date of appraisal
303) Basic Appraisal Procedures
04/23/08
Hello Mr. Harrison --
My question is what is the best book to show you the techniques to do the sales comparison approach, time adjustments, comparable listing and pending sales, ect.
Thanks.
Alfredo zayas Zayas5@yahoo.com
Dear Alfedo,
My new book Basic Appraisal Procedures should help you. It is available from Form and Worms www.formsandworms.com or 1-800-243-4545.
H2
My question is what is the best book to show you the techniques to do the sales comparison approach, time adjustments, comparable listing and pending sales, ect.
Thanks.
Alfredo zayas Zayas5@yahoo.com
Dear Alfedo,
My new book Basic Appraisal Procedures should help you. It is available from Form and Worms www.formsandworms.com or 1-800-243-4545.
H2
297) Changing the Date
04/10/08
Dear Henry,
I have one Appraisal Management Client that sends me steady work. Lately, I have been refusing orders with conditions that I think are contradictory to USPAP. The client requests a Desk Review Short Form, but asks the appraiser to complete the review with an effective date as of the current inspection date, not the effective date of the report under review. I have explained that this encompasses two separate scopes of work and that I cannot change the effective date of the report under review.
My understanding is that the client is seeking additional sales and listing information not available as of the effective date of the report under review. I have no objection to providing additional comparables, even those that have settled or listed after the effective date. In some cases, this can provide additional support for the appraiser's opinion of value, or demonstrate declining or increasing property values in the property's neighborhood. However, changing the effective date of the report is not acceptable as it is my understanding that this is in violation of USPAP.
Am I correct in interpreting USPAP, or am I just standing on principle? My account representative at the AMC says that they have many appraisers who willingly do these assignments for them and they have not had any problems nor have any of their long-term appraisers refused these assignements. What's your take?
Name Withheld By Request.
Dear Friend,
You are correct. The USPAP is very clear that when you change the effective date a new appraisal is required.
H2
I have one Appraisal Management Client that sends me steady work. Lately, I have been refusing orders with conditions that I think are contradictory to USPAP. The client requests a Desk Review Short Form, but asks the appraiser to complete the review with an effective date as of the current inspection date, not the effective date of the report under review. I have explained that this encompasses two separate scopes of work and that I cannot change the effective date of the report under review.
My understanding is that the client is seeking additional sales and listing information not available as of the effective date of the report under review. I have no objection to providing additional comparables, even those that have settled or listed after the effective date. In some cases, this can provide additional support for the appraiser's opinion of value, or demonstrate declining or increasing property values in the property's neighborhood. However, changing the effective date of the report is not acceptable as it is my understanding that this is in violation of USPAP.
Am I correct in interpreting USPAP, or am I just standing on principle? My account representative at the AMC says that they have many appraisers who willingly do these assignments for them and they have not had any problems nor have any of their long-term appraisers refused these assignements. What's your take?
Name Withheld By Request.
Dear Friend,
You are correct. The USPAP is very clear that when you change the effective date a new appraisal is required.
H2
3) Census Tract, Improvements, & Signatures
10/28/06
Dear Henry:
I enjoy your articles in REV. Keep 'em coming. I have 3 questions:
Question 1: What is the purpose of the Census Tract?
Question 2: Subject has wood and carpet flooring, the bathroom has tile. In the Improvements section for floors would you put "wood, carpet, tile" or just "wood, carpet" and omit "tile" because it is getting entered again a few fields below under "Bath Floor."
Question 3: Date of inspection was October 13th, report was completed October 14th but the sales contract wasn't faxed to me until October 18th. My argument for signing the report on the 14th is that my work was done on the 14th, and signing as of the 18th makes it look like I am slow. What is the correct date to put for "Date of Signature and Report?"
Thank you,
(name withheld by request)
Dear Friend:
Answer 1) Fannie Mae & Freddie Mac use them as one way to keep statistical information about mortgages. The lender is required to supply the census information, and they get it in turn from the appraisal form. The bank examiners also use the information to see if the lender is complying with their community loan requirements.
Answer 2) Bathroom flooring belongs on its own separate line. See more about how to report this type of information in my book "How to Complete the 2005 URAR", page 5-31. (Available from Forms and Worms, 1-800-243-4545. www.formsandworms.com
Answer 3) I think that the date of the appraisal should be the last date on which you inspected the subject property. If this is not so, there should be a comment as to the last date you inspected the subject property, and that it differs from the date of the appraisal -- in case the condition of the property or market has changed since the inspection date.
The date of the signature must be the date you signed the report. If you are worried that it will reflect badly on you, provide a comment that explains when you got the contract.
If the date of the report is different for some reason (for example, it is for an estate), you should provide both dates and explain what they are in the comments section.
Yours,
H2
I enjoy your articles in REV. Keep 'em coming. I have 3 questions:
Question 1: What is the purpose of the Census Tract?
Question 2: Subject has wood and carpet flooring, the bathroom has tile. In the Improvements section for floors would you put "wood, carpet, tile" or just "wood, carpet" and omit "tile" because it is getting entered again a few fields below under "Bath Floor."
Question 3: Date of inspection was October 13th, report was completed October 14th but the sales contract wasn't faxed to me until October 18th. My argument for signing the report on the 14th is that my work was done on the 14th, and signing as of the 18th makes it look like I am slow. What is the correct date to put for "Date of Signature and Report?"
Thank you,
(name withheld by request)
Dear Friend:
Answer 1) Fannie Mae & Freddie Mac use them as one way to keep statistical information about mortgages. The lender is required to supply the census information, and they get it in turn from the appraisal form. The bank examiners also use the information to see if the lender is complying with their community loan requirements.
Answer 2) Bathroom flooring belongs on its own separate line. See more about how to report this type of information in my book "How to Complete the 2005 URAR", page 5-31. (Available from Forms and Worms, 1-800-243-4545. www.formsandworms.com
Answer 3) I think that the date of the appraisal should be the last date on which you inspected the subject property. If this is not so, there should be a comment as to the last date you inspected the subject property, and that it differs from the date of the appraisal -- in case the condition of the property or market has changed since the inspection date.
The date of the signature must be the date you signed the report. If you are worried that it will reflect badly on you, provide a comment that explains when you got the contract.
If the date of the report is different for some reason (for example, it is for an estate), you should provide both dates and explain what they are in the comments section.
Yours,
H2