White Picket Fence Appraisal

[connecticut27]

A few weeks ago, the Appraisal Institute website posted an opening for a BPO Reviewer for a company called White Picket Fence Appraisals. The opening was nationwide, an I applied. I am a Certified Residential Appraiser in CT, who is also FHA Certified. I received an e-mail after submitting my application saying that my app had been approved and that these BPO Reviews come in "bulk" orders; I would be contacted when a bulk order was available for my area. Well, yesterday I got another e-mail saying that a bulk order had come in, and they wanted me to complete an online training session prior to being sent any real orders.
The training sesion was a 35 min. demo of how they complete what they call a BPO Review...the BPO file is provided on a spreadsheet, and once you open the the file, you need to look at the given data, and review it against data from Trulia.com and RealtyTrac.com, (NO MLS, NO TOWN RECORD, NO VISUAL INSPECTION). Then they want you to fill out an excel sheet with "your quick sale value" and "your market value" among other things, as well as an analysis, citing how the BPO either did or didn't reflect what's going on in that market, mostly in terms of list/sale price ratios. It concerned me because: 1. they ask for a value, so really they are asking for an APPRAISAL, and 2. should we really be going to Trulia or Realty Trac for accurate information?? 3. They pay $20 per completed BPO...normally I charge $250-$300 for a review of a single family, as it always involves as much work, if not more work, than an appraisal in order to do a thorough job, other than the fact that I don't have to inspect the interior.
Has anyone else dealt with White Picket Fence? What are your feelings as to their practices and fees? How does this relate to USPAP, as far as Appraisers are concerned? Personally, I do not plan on completing work for them, as I feel it compromises my profession on many levels.

 

[CANative]

IMO, this represents an unacceptable assignment condition because the scope of work is so limited that credible assignment results will not be achieved.

This kind of non-sense is too new to be on the state enforcement radar but I'll bet anyone a nickel that this is going to get a lot of appraisers in hot water eventually.

 

[Kevin A. Spellman]

I never read "quick sale" in USPAP. I did read about credible results. "Got license, Got USPAP".

 

[james stephens]

Your gut instincts are correct. Yes, they are asking for you to do an appraisal. The fee alone should make you not want to do these "reviews" not to mention what appears to be unacceptable assignment conditions.


An appraiser must not allow assignment conditions to limit the scope of work to such a degree that the assignment results are not credible in the context of the intended use.

Comment: If relevant information is not available because of assignment conditions that limit research opportunities (such as conditions that place limitations on inspection or information gathering), an appraiser must withdraw from the assignment unless the appraiser can:​

modify the assignment conditions to expand the scope of work to include gathering the information; or​

use an extraordinary assumption about such information, if credible assignment results can still be developed.​

 

[Rich Heyn]

A few weeks ago, the Appraisal Institute website posted an opening for a BPO Reviewer for a company called White Picket Fence Appraisals. The opening was nationwide, an I applied. I am a Certified Residential Appraiser in CT, who is also FHA Certified. I received an e-mail after submitting my application saying that my app had been approved and that these BPO Reviews come in "bulk" orders; I would be contacted when a bulk order was available for my area. Well, yesterday I got another e-mail saying that a bulk order had come in, and they wanted me to complete an online training session prior to being sent any real orders.
The training sesion was a 35 min. demo of how they complete what they call a BPO Review...the BPO file is provided on a spreadsheet, and once you open the the file, you need to look at the given data, and review it against data from Trulia.com and RealtyTrac.com, (NO MLS, NO TOWN RECORD, NO VISUAL INSPECTION). Then they want you to fill out an excel sheet with "your quick sale value" and "your market value" among other things, as well as an analysis, citing how the BPO either did or didn't reflect what's going on in that market, mostly in terms of list/sale price ratios. It concerned me because: 1. they ask for a value, so really they are asking for an APPRAISAL, and 2. should we really be going to Trulia or Realty Trac for accurate information?? 3. They pay $20 per completed BPO...normally I charge $250-$300 for a review of a single family, as it always involves as much work, if not more work, than an appraisal in order to do a thorough job, other than the fact that I don't have to inspect the interior.
Has anyone else dealt with White Picket Fence? What are your feelings as to their practices and fees? How does this relate to USPAP, as far as Appraisers are concerned? Personally, I do not plan on completing work for them, as I feel it compromises my profession on many levels.

Two questions:
What is the intended use?
Is this the outfit that cites an AO that discusses advocacy and then claims that your assignment constitutes advocacy so USPAP does not apply?

 

[CANative]

claims that your assignment constitutes advocacy so USPAP does not apply?

Is that the same logic that allows a motorist to roll a stop sign if there are no other cars or cops around?

 

[Rich Heyn]

Is that the same logic that allows a motorist to roll a stop sign if there are no other cars or cops around?

No, the logic to which you refer is simple path of least resistance and is far less convoluted than misinterpreting and then misapplying parts of USPAP.

 

[CANative]

claims that your assignment constitutes advocacy so USPAP does not apply

Are you saying that the claim is that if something is not allowed if USPAP applies then USPAP doesn't apply?

 

[Mike Kennedy]

http://www.whitepicketfenceappraisals.com/StaffProfiles.aspx?ID=262286

http://www.whitepicketfenceappraisals.com/Reconciliations

http://www.whitepicketfenceappraisals.com/FAQ <<<<<< Don't miss this.

or this >>> http://www.whitepicketfenceappraisa...appraisals/Content/UploadedFiles/Contract.pdf

 

[William K]

Seems like they have created their own Catch 22 for USPAP.

Advocacy (other than for your own opinon) is not permitted under USPAP
We require Advocacy.
Therefor USPAP does not apply.

Makes perfect sense to mem2:m2:, once I hit my head against this brick wall a couple more times.