Lender Suggested Comps

[Tom D]

it all depends on the tolerance level of the lender. some lenders have every appraisal looked at, and that person decides the good, bad & ugly. CU is not the best reviewer of an appraisal, seen sometimes like the CU comps are not similar at all. but that really has been few times, kinda interesting to see it though. CU is certainly not infallible. the system runs on group thought, and if your's is different, you get flagged.

 

[CGinMN]

Very well could be the reason. But the issue with that. Is that would mean the comps that CU is "recommending" would have similar condition ratings as subject. Sounds like subject may have been a C3 and CU comps were really C4. But reported by other appraisers as C3

CU will suggest sales in C4 condition for a C3 property and vice versa. .

 

[ilsindaco2628]

The location factor makes sense and it would be useful to include pre-emptive commentary. It just drives me nuts when the subject's kitchen is updated like this and the comps they are suggested have this kitchen... these are the real photos btw.

 

[KHS445]

Maybe the lenders should be required to send the subject thru CU prior to ordering the appraisal, which would require there being some changes made to the system and the ordering process. That way they could include the CU "recommended" comparables and the appraiser could respond accordingly within the report, rather than after the fact. Basically, a CU version of Zillow, where dissimilar properties are used to estimate the value of the subject.

 

[Terrel L. Shields]

CU is certainly not infallible. the system runs on group thought, and if your's is different, you get flagged.

I am thinking they basically pull the closest 20 sales within say 20-50% of the indicated MV and send to the lender....regardless how good your comps are. Am I wrong?

 

[J Grant]

I am thinking they basically pull the closest 20 sales within say 20-50% of the indicated MV and send to the lender....regardless how good your comps are. Am I wrong?

I think they also, or mainly search by a geo area/subdivision and sf within X range of the subject.

While many of the CU comps are useless, at least if the appraiser did a good appraisal - the CU might flag some appraisals which ignored similar location /sf comps and cherry picked out of area - it at least makes appraisers acknowledge the other sales -

 

[J Grant]

Maybe the lenders should be required to send the subject thru CU prior to ordering the appraisal, which would require there being some changes made to the system and the ordering process. That way they could include the CU "recommended" comparables and the appraiser could respond accordingly within the report, rather than after the fact. Basically, a CU version of Zillow, where dissimilar properties are used to estimate the value of the subject.

No, because 1) that could influence the appraisers comp choices on the front end
and 2), some lazy, poorly trained or churn them out fast folks would simply use the comps from CU and not look for their own.

 

[glenn walker]

I reviewed your comparable's and there use will result in a New Lower Revised Value . Please tell me if you want me to proceed as I can complete and resend report to you within 15 minutes LMAO

 

[Zephyr999]

Sadly, have to agree that appraisals by desktop/3rd party inspection are not as reliable.
I'm at the tale end of loan and requested reconsideration of value due to the appraisal omitting an entire floor of finished GLA using the partner desktop system. It's not easy to tell a Quad level from Tri-level at street view. Assessor info is a bit hard to track as bldg detail didnt list it BUT the sketch does. It was a total miss by the appraisal...only 42% off...oops!!

 

[shrubberyvaluation]

Sadly, have to agree that appraisals by desktop/3rd party inspection are not as reliable.
I'm at the tale end of loan and requested reconsideration of value due to the appraisal omitting an entire floor of finished GLA using the partner desktop system. It's not easy to tell a Quad level from Tri-level at street view. Assessor info is a bit hard to track as bldg detail didnt list it BUT the sketch does. It was a total miss by the appraisal...only 42% off...oops!!

What is a partner desktop system? Is that another term for 3rd party inspection? Of course if someone saw the house I doubt they would of missed the floor.