Eliott Schultz, owner/appraiser, has been a California State Certified Residential Real Estate Appraiser since 1990  performing residential real property appraisal reports  in the Northern Los Angeles and South Eastern Kern Counties.  He is also a Certified Machinist and Equipment Appraiser through the N.E.B.B. Institute; which means he can also appraise all your construction and farming equipment and machinery.Specializing in the following types of properties: Single Family residences, vacant lots, condominiums , Small residential income properties.





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QUESTIONS SPECIFIC TO LENDER REQUESTS

What can the client do to expedite turn around time?

The appraisal order is critical to the process. When incorrect or incomplete information is provided at the time the order is placed, the appraiser must first correct the errors or omissions of the client before the assignment can be considered acceptable. The appraiser generally uses the information provided by the client in the initial selection of possible comparable sales. Thus, if the client provides little or no information, or worse, incorrect information, the process can significantly delayed.
 Such problems include missing or incorrect: phone numbers, subject property addresses, contact names, client delivery address, room counts, number of improvement counts, site sizes (like 40 acres instead of a city lot), and many other similar items. Such errors are generally the result of either not asking the borrower the simplest of questions, or not paying attention to the borrower's answers. We believe these issues are beyond the control of the appraiser and can easily be remedied by the client.
Shipping arrangements are the second most prevalent cause of appraisal report delivery. 
Eliott Schultz Appraisal Service will deliver the client order to you via email  . This method generally saves 1-4 days in turn around time, and virtually eliminates loss or delivery delay caused by mail delivery, UPS mis-routing, etc.. We find that most lenders can accept email delivery in Adobe Acrobat format (*.pdf) with no problem or other acceptable method as they require.

What can we expect from a "Drive By" Appraisal?
You can expect an opinion of value that is typically and primarily formulated upon data provided by the client at the time the appraisal order is placed. The level of detail presented in the finished report is significantly less than found in a full appraisal. The "Drive-By" appraisal is considered to be a "limited" appraisal, The finished report is considered to be a "restricted" report, restricted to use by the original ordering client for the original intended purpose and no other purpose. Typically, the appraiser forms an opinion of value based upon very specific and limited assignment parameters and the completed report is not suitable for alternative purposes. Only certain properties are suitable for a limited "drive-by" type of appraisal. When there are an abundance of recent comparable sales in the vicinity of the property being appraised, this type of appraisal and report may be suitable. Eliott Schultz is very familiar with this market area, and will correctly advise the client whether or not a less than complete appraisal is advisable, and we will not accept a drive by appraisal assignment when it is apparent that the finished report may result in a less than meaningful final opinion of value.
 

What about changes after the report is completed and submitted?

The appraisal report is completed based on the appraisal order. While the appraiser will make every effort to correct obvious order errors, the appraiser cannot be responsible for such errors. If the borrower's name is spelled wrong on the order, it will probably be spelled wrong on the appraisal report. The lender's name on the appraisal order will be the client's name on the report. It is important to all parties that the appraisal order be complete and accurate to the best of the client's ability. This is especially important if the order specifies that the appraiser not inspect the property improvements. If the lender indicates three bedrooms on the order in conflict with public record, it is possible (and perhaps likely) that there is a converted garage or non-permitted addition that would be overlooked.

The appraiser assumes no responsibility whatsoever for errors or omissions by the client or as submitted in the assignment order. In the event report modifications or alterations are required after submission, it is likely that additional charges and/or time delays will occur.

 

Do you complete the "Manufactured Home Checklist" for your client if needed?

The Manufactured Home Checklist is considered to be an "in house" form provided by the client. There is no specific format required, and the form is not recognized or authorized by any known appraisal standard. Typically, the form will ask the appraiser to "certify" or provide "confirmation" that a manufactured home unit is in compliance with safety or construction standards that the appraiser has no way of knowing from information available to the appraiser through the normal course of business. In the event the client requires the appraiser to complete such a form as a condition of the assignment, then the client MUST provide the form to the appraiser at the time the order is placed and prior to acceptance or confirmation of fee or turn around time. It is not acceptable to require such a form after submission of the appraisal report, and Eliott Schultz Appraisal Service does not complete such forms for clients unless the form is clearly within the scope of the assignment and clearly within the area of expertise of a typical real property appraiser. The Fannie Mae 1004C form is the lending standard for houses that are all or partially manufactured houses and will be the format generally used for these type of assignments, the HUD 433a form is required for all manufactured houses on their own lots that have foundations. a sample can be provided.





Eliott  Schultz Appraisal Service | Certified Residential Real Estate Appraiser
PH (661) 947-7420 or Toll Free (888) 993-1735  |  FAX (661) 947-5477  | 
E-mail: 
Eliott@AppraiserEliott.com


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