We received a call from one of our lending partners asking for clarification on dealing with a situation where an appraiser may not feel comfortable completing a physical viewing of a property due to concerns with respect to the CoVid-19 Outbreak.
I want to remind all our members that their personal safety has always been, and will continue to be our prime concern. If you do not feel safe and comfortable completing a physical viewing of a property due to Co-Vid-19, or any other unsafe condition you have the right, and the responsibility to suspend the inspection, contact your Client, or the AMC as is the case, and work with them to determine the next steps.
It is the appraisers’ responsibility to determine the appropriate reporting format for a given assignment, and that can include requesting the client modify their requirements so that a drive-by viewing of the property, or completing a desk-top type of assignment would be appropriate. Please keep in mind that the requirements of USPAP must be upheld in all cases, and regardless of the reporting format, you must have sufficient credible data to form your opinion of value.
In the event that you feel it is not prudent to physically view a property, please notify your Client or AMC through their portals, and get clarification on how to proceed. It is NOT APPROPRIATE to state in the appraisal report that the occupant is under quarantine, ill, etc. That has nothing to do with the valuation process. It is appropriate however, and expected to notify the order originator as soon as possible and make suitable arrangements to complete the assignment.
Please refer to the CNAREA website for regular updates with respect to Co-Vid 19, and consult the Health Canada website regularly to stay current on how best to deal with the outbreak. As always practice sound physical hygiene, wash your hands often, avoid close contact with others and if you feel ill stay home! If you have any questions or concerns, don’t hesitate to contact us.
Thank you for doing your part in keeping our communities safe, while servicing your clients as we work through this season.