Next question(s),

Was this done by a Georgia appraiser, that lives or works in Georgia with a physical address there? Send a copy of their report to the state. I don’t say that lightly.

As appraisers we ‘accepted’ horribly low quality work from our peers over the past ten years and made excuses that somehow the low fees made it ok to do shoddy work. End result? A rush to the bottom as far as fees went.

The fact that desktops or hybrids MAY be legally done does not by any measure mean that the quality of those being performed for $25 to $65/ $75 each remotely achieves the legally required USPAP compliance.

If we don’t nip this trend in the bud by standing up against poor quality desktop work we will be aiding MISMO, FNMA, FreddieMac and any loan packagers specializing in junior lien lending in destroying the concept of professional real estate appraisals.

Only on fantasy Island

Don’t steal.  The government hates competition.

Yeah, positive messages. Our skills have no influence on appraisal distribution though. What’s your fee and turn time and when was the last time you upset a mortgage lender.

Gresham’s Dynamic, a good read, thank you. Audit the FED. Now something there reminds me of the current appraisal industry…..

While the solution seems simple, the background against which regulation should be taking place is quite muddy. The U.S. Securities and Exchange Commission (SEC), long ago captured by the very industry it regulates, has steadily weakened the fiduciary duties of investment advisers over time. It now permits core fiduciary obligations to be waived by consumers (despite the anti-waiver requirement found in the express language of the Investment Advisers Act of 1940). The SEC, incapable of seeing the limits of disclosure, permits dual registrants to disclose away conflicts of interest, with no requirement that the transaction continue to be in the best interests of the consumer.

Gresham’s Dynamic: Why Bad Actors Dominate Financial Services

The ability to be fast, is the primary point when appraisal distribution departments look at their internal stats, and determine who’s ‘most qualified’ to receive the assignment.

But it is a shame the vast majority of persons dealing with mortgage lending distribution and assignment systems, do not have a license, or hold to similar ethic. We can only hold out so long, 130,000 ruined careers later, still nobody recognizes the root causes of our ailments. Under qualified ‘managers’, and improperly co mingled fees.

You would have thought that whoever did the desktop would have been smart enough to check multiple listing information and check out the interior photos. I do this every time I do either a desk or field review or even a 2055, to see how accurate the appraisers information is and hopefully even the subject can be found on MLS to be checked out.

The desktop was in fact used to set the value. Upon looking at it I noticed the 3 top sales used with disregard to the 3 others in the subdivision. Not only that on this desktop grid it only stated “basement” for each comp with no regard or adjustments for 3 finished basements to the subjects non finished basement. No interior done to know anything about the house. How can you accurately value a home when you disregard the finished basements and any interior finishes? Sloppy work and no actual effort put into it. Welcome to the world of cheap desktops that agents now rely on.

(1) Most states don’t have peer appraisers on their staff as investigators. Having an appraiser license does NOT make them a competent peer! (2) AARO is merely the state regulators organization designed to do an end run around their own state regulators and to conspire with TAF to violate USPAP in their own “investigations”. (3) There is a trend among regulators where they erroneously think they don’t have to conform to USPAP in their own reviews even though they are rendering the most severe judgements on the quality of other appraisers work. It’s a “You must do as we say, not as we do” mentality. There will NEVER be uniform or fair enforcement of appraiser regulations unless it is handled by one single federal agency; AND that agency carries out its investigations in compliance with USPAP! The MINIMUM federal standard!.

Most readers are unaware you are in Georgia and that state has a ‘same subdivision first’ comparable sales selection rule. Aside from sound practices even if you had gone outside the subdivision you’d have had an impossible task of justifying it.

I have to wonder if the desk top ‘appraisal’ was used to help the agent set his asking price; and then further used to convince the buyers about what a fair deal they were getting? When third parties start threatening to tun us in to the state, it really is time to turn both them and their managing brokers into their states DRE for violating Dodd Frank AND their own states appraisal independence rules. Desk appraisal over value by 9.25% is also worth turning in.

Lender came back with 3 sales in a builder cookie cutter subdivision close by at a range of $650-$740,000. Of the three one address provided did not exist. After I went and provided explanation why the other two were not comparable they stated ok. Two months later they came back with the same sales as before and told them that and that I would not go back and look/comment again. Also notified them that if they contact me again for the same reason I will be contacting my state board.

My reports are done responsibly and per standards required of me. I will fight for my opinion of value every time!

We are supposed to give a totally unbiased value based on documented  information to either support or negate a purchase price or estimated value, but if we don’t make the number we are blackballed. From a lending standpoint the purpose of the appraisal is to protect the lender and the borrower if something should happen during the term of the loan so none gets hurt. I always thought I was doing what I was taught to do, I guess not. For what it’s worth most of my work now has become  foreclosures, estates, divorces and tax appeals and I don’t have to fabricate values.