Lender requesting reduction of estimated value

[Carnivore]

You can change the value if your client can provide sales data that you may have overlooked that would indicate a lower value. I agree with Marcia on the listing thing too.

You dont change the value in the report. You issue another report and then... You are on the hoook to explain to your board why you did this all in the course of 24-48 hours...

 

[RSW]

You dont change the value in the report. You issue another report and then... You are on the hoook to explain to your board why you did this all in the course of 24-48 hours...

You can make a correction based upon new information and have a different signed date. That is not considered to be a new appraisal. Just a corrected appraisal.

 

[Marcia Langley]

Don't forget that when you change your opinion or correct or change your work in any way, you are admitting you made a mistake. That's fine if you did in fact make a mistake but not fine if you didn't.

Both reports will always be "out there", there's no such thing as taking one back.

The subsequent changed or corrected versions should always have a new file number and an explanation of the need for and the nature of the change. Copies of both reports should be trtained for 5 years. A clear paper trail between the two is esential for credibility.

 

[Mr Rex]

HUH?

Asking the appraiser for a reduced value is just as bad as asking for an inflated value!

A reason to deny a loan to an otherwise qualified borrower. Stinks to high heaven. Its like the person with marginal credit that must have 2 more comps within 1 mile and 90 days, with the same mothers maiden name or some other such BS.

 

[RSW]

A reason to deny a loan to an otherwise qualified borrower. Stinks to high heaven. Its like the person with marginal credit that must have 2 more comps within 1 mile and 90 days, with the same mothers maiden name or some other such BS.

I got a request just like that today. Wanted two more comps that have sold within the last 90 days with less adjustments. I told them I would have used them in the original report if they were available.

 

[Pa'akai]

Ask the underwriter how long she's had her appraisers license.

 

[Mr Rex]

What part of the house is worth X do they not understand? I guess they look at us all as lying, number hitting, Skippies. I'm taking names at my next CE class, and having a few distant cousins visit these people and invite them on a free deep sea fishing trip to the big rock, or a close up view of rural life, and how you could get lost and never be found in the really rural areas. I'll stay home and watch Reservoir Dogs.

 

[RSW]

Ever hear of the movie with Bert reynolds, Deliverance? Bring them there underwriters down here to Tennesse. We'll take care of 'em for ya!

 

[Lobo Fan]

They probably have an AVM or a BPO in the file at a lower value and they have to reconcile the two. It always infuriates me when a lender puts more credence in an AVM than in full blown appraisal. The logic behind that just escapes my simple mind.

 

[BIGSKIPPER]

They probably have an AVM or a BPO in the file at a lower value and they have to reconcile the two. It always infuriates me when a lender puts more credence in an AVM than in full blown appraisal. The logic behind that just escapes my simple mind.

I explained that the rural nature, diverse mix of residential use, finite number of similar sales and difference size acreage parcels in the report. I would like to see an AVM of this area it would probably be as accurate as a Zillow print out !!!!!As always I have never been disappointed with the feedback from the people on this web site. Although I did not answer all of the posts I did read them all and want to thank everyone. I also would like to thank Pamalea for all of her hard work that she has done and is continuing to do for our profession. Martin