Episode 055 - Don't You Know the Rule?
Rules. Ugh!! The world would be so much better without them in same cases. As I talked in the last episode, there are many regulations. The problem is that many appraisers, lenders, and agents misquote them, misunderstand them, or just flat out make them up.
In this episode, I get into rules and guidelines, and the sources of that information. I finish up talking about how to work through issues when someone “knows the rule.”
SHOW NOTES
- 00:30 – Friendly neighborhood appraiser, not your enemy.
- 01:00 – Building off of the last episode, I talk about “rules.”
- 01:10 – Rule versus Guideline. “The rule says .”
- 02:06 – Rule: I must follow. Cannot deviate from that rule. If I don’t, the appraisal report will not qualify for a loan.
- 02:53 – Guideline: I would like to have . A suggestion, preferred item.
- 03:22 – I break the guidelines, but I don’t break any rules.
- 03:40 – Most of the “rules” are not rules, they are guidelines. Example: time, distance, and adjustment “rules.”
- 04:25 – There are rules some of the time, but most of the time it is a guideline.
- 04:45 – Quoting the wrong source is quite common.
- 05:40 – USPAP doesn’t require comparables, scraping and painting, or adjustments.
- 05:55 – USPAP says find data, analyze the date, and report the findings.
- 06:30 – Frustrating when an appraiser calls a guideline a rule or quotes is from the wrong source.
- 07:10 – There are some rules and sources for this information. Agents probably don’t know.
- 07:40 – Agents: ask the appraiser to show that rule and the source.
- 08:19 – Anecdotally the appraiser cannot provide the rule or source because it does not exist. It is more likely to be a guideline.
- 08:50 – Han Solo: “Don’t get cocky, kid!”; be respectful to the appraiser.
- 09:28 – Know the difference between a rule and a guideline. When the appraiser says there is a rule, ask them to cite the rule and source.
SHOW LINKS
BETWEEN THE LINES LINKS
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