http://www.realestateappraisertips.info/ - Real Estate Appraiser Tips: Paul Grossmeier Asks Appraisers: The Appraisal and the Addendum: Whats in yours?
The Appraisal and the Addendum: Whats in yours?
“With all the additional required information that you must put into your appraisal reports that is required by USPAP and individual clients, have you been able to create one standard addendum that covers all cases??? or Have you went as far as creating individual templates for each client to cover there individual needs? I find that I have such a variety of client needs one addendum that is hitting all the requirements has become two and a half pages of standard CYA.
When I review a report, 90% of the addendum appears to be standard Cover Your A@@ boiler plate comment and 10% is specific to the subject property.
Most recently I have developed an entire section in the appraisal that describes in detail all the amenities, the construction and features of the dwelling. Trying to create some level of balance in the report between standard comment and custom comment.
Lenders in the past (when we could actually talked with one), have always indicated that less is more but with added requirements more is what they are getting.
Over the past 29 years in this industry the reports have changed going from one page plus maps and photos to now several page forms with multiple maps, floor plans, photos and pages of comment. The typical report has reached 25 to 50 pages. If it were not for the PDF and EDI up-loads I would need to purchase printing press. With the EDI up-loads data is being taken out of reports to be used as AVM’s so I really do not like sending a report out electronically but it has become a necessary evil.
Yes, on the other hand, data mining is alive and well and has been used to create the AVM’s taking our place. But that’s another issue.
Any thoughts on the use of standard addendums that meet or exceed client requirements?“
View The Discussion On LinkedIn Here!
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