Where Do You Think "geographic Competency" Begins And Ends?

[Meandering]

Personally I think the default explanations on the Fannie forms are grossly inadequate, if not downright misleading by omission in a couple areas. If I did a drive-by and someone complained about the effects of me not seeing the interior I'd point them straight back to the disclosures I use that plainly state the assumptions I'm using along with the proviso that if significantly incorrect they might be of effect on my conclusions. So either the appraiser didn't explain their situation well in the first place or nobody referred that reporter back to RTFR.

It's examples like these that demonstrate why so many appraisers - including some of you here - need to stop fixating so much on the superficial elements of the mechanics and put more thought into what the reasons are for those mechanics and how they affect what you're doing.

I have a question - What is the difference, and where is the line, between (1) lacking geographic competency, and (2) simply having not yet met the requirements in SR 1-2 to identify the relevant characteristics?

Suppose, for example, that my subject property is in a neighborhood that I have not been to/worked in for a few months. Obviously, I will have to reacquaint myself (through research and analysis) with what is going on in that neighborhood. What is the difference between what I would do in that situation and what someone who had never been to the area would do?

So George,
When you retire are you going to work for Danny's company?

Maybe teach Indians some "Appraisal Speak"?


No poll was needed for any of this. It can be done right now. The state's don't go after "employees".

Get the Realtor to take the photos, have the foreigners write it up, supply the AVM that provides the "comps" and adjustments, all you need is one licensed appraiser to sign off on them in each state, and provide a bottom line number, until they get National Licenses passed.

No sense getting appraisers to "think about what they're doing" Because ultimately the state will decide for them if someone has a complaint. And we already know that complaints to the state typically happen when someone does not like the bottom line number. That's okay, that's why you include the AVM in it for support. No need to worry about the state claiming the person who provided the "opinion" wasn't Geo-competent, because all that really mattered was the client got a product they liked, and could use, at a very cheap price, very quickly.

Nothing left to see here folks.

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[George Hatch]

If the value is wrong, then the value is wrong therefore the report is clearly misleading. And in her case, the value is wrong hence the report misleading for its intended use in a HELOC.

In the case of a property being undervalued relative to its actual condition as opposed to the condition it was assumed to be in, the initial value conclusion does not threaten the safety/soundness of that decision, which after all is the stated intended use. A marginal loan that is never made does not present a threat to that lender's safe/sound situation.

Besides that
The report cannot be called misleading unless it actually is misleading. Which BTW, is a term that has a meaning. You not reading the report doesn't make it misleading. If I told you that I didn't see the interior but I'm kaing an asusmption that it's consistent with what I'm seeing on the exterior, and that if that assumption is incorrect it could have an effect on my value conclusion, then if that assumption turns out to be incorrect there is still nothing misleading about either my analysis or my conclusions. That probably IS the value of the home if it was in that condition.

Just because you don't seem to know anyone at your state boards or in the courts who is capable of reading the material for content doesn't mean it can't be done by someone with some technical competency in the subject.

 

[George Hatch]

So George,
When you retire are you going to work for Danny's company?

Maybe teach Indians some "Appraisal Speak"?

No poll was needed for any of this. It can be done right now. The state's don't go after "employees".

Get the Realtor to take the photos, have the foreigners write it up, supply the AVM that provides the "comps" and adjustments, all you need is one licensed appraiser to sign off on them in each state, and provide a bottom line number, until they get National Licenses passed.

No sense getting appraisers to "think about what they're doing" Because ultimately the state will decide for them if someone has a complaint. And we already know that complaints to the state typically happen when someone does not like the bottom line number. That's okay, that's why you include the AVM in it for support. No need to worry about the state claiming the person who provided the "opinion" wasn't Geo-competent, because all that really mattered was the client got a product they liked, and could use, at a very cheap price, very quickly.

Nothing left to see here folks...

After all these years I should think you would understand by now that if I had ever had any interest in being a suit I would at least be running a fee shop by now, or be working as a staff appraiser or in government. That I never did that after my initial exposure at the commercial bank I worked for all those years ago should be self-explanatory.

Besides, I'll never retire. I'll be the last person leaving the room and turning the lights off if it ever gets to that point. They're going to find me stroked out and hunched over my keyboard whilst furiously pounding out some remedial Appraisal 101 instruction to hit stubborn form monkey over the head with. That's how I'm going to end. I have no intention of EVER traveling east of the Rocky Mountains, let alone moving to Pete's town to work for Danny.

 

[TC]

After all these years I should think you would understand by now that if I had ever had any interest in being a suit I would at least be running a fee shop by now, or be working as a staff appraiser or in government. That I never did that after my initial exposure at the commercial bank I worked for all those years ago should be self-explanatory.

Besides, I'll never retire. I'll be the last person leaving the room and turning the lights off if it ever gets to that point. They're going to find me stroked out and hunched over my keyboard whilst furiously pounding out some remedial Appraisal 101 instruction to hit stubborn form monkey over the head with. That's how I'm going to end. I have no intention of EVER traveling east of the Rocky Mountains, let alone moving to Pete's town to work for Danny.

Hey, don't be badmouthing Pete's town, ya jagoff!

 

[Meandering]

You don’t love the Burgh when you can go and unwind on Myrtle Beach Time for vacations? You can work for Danny’s company from your desk. No need to go to the burgh. You have the “tech”.

I will say i’m Impressed the questioning side did not go after the ego play, which worked so well getting appraisers to pay for background checks.

But something to pay attention to is liability of the employer. Just think who would have been responsible if all those robo-signers had been subcontractors. Might have gone differently with no name change needed.

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...

 

[TC]

You don’t love the Burgh when you can go and unwind on Myrtle Beach Time for vacations? You can work for Danny’s company from your desk. No need to go to the burgh. You have the “tech”.

I will say i’m Impressed the questioning side did not go after the ego play, which worked so well getting appraisers to pay for background checks.

But something to pay attention to is liability of the employer. Just think who would have been responsible if all those robo-signers had been subcontractors. Might have gone differently with no name change needed.

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...

It's The 'Burgh. Alot of people get that wrong.

 

[djd09]

This is the situation TAF faces. Even if their role was to advocate for the economic interests of the profession - which it isn't - they are still obligated to do their due diligence WRT the legitimate interests of all the various constituents of the profession, not just the appraisers themselves.

Whose interests were protected with the lowering of the qualifications?

 

[George Hatch]

It's not their role to accommodate either side's interests at the expense of the other, any more than it's the appraiser's role to advocate for either side of the transactions we deal with. Their role is to proceed on principle.

I'll ask you the same thing I asked Marion. Even if you thought TAFs role was to protect you from your competition how long could that last?

 

[George Hatch]

It's The 'Burgh. Alot of people get that wrong.

It's got nothing to do with the town. I just don't enjoy travelling and everyone in my tribe is here.

Besides, how long could an outdoor cat like me possibly last in an SJW-empowered cat lady environment such as is taking over corporate America? Sooner or later I'd accidentally let a "That's a nice dress" slip out and then I'd have 3 unicorns, a Brony and 2 cat ladies telling management that I make them feel unsafe.

No thanks. I'll just stay here in my mom's basement and continue on with my lone gunman lifestyle.

 

[Randolph Kinney]

No thanks. I'll just stay here in my mom's basement and continue on with my lone gunman lifestyle.

Don't forget the #metoo movement.