Prepare handouts or power-points.
Common Appraisal Errors — Part 1 by Joshua Walitt, SRA, MNAA Having recently moved in to the role of compliance manager for an appraisal management company AMC and having a background in fee appraisal, appraisal consulting, and banking, I find myself in a unique position to reflect daily on the overall quality of appraisals and all-too-common appraisal deficiencies.
Consequently, appraisers are directly in the cross-hairs for state sanctions if deficiencies are discovered. Many appraisers are surprised to discover that Standards 1 and 2, which relate to the bulk of work for most appraisers every day, are only 12 pages long.
Advice I give to all appraisers: USPAP establishes minimum requirements for both the development and the reporting of the appraisal. Of course, appraisal review typically focuses on the reporting, specifically the evidence of meeting USPAP standards found within that report. Without actual evidence in the report, it is very difficult to establish that the appraisal was developed in compliance with USPAP or other assignment conditions.
The user is left wondering how the adjustment is supported. Whether for good or bad, lenders are now using automated tools to examine your adjustments, sometimes uncovering significant differences not necessarily errors when compared to peer or statistical records.
Lenders are not allowed to instruct you to increase, decrease, remove, or add adjustments, but they can request that you provide additional support and clarification regarding your adjustments.
By providing some level of summary of your adjustment methods at the start, you are not only complying with USPAP requirements, but you are also reducing the potential for revision requests later.
So, what can an appraiser do? In fact, most adjustments can be summarized relatively succinctly. Consider the following when summarizing your adjustments: This is normally apparent for garages and GLA, but may not be as easily discerned for condition or quality.
In other words, regarding quality-related components, what specific characteristics make the comp different from the subject? If the adjustment is unusual, large, or somehow complex, consider adding a few extra sentences so your user understands.
In fact, for simple properties and simple assignments, much of the summary of the highest and best use may be very similar to the summary in other assignments. For example, you might not need a long drawn-out analysis and summary regarding the highest and best use of a property in a subdivision.
However, a more in-depth analysis and write-up might be necessary for a more unique property or for an assignment that is otherwise complex. At a minimum, summarize the results of your consideration of the four tests: For one example, consider the following types of lending-related appraisals you may come across.Dissertation writing is an important section of syllabus to a PHD student.
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