Who's Right?

[Michael Giampa]

DID A FIELD REVIEW AND THE ORIGINAL APPRAISER MADE UP COMP 3. I SAID IN THE REVIEW THAT THE VALUE CONCLUSION CAN'T BE AGREED WITH BECAUSE OF COMP 3 AND (AS I THOUGHT I REMEMBER IN MY 03 USPAP CLASS CANT GIVE A NEW/DIFFERENT VALUE WITHOUT DOING A NEW TYPE OF APPRAISAL) THE PERSON AT ORISYN RESEARCH SAID I CAN GIVE A NEW VALUE, INSULTED ME, AND REFUSED TO PAY FOR THE REVIEW. I DONT CARE @ HIM, WHO'S RIGHT!

 

[Pamela Crowley (Florida)]

Michael,

A disagee with the value actually is an appraisal on your part.

I decided a little while ago NOT to do any more reviews. They are a real pain in the *** and everybody involved wants to bite you back after paying only a pittance.

The ONLY kind of review I will now do is a simple list itemizing the facts that I find either incorrect or 'not right', copies of the data for those items, and might add copies of tax cards of more appropriate sales. This I would do in a simple word document in preparation for sending it in to the state board.

Primary, they ABSOLUTELY DO owe you your fee!!!!! Go after them every way you can to collect!!!!!!!!

(By the way, typing in all caps is considered shouting on the internet, plus is against the forum rules.)

 

[Michael Giampa]

at the bottom of our field review form it generally says agree or disagree. it was sent to the VA board and they agreed it was not an appraisal and not in violation. anyway so you agree???

ps. too busy to use ProPeR uSe Of kEyboaRD, i guess ill go all lower case

 

[Dale Smalley]

I would guess they want to know the real value not just if the appraiser did a good job or not. Why else would you pay for a review. Does anybody really care if you agree or disagree.

 

[Mountain Man]

Yes, you can give a value. A field review is just another type of an appraisal report.

Many AMC clients don't like it, because they want a cheap appraisal, but I charge full fee. I know going into it that they will require comp photos of the sales used in the report, new comps on a new grid, new comp photos, new map exhibits, new value opinion, etc..........

 

[Pamela Crowley (Florida)]

USPAP 2003:

Standards Rule 3-1 (a):

"A reviewer must ascertain whether the purpose of the assignment included the development of his or her own opinion of value about the subject property of the work under review.

If the purpose of the assignment included the review developing his or her own opinion of value about the subject property of the work under review, that opinion is an appraisal whether it:

* concurs with the opinion of value in the work under review, as of the date of value in that work or a diferent date of value: or

* differs from the opinion of value in the work under review, as of the date of value in that work or a different date of value."

 

[Jo Ann Meyer Stratton]

Thank you for the USPAP posting Pam. If the review appraiser expresses any opinion about the original opinion of value--the review appraiser has completed an appraisal. In developing that opinion of the original opinion of value, the review appraiser would be following Standard 1, then reporting that opinion would be Standards 2 and 3. The reporting would be in the form of the Review Form 2000 or a separate URAR or 2055. As long as the final report meets all requirements in Standards 1, 2 and 3 it is immaterial which specific form is used.

A review is an appraisal assignment (Standards 1 and 3) and the report to the client is the appraisal report (Standards 2 and 3).

If an appraiser expresses an opinion of value on anything--they have completed an appraisal report whether it is verbal or written.

 

[Frank Lostracco]

Question, this is from a confused trainee... How can Mike come up with a value if Comp #3 is not valid? Is he supose to provide a new comp? Then it would no longer be a review.
Just trying to absorb,
Frank

 

[Michael Giampa]

if you give a new value simply plopped on the review form it does not meet the minimum requirements for a limited or summary appraisal, standard 3-2(d) paragraph under sentence #3 which refers to standard 2-2 what those minimums are. right???

http://www.appraisalfoundation.org/html/US...PAP2003/toc.htm

it seems you simply cannot put a new/different value on a review form.

 

[Fred]

Mike,
Sound to me like you and your client are both at least partly right.

CANT GIVE A NEW/DIFFERENT VALUE WITHOUT DOING A NEW TYPE OF APPRAISAL

Of course, giving a new/different “opinion of value” is an appraisal, but that doesn’t mean you were supposed to start over from square one in developing it. You can bootstrap off whatever work in the original appraisal you think is good. Your client already has that report. No need to repeat anything you agree with. When your review report states which parts of the original that you disagree with and what other sales, etc., you would consider, you have implicitly incorporated by reference, the other parts of the origninal report that you liked.

You are either certifying to the original value or certifying to a new value and using information that is in both the original report and your review report. So, what is the problem?

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IMO, reviewing is more work than appraising, because the client really wants to know if the value is accurate and is likely sending the appraisal out because it looks fishy.