHLY understand Standard 3 and I do THOROUGHLY understand SR-1 and SR-2. They sell it on 30 minutes of work which we all know is BS.

First of all you have to set up a file, read the report and take notes. That at a MINIMUM is 30 minutes. You then have to do MLS search and decide if the comps are good and what other comps may have been competitive and then make a decision as to whether the comps used are he BEST.

In order to do this you have to VERIFY per SR 1-4. That means pulling the assessor data which in my area is $2/each and then IMHO you try to call Realtors involved in the sales for verification.

One has to remember that they are ordering these products because most likely they MIGHT have an issue with the original report which means that the comps used MIGHT have been cherry-picked.

In another post you state Scope of Work. Well, you can't say you don't have to VERIFY (Please see SR 1-4 again) as it is a USPAP REQUIREMENT, so you can't SOW away that.

Any person who thinks you can do this in 30 minutes is an idiot. Let us say it takes an hour; I don't work for $40 an hour, but it won't, if you do it right and abide by USPAP.

And then there are the phone calls or e-mails to respond to and the "corrections to the report" that have to be made that are inevitable. Who in their right mind would put their signature on something for $40? I charge $125 to take photos and write a three page draw inspection with no opinion value.

I do not see the problems you are stating. There is no opinion of value required. Do not see where SR 1-4 come into play. Limited SOW does not require verification with 3rd party but does require MLS and assessor data be available to reviewer. My MLS makes these pretty easy. Search by map outline of neighborhood. Links within listing for just about everything at no extra charge. Guess the amount of time and expense would depend on ease of accessing data. Everything in standard 3 says no problem. Especially the comment at the end of SR 3-4

"The report content and level of information in the Appraisal Review Report is specific to the needs of the client, other intended users, the intended use, and requirements applicable to the assignment. The reporting requirements set forth in this standard are the minimum for an Appraisal Review Assignment"

By the way. I do not consider myself just an idiot. I am a licensed idiot

 

[Michigan CG]

I do not see the problems you are stating. There is no opinion of value required. Do not see where SR 1-4 come into play. Limited SOW does not require verification with 3rd party but does require MLS and assessor data be available to reviewer. My MLS makes these pretty easy. Search by map outline of neighborhood. Links within listing for just about everything at no extra charge. Guess the amount of time and expense would depend on ease of accessing data. Everything in standard 3 says no problem. Especially the comment at the end of SR 3-4

"The report content and level of information in the Appraisal Review Report is specific to the needs of the client, other intended users, the intended use, and requirements applicable to the assignment. The reporting requirements set forth in this standard are the minimum for an Appraisal Review Assignment"

By the way. I do not consider myself just an idiot. I am a licensed idiot

Well we can agree to disagree. Where does USPAP allow you not to confirm data? If the assignment is to make sure the BEST comps were used how do you know unless you verify the comps per SR 1-4? Are you allowed to ignore SR 1-4 by changing the SOW?

 

[Dublin ohio]

Well we can agree to disagree. Where does USPAP allow you not to confirm data? If the assignment is to make sure the BEST comps were used how do you know unless you verify the comps per SR 1-4? Are you allowed to ignore SR 1-4 by changing the SOW?

I guess it goes back to definitions. SR 1-4 refers to developing an appraisal. An appraisal review is not necessarily an appraisal. The appraisal part does not come into play unless you are developing an opinion of value. Vetting sales through MLS and county auditor records IMO does not rise to the level of an appraisal. An appraisal review assignment can be for all or part of an appraisal. Since no opinion of value is given. How can I be doing an appraisal. SR 1-4 states "In developing a real property appraisal. An appraiser must collect, verify and analyze all information necessary for credible assignment results." (my bold). I guess if you were to insist on applying SR 1-4 to this type of assignment the bold would seem to apply to this type of assignment. Most listings on my MLS have numerous interior photos in addition to commentary about condition and updates. Deed and mortgage can be easily checked by a couple of clicks on the mouse. Typical concessions (one of the few things that would have to be confirmed through re agent since they do not put concessions on MLS) should have no bearing on whether or not a sale was comparable or not. IMO. SR 3 covers this type of assignment thoroughly

 

[JTip]

With all due respect (since this thread is about an AMC) .... when the #^!! did you ever hear an AMC utter those terms?!

I bet the AMC peddles these products as '24 hour turns or less'. Throw in a full day review by some high skool kid, giving your a few hours to get it done.

Is it done yet? When can we expect it? Would like to update our client when it will be delivered?

 

[J Grant]

While an opinion of best /acceptable etc might be possible without verifying with parties every comp assuming all other information is easy to see as correct l, I also don't believe a goal of getting it done in 1/2 hour is a credible way to decide comps. The comp choices is the heart of the appraisal value in most res reports which is why they focus on it. Being that is so, how is it responsible for a company to tout a review of comps as done in 1/2 hour? While in some cases it might be possible, making that a target time , is frankly negilgant on the client end and on the appraiser end.

Sure, one could speed read the comps on a report, quick download a CMA, and unless the comps are horrible, conclude "best" and go on to next assignment. What incentive is there for appraisers doing these reviews to conclude anything other than "best" comps unless the comps are so bad on reading it is inescapable to state otherwise, such as "acceptable" or not acceptable" and then have to do some additional work and identify better comps and put them in the review?

It takes time to absorb information and analyze it and possibly verify it if that is needed. It's nice the company allows generous turn time, but a better fee, perhaps $75 or more and encouraging appraisers to devote the time needed to identify the best comps would be a more credible assignment.

 

[Michigan CG]

How does one know if the comps are the "best" if they don't verify them?