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skibs
Certified Residential
Joined: 16 Aug 2007
Posts: 263
Location: Chicago
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 Posted: Fri Nov 02, 2007 4:24 pm Post subject: |
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| FrankA wrote: | | santa wrote: | | I do reviews on materially incomplete appraisals all the time- they are materially incomplete in reasoning, logic, documentation and explanation, as well as in reliability, credibility and compliance with standards. So what's the big deal, ELf? |
I agree with Santa, State what you reviewed and what was not available so as not to be misleading and move on. Why make it so difficult for someone to hire you? |
| Quote: | The scope of work for this appraisal field review is defined by the complexity of the appraisal report under review and the reporting requirements of this report
form, including the following statement of assumptions and limiting conditions, and certifications. The review appraiser must, at a minimum: (1) read the entire
appraisal report under review, (2) perform a visual inspection of the exterior areas of the subject property from at least the street, (3) inspect the neighborhood,
(4) inspect each of the comparable sales from at least the street, (5) perform data research and analysis to determine the appropriateness and accuracy of the
data in the appraisal report, (6) research, verify, and analyze data from reliable public and/or private sources, (7) determine the accuracy of the opinion of value,
and ( assume the property condition reported in the appraisal report is accurate unless there is evidence to the contrary.
If the review appraiser determines that the opinion of value in the report under review is not accurate, he or she is required to provide an opinion of market value.
The review appraiser is not required to replicate the steps completed by the original appraiser that the review appraiser believes to be reliable and in compliance
with the applicable real property appraisal development standards of the Uniform Standards of Professional Appraisal Practice. Those items in the appraisal
report under review are extended to this report by the use of an extraordinary assumption, which is identified in Section II, Question 2. If the review appraiser
determines that the opinion of value is not accurate, he or she must present additional data that has been researched, verified, and analyzed to produce an
accurate opinion of value in accordance with the applicable sections of Standard 1 of the Uniform Standards of Professional Appraisal Practice. |
_________________
Everybody grab your torches and pitchforks!
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santa
Member
Joined: 11 Aug 2007
Posts: 206
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| Posted: Sun Nov 18, 2007 12:14 pm Post subject: |
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Since I've been quoted twice in this thread I need to respond. My comment was just a typical smart ass dig at the Elf...and is not to be construed as an actual position in the matter.....sorry it took so long, but I don't have time to get involved in lengthy theoretical discussions (which is why I pretty much limit my participation to quips here and there).
However, this COULD be an interesting discussion...elements of which could be the application of scope and, of course, the fact that the USPAP quote above implies a Std3 review...not all reviews fit this category.
Anyway, I wasn't expressing an opinion, just having a little fun....besides Elf, you need to get back to work...it's almost Christmas, you know......
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Edd Gillespie
Certified General
Joined: 13 Aug 2007
Posts: 2282
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| Posted: Sun Nov 18, 2007 12:47 pm Post subject: |
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Admit it Santa. You screwed up, shot from the hip and thereby shot yourself in the foot. Santa is limping in this Christmas, folks.
_________________
Edd “In the real estate economy, there are no guarantees that reason will prevail in a market where emotions run high and the amount of misinformation runs deep.” Jonathan Miller in The Matrix. So what’s an appraiser to do?
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skibs
Certified Residential
Joined: 16 Aug 2007
Posts: 263
Location: Chicago
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| Posted: Sun Nov 18, 2007 12:54 pm Post subject: |
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Good time to hit up the boss for a nice fat raise.
_________________
Everybody grab your torches and pitchforks!
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santa
Member
Joined: 11 Aug 2007
Posts: 206
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| Posted: Sun Nov 18, 2007 2:57 pm Post subject: |
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| Edd Gillespie wrote: | | Admit it Santa. You screwed up, shot from the hip and thereby shot yourself in the foot. Santa is limping in this Christmas, folks. |
Not at all, Edd. My boots are bulletproof. Besides, all you can "pin on me" is asking a question, i.e., "So what's the big deal, ELf?"...the implications of which are subjective to the participants involved...
