What does it Mean to Protect the Public Trust

[Terrel L. Shields]

They do not want a USPAP-compliant appraisal when they are permitted to use non-USPAP-compliant evaluations

The only problem are the de minimus which limits the eval

 

[Terrel L. Shields]

Suffice it to say I don't live in as much fear of getting sued

That's because you've never been the victim of a frivolous suit filed six years after you did it and then spend two years on pins and needles waiting to see it wind its way through the court system like molasses moving on a cold day in January. No matter my confidence that I would prevail, it is a crap shoot and you are not in charge of the process.

 

[George Hatch]

the issue is not being sued...it's cert 23 which makes everyone a quasi client that can turn you into the kangaroo court...but you wouldn't understand that

C23 doesn't make any 3rd party a quasi client. And any lawyer who tried to sue me on behalf of some off label reader is going to be hating life by the time we get into a deposition. Especially when I direct their attention to the content of my report.

I just had one of my reports reviewed for a 3rd party (a different lender) to my assignment. That reviewer made it a point to acknowledge they had no access to my client's appraisal policies (which I explicitly referenced in my report) so was therefore unable to develop an opinion of whether or not I had met the terms of my assignment or had complied with their policies.

That was a good call on their part because if they had run their mouth about anything where they didn't know what they were talking about I would have sent them up for that.

 

[George Hatch]

That's because you've never been the victim of a frivolous suit filed six years after you did it and then spend two years on pins and needles waiting to see it wind its way through the court system like molasses moving on a cold day in January. No matter my confidence that I would prevail, it is a crap shoot and you are not in charge of the process.

You know, even the courts have come a long way in the last 20 years. So has your own ability to articulate these issues and how to advise your atty to word their arguments. You should probably let that example go. It's time.

 

[djd09]

C23 doesn't make any 3rd party a quasi client. And any lawyer who tried to sue me on behalf of some off label reader is going to be hating life by the time we get into a deposition. Especially when I direct their attention to the content of my report.

I just had one of my reports reviewed for a 3rd party (a different lender) to my assignment. That reviewer made it a point to acknowledge they had no access to my client's appraisal policies (which I explicitly referenced in my report) so was therefore unable to develop an opinion of whether or not I had met the terms of my assignment or had complied with their policies.

That was a good call on their part because if they had run their mouth about anything where they didn't know what they were talking about I would have sent them up for that.

like i said you dont understand...and the mortgage brokers have been cut out of the loop #fastapp what a dumdum

 

[Terrel L. Shields]

So has your own ability to articulate these issues and how to advise your atty to word their arguments. You should probably let that example go. It's time.

That is not how courts work. No 'issues' were articulated other than the statute of limitations which ended up allowing the plaintiffs 3 attempts to 'perfect' their claim only to be denied without recourse in Federal court...other than an appeal to the Appeals court in St. Louis. I sent my lawyer to the hearing and she was given 7.5 minutes to argue that the ARKANSAS (since the Federal issue of RICO and Packers & Livestock Act issues were thrown out leaving only a state issue) Statutes of Limitations applies. The appeals court heard it in January and ruled in June almost exactly 2 years to the day when the suit was filed.

So how does an appraiser respond to allegations that I was in violation of RICO statutes in some organized criminal cabal with a bank and a poultry company to cheat these growers? The suit had virtually nothing to do with the circumstance of the report. The report was prepared 4 days after the property changed hands yet they claimed they 'relied' upon it. None of that mattered and the court never addressed that issue or the privity claim that my lawyer made. However, by claiming they relied upon the report, they inadvertently nailed the coffin in their own grave. That assured that the SOL was not to be tolled.

 

[Mejappz]

Suffice it to say I don't live in as much fear of getting sued as you apparently do. I think you should try to relax a little on that.

(I never include copies of my license or E&O in any of my reports unless a client explicitly requires it, which none of my clients do)

LOL, you’re the one that brought up being sued. Anyway, the fact of the matter is that you stand a much greater chance of getting sanctioned or sued by inserting USPAP into these Evals when neither your state nor financial Institutions require you to do so. If appraisers had the choice, 9 out of 10 would follow what their clients want, which would be the IAG guidelines.

 

[Mejappz]

The only problem are the de minimus which limits the eval

True. I've mentioned in the past, and some here don't believe me, but there are USPAP-certified instructors in states such as Teneese whose work revolve around these Evals. Guess what? They don't follow USPAP. How do I know? Because I've seen their reports.

 

[Terrel L. Shields]

They don't follow USPAP. How do I know? Because I've seen their reports.

Evaluations have standards that are different from USPAP. An appraiser does not have to make a physical inspection of a property (most banks do want that however.) but an evaluation does require it...but it does not mean the evaluator has to inspect it- so the eval's I've seen are of a bank officer taking the picture "inspecting" drive by and an off site evaluator doing the report...which might only consist of a list of MLS sales - (in my own evaluation amusingly they had scrubbed the member persons name from the listing) - which were the private listings - meaning the user was not a member of the MLS - in fact, was a graduate student at the U of A with an undergraduate degree from a local university. Funny how that works. Right?

 

[Mejappz]

Evaluations have standards that are different from USPAP. An appraiser does not have to make a physical inspection of a property (most banks do want that however.) but an evaluation does require it...but it does not mean the evaluator has to inspect it- so the eval's I've seen are of a bank officer taking the picture "inspecting" drive by and an off site evaluator doing the report...which might only consist of a list of MLS sales - (in my own evaluation amusingly they had scrubbed the member persons name from the listing) - which were the private listings - meaning the user was not a member of the MLS - in fact, was a graduate student at the U of A with an undergraduate degree from a local university. Funny how that works. Right?

Well, thankfully, somebody knows what he’s talking about on this subject.