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Get a load of this stip.

Discussion in 'General Appraisal Discussion' started by rescom, Oct 19, 2010.

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  1. rescom

    rescom Senior Member

    0
    Jul 30, 2007
    Professional Status:
    Certified General Appraiser
    State:
    Missouri
    "Lender doesn’t accept the condition Average+. Please replace the condition of comp#3 with Average (+) i.e. with the + symbol in brackets."

    Its almost comical to read these. Its something different everytime.

    I suppose this "correction" will make it a "quality" report in their eyes.

    Hey Doc. Is this the type of "quality" assurance you provide?

    It is now so very clear why AMCs are such a necessary part of the process. Heaven help us if this report went through without this critical change.

    :rof:
     
    Last edited: Oct 19, 2010
  2. Denis DeSaix

    Denis DeSaix Elite Member

    145
    May 16, 2005
    Professional Status:
    Certified General Appraiser
    State:
    California
    So, I guess my question is, what does the appraiser do?

    Although we are headed toward more uniform and explicit-format descriptors, we are not there yet.

    Unless that format is part of the assignment-conditions, I'd consider the change request to be ridiculous. But it takes all of 5-minutes to complete (make the change and re-submit the report).

    What does the appraiser do; make the change or tell the client the lender's ability to distinguish between "Average +" and "Average(+)" is not an appraisal issue?
     
  3. rescom

    rescom Senior Member

    0
    Jul 30, 2007
    Professional Status:
    Certified General Appraiser
    State:
    Missouri
    5 minutes? More like 5 seconds.

    I'm going to do it since there isn't any point in arguing it. I just thought it was hilarious how they decided that it was mandatory that a + needed parentheses.
     
  4. Metamorphic

    Metamorphic Senior Member
    Gold Supporting Member

    41
    Mar 15, 2008
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    One of the things we've been doing is including a log of the appraisal in the Addendum:
    It will usually start with the Date/Time that the report was uploaded to the client or AMC.

    When a correction is requested the time that the request was received will be noted. The details of the correction will be provided, and the time that the report was re-uploaded will be noted. We probably should be expanding this to include when the order was received, when the HO responded to calls, when the inspection was done etc. This all started on an occasion where an AMC blamed us for delaying a closing when in reality the product was marinating in their system.

    One of the things that seems to be getting lost in whatever version of an appraiser firewalls that you're working under is the timeliness of the of both the appraiser's work and the AMC (or whatever) and the details of the quality control efforts being made.

    I dont know the details of the OPs relationship with the client, but I'm guessing whomever is waiting for the product to close their loan will not be impressed with the + to (+) modification when they see it delayed their closing by however long.
     
  5. PropertyEconomics

    PropertyEconomics Elite Member

    0
    Jun 19, 2007
    Professional Status:
    Certified General Appraiser
    State:
    New Mexico
    It is how their automatic system reviews things ... do it or dont .. the decision is yours but a client and work is on the line.

    I find it interesting when mountains are made of mole hills.
     
  6. Metamorphic

    Metamorphic Senior Member
    Gold Supporting Member

    41
    Mar 15, 2008
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    Well, the truth of the matter is is that this is probably a data standardization thing for data mining purposes. The (+) is the preferred data format for the database that this AMC is putting together based on the appraiser's work. Given that that's true, this is the AMC delaying their client's work to pursue their own project. Some would opine that that is not ethical.
     
  7. PropertyEconomics

    PropertyEconomics Elite Member

    0
    Jun 19, 2007
    Professional Status:
    Certified General Appraiser
    State:
    New Mexico

    Read the certifications .. every appraiser gives that permission in every 1004 report they sign ... I dont know how it cannot be ethical since the appraiser confirms it can be done.
     
  8. Metamorphic

    Metamorphic Senior Member
    Gold Supporting Member

    41
    Mar 15, 2008
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    I was thinking in terms of the lender/AMC relationship. Delays in appraisal production cost them money, loading up the appraiser with requirements that are not germane the lender's requirements also costs them money because the market will reflect the effort reflected by this fussiness.
     
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