Forum Header

Georgia Appraiser Forum

Provided by:   John M. Bryant, Inc., A Georgia Appraisal School

School Calendar | Phone Book | Appraisal Topics | Appraisal Questions | Other Topics

Forum Rules
Online Courses
Appraiser Search
MLS Analyzer


Register Calendar Latest Topics
 
 
 


Reply
  Author   Comment  
nogava

Platinum Member
Registered:
Posts: 292
Reply with quote  #1 
Admittedly, I'm not up on my FIRREA & all of its nuances.  

New, proposed construction assignments on vacant lots all completed 'subject to completion per plans & specs'.  I didn't include 'as-is' values in the reports.  Stip from U/W at local bank says reports are not in compliance with FIRREA because 'as-is' values are required.  Which is basically land value at this point.  If it's a lender/client requirement, I get it.  But FIRREA? Never been called on the carpet for FIRREA non-compliance.

__________________
OIIIIIIIO
0
Meatloaf

Avatar / Picture

Platinum Member
Registered:
Posts: 1,747
Reply with quote  #2 
Did they request an "as-is" value?  It is their responsibility to do so.

Furthermore, did you provide a prospective value opinion on the subject?  Nope.  Then no "as-is" value required.

This is just another dumbass that cannot read and just accepts what another dumbass has told them as gospel.

You should do your research, point out where they are wrong.  Or you will be expected to comply for FREEEEEEE until hell freezes over.

Take this oppertunity to make them a better client and show that you know the guidelines better than them and their other appraisers.

This comes from the interagency appraisal guidelines referencing commercial projects where the value opinion is based on a future completion date.

When you do a report as of TODAY based on the hypothetical condition that it is complete, your value is an "as-is" value based on the hypothetical condition.

If they still want a land value, that is a land appraisal.  If they want a value on the land and the partially completed improvements, that is about $2500.

__________________
STANK is full of SHIT!
0
nogava

Platinum Member
Registered:
Posts: 292
Reply with quote  #3 
Yeah, I know.  It's not VMG either.  They were charged accordingly & got exactly what was originally requested.  Just thought referencing FIRREA was a new one.
__________________
OIIIIIIIO
0
MEP

Avatar / Picture

Platinum Member
Registered:
Posts: 2,779
Reply with quote  #4 
I think it is a client-lender issue not a mandate...if they want it they usually request it!
__________________
M. E.

"Don't call him a cowboy until you see him ride'
0
Previous Topic | Next Topic
Print
Reply

Quick Navigation:

Appraisal Topics | Appraisal Questions | Other Topics