We Must Start Policing Our Own!

[bradellis]

David,

Where did you get the pic? I had not seen it. And, how did you know it was me in the red T-shirt? People are talking, eh?

Anyway, for those who may be interested- the folks in the pic are- left to right-

Barry Shea (NH)- candidate for the NAIFA board (and our current rep to ECAFS- I'm an alternate), David Stone (AZ), Ed Liggins (KS), current NAIFA Prez, Malcolm Bethune (GA) current fiscal chair, Charlie Wallis (IN) current board member, Me (CA) current board member and Ira Rosenberg (SC) current NAIFA secretary.

Casual rules the day!

Brad Ellis, IFA, RAA

 

[bradellis]

David-

Sorry- looks like it was from the e gram, and I'm guessing that it had a caption...

Early Monday- what can I say?

Brad Ellis, IFA, RAA

 

[David C. Johnson]

<span style='color:darkblue'>Brad,

Correct on all counts.

dcj

PS. "Casual rules the day!"

That's the standard issue uniform around here!</span>

 

[Bemis Pownall]

5 years ago+/- tured down a review, it was just a terrible report.

Well last summer the investor SUED the appraiser, reviewer and National Appr Co who ordred it. I guess the reviewer who accepted the assignment rubber stamped the report...

cant win um all.

 

[Jim McGrath]

5 years ago+/- tured down a review, it was just a terrible report.

Well last summer the investor SUED the appraiser, reviewer and National Appr Co who ordred it. I guess the reviewer who accepted the assignment rubber stamped the report...

cant win um all.

Bemis, I have always been told once you accept an appraisal, or review, it is required that you complete it. Had you accepted to do it before they faxed it to you, or did you tell them you would look at it first?

Jim

 

[Bob Ipock]

Jim,

Required by whom? Please give us the USPAP reference for this "requirement".

 

[David C. Johnson]

<span style='color:darkblue'>Fact is, if you accept an assignment and later find it is beyond your abilities, you have an obligation to "renege" per USPAP. That is, you must let this finding be known and present options to your client regarding your remaining involvement, or not, with the assignment. These options, first and foremost, included turning the assignment back in.

For one, this provides a remedy for, and helps prevent from the start, the old "Bait & Switch" routine. For example: "Boy, my client sure did not mention this thing was actually a commercial property, let alone that it was immediately adjacent to an ongoing illegal-use nuclear dump site."

Of course, this concern mainly applies to "other client-types" such as property owner clients. No lender of any description would ever do any kind of Bait & Switch at all including any last minute interest rate changes and additional undisclosed fees. It just don't happen. Right? 8O

dcj</span>

 

[Jim McGrath]

Jim,

Required by whom? Please give us the USPAP reference for this "requirement".

Bob, the best I remember, is that Frank G. said it way back. It is not a USPAP but maybe a state requirement. That is the reason I asked to get a correct answer, rather than relying on my memory.

Jim

 

[Bob Ipock]

I hope Frank will adress this. It is NOT a USPAP item. It could be in some states, I don't know.

I do know that I have seen and heard it said before. As far as USPAP, it is just another myth. As David pointed out, there are many times when you SHOULD stop and/or refuse an order. I do it all the time to keep from doing a misleading appraisal, beacuse an appraisal has too many problems to cover in a review ( for the fee they want to pay), indications of fraud, inpection reveals issues I am not qualified and/or choose not to want to deal with...etc.

 

[Jim McGrath]

I hope Frank will adress this. It is NOT a USPAP item. It could be in some states, I don't know.

I do know that I have seen and heard it said before. As far as USPAP, it is just another myth. As David pointed out, there are many times when you SHOULD stop and/or refuse an order. I do it all the time to keep from doing a misleading appraisal, beacuse an appraisal has too many problems to cover in a review ( for the fee they want to pay), indications of fraud, inpection reveals issues I am not qualified and/or choose not to want to deal with...etc.

Bob, I always tell them when they call about a review and ask for a quote, that I have to look at the appraisal first, and if I accept it, I tell them that if I have to regrid the comps, it will cost more.

Jim