My First Field Review?

[Texpraiser10]

I was just sent a job to bid on... turns out I have to decline it because it is a field review for an appraisal I just did. Should I be worried? I have been at this for 3 years, 2 as an apprentice and nearly 1 on my own, so I wasn't sure how worried I should be about this. Thanks All!

 

[alebrewer]

not necessarily. There are a lot of factors that go into a decision to require enhanced diligence - CU score, complexity of the assignment, etc. And if you did your job well, chances are that the reviewer will agree with the opinions and conclusions offered in the report.

 

[J Grant]

Similar thing happened to me recently... I heard nothing back, though it is always possible they got a second appraisal on the same property ( such as if they thought our value was low )...am sure over the years a number of us have had field reviews done on our work - if they do find an issue hopefully you can explain what you did/why - don't stress unless a reason to!

 

[Andrei Fin]

Lots of reviews are done for random QC audits. And often it is the lender being audited by the investor, and not necessarily the appraiser.

 

[Amy Perkins]

I actually disagree. There is usually a reason for the review. Sometimes they don't understand why the appraiser did what they did and it's pretty simple. Most of the time though it's real bad.

 

[Tim The Enchanter]

Should I be worried?

Was it an ugly deal? Did you do a good job?
Reviews are sometimes done because they think the smell a rat, or just for random QC.
I suggest you adopt the mantra of Alfred E Neuman.

 

[Texpraiser10]

Thanks for the replies, I guess I'll be both terrified and chill about this, since the responses vary greatly... haha. I stand firmly behind my work, this particular lender sent me 3 different sets of revisions (never happens to me); stupid ones that had nothing to do with value. I was diligent in providing thorough explanations of every decision I made there. \/°\/ cest la vie

 

[Jerry Bone Jr]

I was just sent a job to bid on... turns out I have to decline it because it is a field review for an appraisal I just did. Should I be worried? I have been at this for 3 years, 2 as an apprentice and nearly 1 on my own, so I wasn't sure how worried I should be about this. Thanks All!

Yes, you should be concerned. That's why every appraisal is completed as if the state will review it.

 

[ucbruin]

I was just sent a job to bid on... turns out I have to decline it because it is a field review for an appraisal I just did. Should I be worried? I have been at this for 3 years, 2 as an apprentice and nearly 1 on my own, so I wasn't sure how worried I should be about this. Thanks All!

How are you sure it is your report being reviewed?

Was your report included with the bid request?

 

[ramrcdk]

Thanks for the replies, I guess I'll be both terrified and chill about this, since the responses vary greatly... haha. I stand firmly behind my work, this particular lender sent me 3 different sets of revisions (never happens to me); stupid ones that had nothing to do with value. I was diligent in providing thorough explanations of every decision I made there. \/°\/ cest la vie

LOL, yes...there is no answer that is full-proof or fool-proof. Our state mandates (if AMC) the client's ability to complete reviews-random audits, could be the unhappy borrower, could be the answers you provided in revision didn't provide "answers" they wanted for the "loan", lender could be looking for the hook to pass on lending,
could be anything.
Just be ready and review your workfile while it's fresh on your mind.
2019 I had two -value challenges, a first & second, ever. I simply addressed the comps' provided & why I didn't. Always review the 'specific" lender instructions, as well as, the market reasons for the "whys".
One of those circumstances, I was so over-thorough, it prompted a call from the head-chief supervisor for the national lender. She wanted to let me know in person (so-to-speak), the responses I provided were so very thorough & to the point she wished other appraisers would be so "professional", not emotional.
My point in that is in the end you gain a great client. As it turned out, the lender rep' was a personal friend of the borrower. The Rep' was trying to get squeeze all of the juice out of the lemon.
I had not actually done anything wrong & was informed there would be no further concern on my end. Kind of her to call.
Be a scout, be prepared, you should be OK.