"these boots are made for walkin'...and that's just what they'll do...." 
I think I'll change my name to "the Teflon Don"....oops, that's already taken....
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santa
Member
Joined: 11 Aug 2007
Posts: 206
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| Posted: Sun Nov 18, 2007 3:03 pm Post subject: |
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| skibs wrote: | | Good time to hit up the boss for a nice fat raise. |
how about some WaMU stock options? 
BTW....where are all those cool animated icons I see everybody using? All I see are these funky little emoticons.....
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Otis
Certified Residential
Joined: 11 Aug 2007
Posts: 2899
Location: High and Dry
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| Posted: Sun Nov 18, 2007 5:36 pm Post subject: |
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| santa wrote: | | BTW....where are all those cool animated icons I see everybody using? All I see are these funky little emoticons..... |
Geez - getting brain fried from being institutionalized? Click on the "View more Emoticons" below those "funky little emoticons". Guess we need to redumcate ya.   
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santa
Member
Joined: 11 Aug 2007
Posts: 206
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| Posted: Sun Nov 18, 2007 10:29 pm Post subject: |
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| Otis wrote: | | santa wrote: | | BTW....where are all those cool animated icons I see everybody using? All I see are these funky little emoticons..... |
Geez - getting brain fried from being institutionalized? Click on the "View more Emoticons" below those "funky little emoticons". Guess we need to redumcate ya. |
Otis....you have opened up a whole new WORLD to me!!!!!!!!!!!!!
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Daffy
Certified Residential
Joined: 11 Aug 2007
Posts: 143
Location: TX
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| Posted: Mon Nov 19, 2007 12:54 am Post subject: |
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| santa wrote: | | Otis wrote: | | santa wrote: | | BTW....where are all those cool animated icons I see everybody using? All I see are these funky little emoticons..... |
Geez - getting brain fried from being institutionalized? Click on the "View more Emoticons" below those "funky little emoticons". Guess we need to redumcate ya. |
Otis....you have opened up a whole new WORLD to me!!!!!!!!!!!!!
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Like Santa needs a new world.
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Go ahead and do what you want! Just don't log on here and ask for our blessings!
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Goodpasture
Certified Residential
Joined: 11 Aug 2007
Posts: 937
Location: Pawnee Nation
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santa
Member
Joined: 11 Aug 2007
Posts: 206
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| Posted: Mon Nov 19, 2007 11:13 am Post subject: |
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I could use both actually....along with some kind of LIFE! 
(I just discovered why I never saw the expanded emoticons before.....ever try to wait for them to load when you're going thru a proxy server? Don't bother!!!! )
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Edd Gillespie
Certified General
Joined: 13 Aug 2007
Posts: 2282
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| Posted: Tue Nov 20, 2007 8:19 am Post subject: |
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| santa wrote: | | My boots are bulletproof. |
Must be a preventative measure to avoid the pain of having repeatedly shot yourself in the foot. You are the only guy I know with bulletproof boots. Waterproof, steel toe, rattlesnake high, but bullet proof? That is an innovation that shoul be in high demand for those in denial. The usual solution one would think of is to stop shooting.
So you wear bulletproof boots, shoot yourself painlessly in the foot and then arrive at the conclusion you are immortal or at least coated with teflon? That sounds like it is straight out of a video game.
Merry Christamas.
_________________
Edd “In the real estate economy, there are no guarantees that reason will prevail in a market where emotions run high and the amount of misinformation runs deep.” Jonathan Miller in The Matrix. So what’s an appraiser to do?
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George Hatch
Senior Wordsmith and Thinker
Joined: 17 Oct 2007
Posts: 143
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| Posted: Tue Nov 20, 2007 11:00 am Post subject: |
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I think I posted a comment on this subject on the thread in the other channel. I'm in agreement with the minority opinion here. Obviously I'd rather always have the entire report, but if given a partial report I can usually develop an opinion of the portion as provided.
