Which USPAP Standard Would Apply To Viewing Of Comp Properties?

[Doug in NC]

Just wondering. If anyone could point me to the specific USPAP reference on this, I would appreciate it. thanks.

 

[hastalavista]

Scope of Work.

 

[Meandering]

Scope of the Work.

Problem Identification
An appraiser must gather and analyze information about those assignment elements that are necessary to properly identify the appraisal or appraisal review problem to be solved.

Comment

The assignment elements necessary for problem identification are addressed in the


applicable Standards Rules (i.e., SR 1-2, SR 3-2, SR 6-2, SR 7-2 and SR 9-2). In an appraisal

assignment, for example, identification of the problem to be solved requires the appraiser to

identify the following assignment elements:

....

• assignment conditions.

Part of your assignment conditions, then you have to do it.

 

[Meandering]

competency rule

Being Competent


1. the ability to properly identify the problem to be addressed; and


2. the knowledge and experience to complete the assignment competently; and


3. recognition of, and compliance with, laws and regulations that apply to the appraiser or to the


assignment.


So if you are not required by assignment conditions or laws or regulations that apply to the assignment, you don't have to inspect the comps, if you can produce credible work.

.

 

[CANative]

SR 51 - Determine anticipated comp run and charge enough to just do it.

 

[Deleted member 80407]

Does you MLS service provide the MC report??? If so, I would include my search filters utilized for sales competing with the subject (I cut & paste this to my reports). See below example...............

Specified listings from the following search: Property type Residential; Inside the map search Rectangle
(-111975553,33043829,-111961777,33028827); Pool - Private of No Pool; Status of 'Active', 'Closed', 'Pending','CCBS (Contract Contingent on Buyer Sale)','UCB (Under Contract-Backups)'; Approx SQFT between 1300 and 1700; # of Interior Levels between 1 and 1; Year Built between 2003 and 2010; Close of Escrow Date between '08/05/2015' and '08/05/2016'.

I also provide a list of "COMPS (not sales)" the particular search filter finds. Please note: Do not include any price ranges within your search filters. This way, the reader of the report can view what I see within the defined market area as well as providing a value range of the comps meeting the search filters. By providing the list of comps within the search filters will usually cut down or eliminate reconsideration of value requests. If the reconsideration of value request has comps within the search filters, I will consider them. If sales provided by the client for the reconsideration of value request fall outside of the search filters, I will charge for the additional work of explaining why the sales were not comparable.

 

[Tom D]

as to the viewing of comps i would guess the problem would occur if you missed something obvious on a comp, or comps that would indicate a misleading, or perception of a misleading value. with the abundance of MLS photos, aerial maps, and google street, maybe the 21 century will sneak up on our 1930 appraisal guidelines.

 

[JasonHaskell]

There is no USPAP requirement to even view the subject. But your client likely has their own requirements, therefore it would become a supplemental standard from the client. Fannie Mae does require comparable viewing, so we must do it for any Fannie reports we do.

 

[Meandering]

as to the viewing of comps i would guess the problem would occur if you missed something obvious on a comp, or comps that would indicate a misleading, or perception of a misleading value. with the abundance of MLS photos, aerial maps, and google street, maybe the 21 century will sneak up on our 1930 appraisal guidelines.

And remove assignment conditions??

Not likely.

.

 

[glenn walker]

Just do it *** Kind of hard to determine if a location or view adjustment is warranted without looking at the site.