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Jack Schlenk's Blog

By Jack Schlenk | Appraiser in Chicago, IL

FORECLOSURE APPRAISAL REVIEW

Foreclosure Appraisal Review - The Check List

Why;
Did the Lenders Appraisers make the number?
Did the Lenders Appraisers inflate the propertes value?

Did the Appraisal report meet the USPAP GUIDELINES?

SCOPE OF WORK RULE
1. Identify the problem to be solved;
2. determine and perform the scope of work necessary to develop credible
assignment results; and
3. disclose the scope of work in the report

Problem Identification;
An Appraiser must gather and analyze information about those assignment elements that
are necessary to properly identify the appraisal problem to be solved.

Scope of Work Acceptability;
The scope of work must include the research and analyses that are necessary to develop
assignments results.

An appraiser must be prepared to support the decisions to exclude any investigtion,
method,or technique that apprear relevant to the client, another intended user, or
appraisers's peers.
An appraiser must not allow the assignment conditions to limit the scope of work.
An appraiser must not allow the intended use of an assignment, or client's objectives to
cause the assignment results to be biased.

Thev Appraisal report must contain sufficient information to allow intended users to
understand the scope of the work performed.

If your Appraisal report did not meet the above USPAP Guidelines your Appraisal
report may not be credible. Therefore the Appraisal report value opinion may not be
support by your market values.

Contact me if you need or want a review of your appraisal report.

Jack Schlenk, Consultant
IL License's RE Certified Appariser & RE Managing Broker
773 685 8300, jack327@sbcglobal.net
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