The definition of Appraisal Review and SR3 both make reference to reviewing "all or part" of another appraiser's report or workfile.
Of course, when only dealing with a portion you are running into additional assumptions and limitations in your SOW. It's just like when you're appraising a property and your SOW doesn't include an interior inspection of existing improvements - you're compelled to make additional assumptions and to communicate the additional limitations that are involved with your end of it.
There are some assignments involving properties that you would decline to perform an exterior-only or no-inspection SOW because the results wouldn't be sufficiently credible. Likewise, there may be some review assignments involving partial reports where you might not be able to provide a meaningful or credible result.
As a reviewer, I identify what it is I'm looking at and I include a comment to that effect in my report:
| Quote: | Comments:
Please note that the appraisal report provided for review consists of a PDF of a report amounting to 85 pages. It is assumed by the Reviewer that no pages from the original appraisal report were omitted from the report as submitted for review.
Appraiser:
The original appraisal report under review is stated to have been completed by John Doe #AG00xxxx; There is no countersignature or supervising appraiser nor indication of other professional assistance noted in the appraisal report. |
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Edd Gillespie
Certified General
Joined: 13 Aug 2007
Posts: 2282
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| Posted: Tue Nov 20, 2007 12:33 pm Post subject: |
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| George Hatch wrote: | | IThe definition of Appraisal Review and SR3 both make reference to reviewing "all or part" of another appraiser's report or workfile. |
Actually you have paraphrased the definition and it does not quite track with the Rule which specifies "quality of all or part of another appraiser's work."
Since most reviews I have heard of, with the exception of state investigations, just look at a report, and most of those are summary, how does and SR 3 review of part of a report even qualify as looking at work in order to from an opinion of its work quality? We are talking here about you don't even get the work let alone the whole report. Is there shooting from the reviewer's hip going on here? If so, would that be to satisfy the needs of clients who are tuned totally into cheap & fast?
I think since our clients want it we will find a way to make it happen. Here we witness the appraiser syndrom of I can review anything anywhere regardless of how much information I don't have.
_________________
Edd “In the real estate economy, there are no guarantees that reason will prevail in a market where emotions run high and the amount of misinformation runs deep.” Jonathan Miller in The Matrix. So what’s an appraiser to do?
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George Hatch
Senior Wordsmith and Thinker
Joined: 17 Oct 2007
Posts: 143
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| Posted: Tue Nov 20, 2007 1:01 pm Post subject: |
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| Quote: | | Actually you have paraphrased the definition and it does not quite track with the Rule which specifies "quality of all or part of another appraiser's work." |
Not to be thick, but how does it not track?
Let's say the report as submitted doesn't include photos. Does that mean I can't check everything else in the report and develop my opinions about the quality of what is there with the proviso that I haven't seen some or all of the exhibits as originally submitted?
Can you imagine what havoc it would create if appraisers started submitting reports falsely stating that their original reports consisted of 25 pages when in fact they only submitted 20 pages? Under an all-or-nothing review requirement those reports would all have to be considered beyond review.
Maybe it's a great report and I agree with everything I see. An all-or-nothing requirement would preclude me from expressing that agreement.
As with everything else in appraising this all comes down to saying what you do and doing what you say. Every assignment we perform has limitations and require the use of assumptions - some assignments just have more of those than others.
If I'm reviewing an incomplete appraisal and the portion I'm looking at is missing something of relevance, I am compelled to assume that the missing item may be in the part that wasn't provided and to state that in my review report. I can't note that the appraisal omitted the item, I can only note that the item wasn't included in the portion I reviewed.
Where reviewers get themselves into trouble with reviewing partials is when they start making unreasonable or unsupportable assumptions, or by not accurately disclosing what they are and are not doing.
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