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White Picket Fence Appraisal
- Thread starter connecticut27
- Start date
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residentialguy
Elite Member
- Joined
- Mar 24, 2009
- Professional Status
- Certified Residential Appraiser
- State
- Minnesota
Very smart. I don't fill things out for things I don't know about. I don't give my SS# until I feel things are legit.
Functional Obs
Member
- Joined
- Jul 2, 2004
- Professional Status
- Certified Residential Appraiser
- State
- Virginia
White Picket Fence is a great name though...
connecticut27
Freshman Member
- Joined
- Mar 2, 2010
- Professional Status
- Certified Residential Appraiser
- State
- Connecticut
After reading the posts of more experienced appraisers than myself, I am VERY glad I decided not to complete the White Picket Fence assignments. As an appraiser who is still new to the business (5 years) I am still not 100% familiar with rules & regs...your posts, especially the posts citing specific USPAP rules, were powerful enough so I had no problem knowing what the right decision was. Bad enough that my business is slow..like I really need legal issues on top of that??? Thanks again.
Bearslide
Senior Member
- Joined
- Dec 9, 2004
- Professional Status
- Certified Residential Appraiser
- State
- Pennsylvania
So let me see if I understand this correctly. They want a State Licensed or Certified APPRAISER with 3 years experience to "review" a BPO performed by a realtor and then render an opinon of value? And banks are accepting this garbage????
Not in a million years. Nuh-huh, nyet, nada, NO.
To the OP - SMART decision.
Not in a million years. Nuh-huh, nyet, nada, NO.
To the OP - SMART decision.
The Argus
Member
- Joined
- Feb 15, 2005
- Professional Status
- Certified Residential Appraiser
- State
- Colorado
Mini-appraisals??
That really makes me laugh!
If it's a "mini"-appraisal, do you need to keep a "mini" workfile? Does one accept "mini" liability for such an assignment?
Where does one pick up a copy of the 2010 "mini" USPAP?
Ridiculous.
That really makes me laugh!
If it's a "mini"-appraisal, do you need to keep a "mini" workfile? Does one accept "mini" liability for such an assignment?
Where does one pick up a copy of the 2010 "mini" USPAP?
Ridiculous.
J Grant
Elite Member
- Joined
- Dec 9, 2003
- Professional Status
- Certified Residential Appraiser
- State
- Florida
pretty amazing the Appraisal Institute proudly displayed this job ad on their website. Maybe some of their august members are founders of the company?
Pro tek has a similar division. I inquired about it once, never did one didn't finish filling out their contract. But it is really scary, nationwide appraisers reviewing BPO's from anywhere, like one assignment is Las Vegas and the next one u review might be in Dallas and so on. The data you could check it against isn't even reliable zillow and so on. And the banks are PAYING for this, thinking that by adding an appraiser's review they are gettings something of value. The way Protek does it, the appraiser doesn't even sign their name to the report they review, some mystery person signs it.
If the Appraisal Institute is advertising this and they were supposed to be the standard bearers, who does one even complain to about this stuff? Is anybody listening? The people who end up buying the paper backing the loans or making decisions about the properties these BPO's are evaluating?
First a BPO, done for $18 by maybe the high school kid of an agent, since the agent doesn't sign or take any responsiblity for report, the office secretary, high school kid, or even middle school kid can do it on Mommy's computer and make allowance money. AND, even if an agent does do them, he/she didn't see the property, photo takers being paid $5 takes a picture. Who even knows if they go to the right property? What difference does it make, any old house. After this mess is slapped together, an appraiser in another state "reviews" it for $20. All these fees are tripled by the company giving out the work, and ends up costing the same as...if the bank paid an appraiser to...do an appraisal! Even a desktop would be better than this . A driveby appraisal would cost the same. But the agent's high school kid is fast, so what the heck.
Pro tek has a similar division. I inquired about it once, never did one didn't finish filling out their contract. But it is really scary, nationwide appraisers reviewing BPO's from anywhere, like one assignment is Las Vegas and the next one u review might be in Dallas and so on. The data you could check it against isn't even reliable zillow and so on. And the banks are PAYING for this, thinking that by adding an appraiser's review they are gettings something of value. The way Protek does it, the appraiser doesn't even sign their name to the report they review, some mystery person signs it.
If the Appraisal Institute is advertising this and they were supposed to be the standard bearers, who does one even complain to about this stuff? Is anybody listening? The people who end up buying the paper backing the loans or making decisions about the properties these BPO's are evaluating?
First a BPO, done for $18 by maybe the high school kid of an agent, since the agent doesn't sign or take any responsiblity for report, the office secretary, high school kid, or even middle school kid can do it on Mommy's computer and make allowance money. AND, even if an agent does do them, he/she didn't see the property, photo takers being paid $5 takes a picture. Who even knows if they go to the right property? What difference does it make, any old house. After this mess is slapped together, an appraiser in another state "reviews" it for $20. All these fees are tripled by the company giving out the work, and ends up costing the same as...if the bank paid an appraiser to...do an appraisal! Even a desktop would be better than this . A driveby appraisal would cost the same. But the agent's high school kid is fast, so what the heck.
Last edited:
The Argus
Member
- Joined
- Feb 15, 2005
- Professional Status
- Certified Residential Appraiser
- State
- Colorado
Oh geez, there you go J Grant, bashing the AI. How DARE someone question the support of the AI for appraisers.
This is nearly as bad as ever questioning the ethics of someone who has 3 letters after their name (especially if 2 of those letters happen to be vowels).
What next!?!
This is nearly as bad as ever questioning the ethics of someone who has 3 letters after their name (especially if 2 of those letters happen to be vowels).
What next!?!
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