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Appraisal Ordering
Please review Ordering Guidelines
below.
The Megdan Group utilizes the E-Trac Online ordering and tracking system.
First time users will be asked to complete a one-time setup process. Users
will have 24-7 access to orders, updates, inquiries, accounting and reports.
Enter the E-Trac system:
Client Login existing users (use this
if you have already rec'd a login & password)
New Client Registration
set up an account, receive a user name and
password for appraisal ordering
Single Order
non users
Appraiser Login
Please review the E-Trac Manuals for user
instructions:
E-Trac Client Manual
E-Trac Appraiser
Manual
E-Trac Calyx Interface Instructions
Call 734.355.8933 if you have questions
Ordering Guidelines
Please include
the following with your order (if applicable):
For a sale,
please provide a copy of a fully executed purchase contract or escrow
instructions.
For proposed construction, please provide plans and specifications.
For REO foreclosure or pre-foreclosure, please relate property condition and
whether it has been properly secured.
C. O. D. ORDERS:
I never assume that an order is C.O.D.. The Client must specify in
writing if I am to collect at the door for each and every
C.O.D. order. For everyone's protection, all orders are to be faxed,
mailed or emailed to me, so that I have written instructions on your
intentions. Client accepts full financial responsibility for all appraisal
assignments. For C.O.D. orders, I cannot release an appraisal
unless the check has been collected from the property owner and cleared.
NON-C.O.D. ORDERS:
Non-COD orders will not be processed without approval of the
owner/supervisor/office manager. If your order specifies non-COD, please have
it signed-off before sending to our office. Sign-off will be confirmed.
CANCELLATIONS: There is no charge for a canceled order if it
is canceled before the property is observed. If the property has been
observed, I will charge $100.00 to cancel the order. Once the
appraisal report has been completed I will have to charge the full fee.
NEW CONSTRUCTION: Please ensure that the site is ready for the
appraisal. Unfinished siding, flooring, cabinets & countertops, trimwork,
etc will result in the need for an additional visit after completion.
Minor issues can be reasonably assumed to be completed (ex: appliances on-site
but not yet installed). An inspection fee will be charged for every
additional visit. It is my experience that underwriters/appraisers have a
different definition of "ready" or "complete" than
salespeople/builders/realtors. Please ensure that all parties understand
the required level of completion necessary to facilitate a smooth appraisal
process with no additional charges to your customers.
INVESTMENT PROPERTIES: Although single family rental properties almost always
require the completion of a rent schedule and operating income statement,
do not assume that I automatically complete these if I am told
the subject is an investment or rental property. The additional forms
(1007 & 216) must be specifically ordered in writing.
ADDITIONAL COMPARABLES: All of my appraisal reports are
guaranteed to conform to USPAP, Fannie Mae, Freddie Mac, or
FHA and lender guidelines and the comparables utilized will be the best
available at the time of the appraisal. If better comparables were
available or the above mentioned guidelines were not met, I will provide
additional comparables at no charge. In all other instances I
will charge for the additional comparables as per my fee schedule.
CLIENT CONVERSIONS OR TRANSFERS OR RETYPES: Per Uniform Standards
of Professional Appraisal Practice, client conversions will be processed
as a new assignment with a new effective date, provided a client
relationship no longer exists between the original client and the appraiser.
A NEW ASSIGNMENT THAT INCORPORATES BY REFERENCE A PRIOR REPORT:
(Fannie Mae's guidelines effective 06/30/2002— Section 201 - Age of Appraisal
–an update of an original appraisal report) Per Uniform Standards of
Professional Practice published 01/01/2003, Advisory Opinion 3: Update of
a prior report, a new assignment with a new effective date of the opinion
value may be reported in one of three ways. When there has not been any
changes in either the subject property or marketing conditions for the subject,
a letter type of report that incorporates by reference the original appraisal
report that included an interior observation, will be completed for only the
original client up to four months from the effective date of the original
appraisal. When there have been significant changes that have occurred in
either market conditions or to the subject property and/or a new effective date
that will be more than four months after the original effective date, I will
offer to the original client a new standard appraisal report for a discounted
fee at my discretion. In compliance with the Uniform Standards of Professional
Appraisal Practice, an Appraisal Update 1004D will only be completed for new
construction when there is not any changes to the original effective date,
current market data is not considered and the subject property was completed per
the original plans and specifications .
FINAL INSPECTIONS: All appraisals that were made subject to
completion per plans and specifications, or made subject to repairs or
alterations are subject to the appraiser completing a final observation when the
work has been completed. Note: The appraiser is NOT a property/home
inspector; observation will be for completion of proposed items only.
Please be certain the work is complete before ordering any final inspections.
If the work is not complete, I will have to charge you for
each additional observation. Items of a technical or mechanical nature
should be inspected by the appropriate licensed professional.
VERBALS: Verbals will not be provided.
In compliance with Michigan State Law and the Ethics Rule of the
Uniform Standards of Professional Appraisal Practice as illustrated in Advisory
Opinion 19, "comp checks", "pencil searches", "ballpark figure", etc
will not be offered.
Excerpts from Michigan Occupational
Code. 339:
Sec. 2609. An appraisal shall be in writing... Sec. 2601.
(a) “Appraisal” means an opinion, conclusion, or analysis relating to the
value of real property... (b) “Appraiser” means an individual
engaged in or offering to engage in the development and communication of an
appraisal. Sec. 2635. A licensee who does 1 or more of the
following shall be subject to the penalties set forth in article 6: (a)
Violates any of the standards for the development and communication of real
property appraisals
BROKERS: If you have chosen a lender who the loan will be brokered
to, please inform me at the time the order is placed. Every
lender has their own list of "approved" appraisers as well as unique
guidelines other than those specified by Fannie Mae, Freddie Mac,
FHA, etc. If I know who the lender is we can avoid
possible underwriting or approval problems.
In Compliance with the Uniform Standards of Professional Appraisal Practice, the
engagement and compensation of the appraiser in an assignment will not be
contingent upon developing or reporting predetermined results, opinion of value
or direction of value, attainment of a stipulated result, or the occurrence of a
subsequent event directly related to the intended use of the appraisal
assignment. There is a fee for all professional services rendered.
All orders are subject to these guidelines and placing an order constitutes
agreement with these conditions.
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