Appropriate Or Inappropraite Review Question?

[TRESinc]

i, like most rational appraisers, would have no problem with what you described. some others may call you a co-conspirator who was in bed with FNMA, REVAA and anyone else with an office on the same street and accuse you of appraiser pressure.

 

[residentialguy]

I 100% agree

A few years ago I did an appraisal on a property within my immediate (same city - 10 min +/- away) market area. I know the area/market very well. It was a refi - so no "bullseye". I guess borrower took issue with my OMV. No problem, not a first, no issue. Report got sent for review. Review appraiser came back (never contacted me, but I'm pretty sure the client/AMC had policy about not contacting the OA in their reviews. Bing Bang Boom, reviewer threw terms around like "misleading" and "incompetent" ... scary things to hear as the OA. Long story short, another appraisal was ordered and I pretty much was more than vindicated. The other appraiser (I later learned from my contact at the client/AMC - a staff appraiser) actually came in slightly lower than my OMV, but within a very tight/reasonable range of my OMV.

I was so P*$$ed at the way the reviewer handled his review, especially with the comments that he used in this formal review process. I have pretty thick skin (H*ll I post on here enough, I should!) but this guy just really got to me. I really didn't feel he handled it professionally, let alone with any respect to a fellow peer.

I would ask for the report to defend yourself. I had a bad review done. Her appraisal was way below market value. I was lucky enough to been given a chance at rebuttal and I basically destroyed her report and her hopefully her career as an Appraiser. After they got my rebuttal, the lender fired her, apologized to me and they sent her report to the State Board. She should have verified

 

[residentialguy]

Did you consider making a market-condition adjustment to the comparables based on your market analysis, thereby bracketing the concluded value, and if not, do you think it would be appropriate?

It depends. If everything were so clear cut that you could give fully supported precise quantitative adjustments, then it should be bracketed. However, that's often not the case and qualitative analysis explains why the grid falls short. Many appraisers are under the false assumption that the Grid is the SCA...it's not. The grid is just a tool to adjust for quantitative adjustments. The SCA incorporates both quantitative and qualitative analysis...in which the OMV will be bracketed when you factor both.

 

[Mr Rex]

I suggest the Charles Atlas review and rebuttal plan.

 

[Eli]

Denis, your starting off on a bad chord to me. Your insinuating the appraiser gave no basis for the market value opinion.

If they didn’t, then your asking for clarification.

Be careful. That’s why I wish there was a non std 3 review form.

Good luck!

Your treading on appraisal practice or real close, which can get you held to a higher standard.

Your question is good but it also separates the profession in some ways. I wouldn’t keep trying to separate the profession if I were you.

 

[residentialguy]

Your treading on appraisal practice or real close, which can get you held to a higher standard.

What are you talking about??? Denis' post is treading on appraisal practice?

 

[Eli]

What are you talking about??? Denis' post is treading on appraisal practice?

No, Denis is not an appraiser, is he?

 

[residentialguy]

No, Denis is not an appraiser, is he?

Lol..you know he is. But his post is not violating USPAP

 

[Eli]

I am crazy about Denis. The suttle undermining with the AF and AI gets on my nerves.

But, Denis’s point is treading on appraisal practice without a license depending on jurisdiction so you could be very wrong in your assumptions

 

[residentialguy]

The sutt

the fall of the sea bird???