What would my peers do?

[SANDY]

We all know that getting the HUD statements is probably the best idea but we also know that getting them can be next to impossible with privacy issues being cited by the title company and the realtors.
I am a little steamed right now about USPAP and its requirements that are placed on us in this area and many others. Yes I understand Mr. Hatch's very eloquent previous post under another thread about how the standard/requirements are different for each appraisers' area based upon what type of data is available in the normal course of business, but it seems like there is little thought to whether this type of information is actually readily available before the USPAP writers hit us with it. The standards for what is our due diligence is not clear to say the least and we are left with various appraisers' interpretations(based on their available data) as to what we should do. We generally find that we have to ultimately rely on sources like the forum and sort of a gut instinct feeling based upon my boss's local experience(15 YEARS) to reconcile the quantity and quality of the data. However, sometimes it makes us all a little nervous or at least it makes me nervous about getting nailed by the USPAP police even though our intentions were to do the right thing. Ok enough complaining-suck it up and make a decision-right?

PS- will let ya know what we end up doing so I can learn more from you folks.

 

[Mike Garrett RAA]

This is a classic example of ...."who is your peer?"

It doesn't matter what I would do in Colorado or what an appraiser would do in, say, North Carolina...it's what another appraiser would do in a similar assignment. That similarity would also include being competent geographically. There could be regulation, law, or statute IN YOUR STATE that might or might not apply in other areas of the country.

As an example, here in Colorado, we seldom check or include a copy of the recorded deed. It is not a requirement under our state statutes to do so. Obtaining a copy of the HUD 1 is nearly impossible. Our two sources for verification are public record...available on the assessor's web site and information from a party to the transaction...usually the agent. This could be what was reported to MLS.

If you want to know what your peers would do...talk to an experienced appraiser who does similar assignments IN YOUR MARKET.

 

[Michigan CG]

Mr. Meat Eater, I stand corrected. Things are different in different locations.