Valuation partners contact information anyone?

[Mr Rex]

The scope of the work as described in the field review states that the reviewer has at the least performed a visual inspection of the subject exterior and comparable sales from the street. As I read this, you as the reviewer must at least see both from the street. If the improvements are not visible from the street, I at least take a photo of the entry to the property at the street (if it is gated, posted no trespassing, or otherwise not accessable) and provide the MLS photos as the best available.

I have a standing argument that it is not required to look at the original sales if I do not think they were the best comparables available. The scope of the work states I have looked at the "comparables". If I have used other comparable sales other than the originals, they are not comparable in my opinion. Most of my clients do not see it this way and want original photos of the non comparable sales as well as the revised comparable sales. This is a waste of time and one of the reasons I do not do more reviews other than the fact that they often are more work than doing an appraisal for substantially less money.

In a review, the comparables are the comparables in the report under review. What you describe/refer to is a Review and an Appraisal. Your clients are right. Read USPAP lately?

 

[SutnNC]

Sailer....tongue in cheek on that one . Thanks for the follow up though. I do agree that if 1- they are not comps and 2- they used an MLS photo ON TOP of that, there is no reason to go by and shoot it but I do anyway. I know my area's of coverage but not every darn house and it strengthens my confidence in my report when I see the property first hand; what they thought was appropriate for use on their cpu screen.

Funny though, the "comps" that this two-county-away appraiser pulled from two separate suburban subdivisions were MLS photos. It was about 23 miles away and I shot the dammmn things because if I didn't it would stop me from falling right to sleep tonight.

One would think that when a "person" is CLEARLY NOT familiar with an area that they would, at a minimum, drive by the dammmn comp to get a first hand look at a property that does not belong in their report because of it's physical location. Anyone can run a range of GLA, age, time, etc. and get a handful of properties (or half a handful). Why, why, why could they not have just driven by the dammmn thing and see that A DIFFERENT kind of buyer would be looking in this totally different neighborhood.

Their boundaries; the whole friggin county and no, it is not in real life.

I will be objective but you can be darn sure my report will be credible.

No contact numbers for the OP, sorry

 

[sailorboy]

In a review, the comparables are the comparables in the report under review. What you describe/refer to is a Review and an Appraisal. Your clients are right. Read USPAP lately?

Per USPAP:

"the reviewer is not required to replicate the steps completed by the original appraiser. Those items not deemed to be credible or in compliance must be replaced with information or analysis by the reviewer."

USPAP says nothing about taking original exterior photos (or even view the exterior) of sales that are deemed not comparable (credible) in the review process.