errors
242) Substantial Error
02/13/08
Dear Henry:
I recently did an appraisal on a property near me. The information I had indicated that there were 1.68 acres in the lot; however after the appraisal was completed the homeowner had the land surveyed and he only has 0.72 acres.
It turns out the prior owner had subdivided the property and the tax records were not updated. I did the original appraisal based on the information I had. Now I know differently, but what can I do? As you can imagine, the difference in lot size affects the value.
Name Withheld By Request
Dear Friend,
Whenever you make a substantial error in an appraisal report, you are in violation of the USPAP.
I would immediately tell your client what happened and ask them what they want you to do. If things get nasty, you should get a lawyer to represent you.
H2
I recently did an appraisal on a property near me. The information I had indicated that there were 1.68 acres in the lot; however after the appraisal was completed the homeowner had the land surveyed and he only has 0.72 acres.
It turns out the prior owner had subdivided the property and the tax records were not updated. I did the original appraisal based on the information I had. Now I know differently, but what can I do? As you can imagine, the difference in lot size affects the value.
Name Withheld By Request
Dear Friend,
Whenever you make a substantial error in an appraisal report, you are in violation of the USPAP.
I would immediately tell your client what happened and ask them what they want you to do. If things get nasty, you should get a lawyer to represent you.
H2
57) Right Address, Wrong Street
02/26/07
Hi Mr. Harrison,
About 20 years ago I went to the right address, but on the wrong street. It was exactly 1 block South of the "Real Property". I had made an appointment. I knocked on the door, introduced myself and stated my purpose. I was admitted to the house, I did all the things we appraisers do; left, wrote and delivered my appraisal.
Within one day I learned that I had been inside the wrong house!
I immediately notified everyone concerned and inspected the right house and delivered the right appraisal. No harm was done, because no one acted on the appraisal before I corrected the mistake. There was no delay, no malice, no fraud, no malicious intent, but one might assume that due diligence was an issue, no matter what the reasons.
My question is: How can we protect ourselves in either the scope and extent or other some disclaimer that says in essence "We all make mistakes, some are just worse than others"?
And yes, the people at the WRONG house let a complete stranger wander around their home and leave, without challenging me or my reason for being there.
Sincerely,
Leland Turner appraiser@clearwire.net
Dear Leland,
Making a significant error is a violation of USPAP. I agree we all make mistakes. What you did seems to be the right thing to do.
I do not recommend a specific disclaimer. There is no language that can protect you from this type of occurrence. Still, your anecdote makes a great addition to your "Strange Things I've Done and Seen as an Appraiser" file.
H2
About 20 years ago I went to the right address, but on the wrong street. It was exactly 1 block South of the "Real Property". I had made an appointment. I knocked on the door, introduced myself and stated my purpose. I was admitted to the house, I did all the things we appraisers do; left, wrote and delivered my appraisal.
Within one day I learned that I had been inside the wrong house!
I immediately notified everyone concerned and inspected the right house and delivered the right appraisal. No harm was done, because no one acted on the appraisal before I corrected the mistake. There was no delay, no malice, no fraud, no malicious intent, but one might assume that due diligence was an issue, no matter what the reasons.
My question is: How can we protect ourselves in either the scope and extent or other some disclaimer that says in essence "We all make mistakes, some are just worse than others"?
And yes, the people at the WRONG house let a complete stranger wander around their home and leave, without challenging me or my reason for being there.
Sincerely,
Leland Turner appraiser@clearwire.net
Dear Leland,
Making a significant error is a violation of USPAP. I agree we all make mistakes. What you did seems to be the right thing to do.
I do not recommend a specific disclaimer. There is no language that can protect you from this type of occurrence. Still, your anecdote makes a great addition to your "Strange Things I've Done and Seen as an Appraiser" file.
H2