Class Appraisal Absurd Revision Requests

[mp2277]

The last several reports I've submitted to them have come back with the most absurd revision request. It's almost like they want a narrative report while paying for a summary. I am about to stop accepting assignments from them. Anyone else having this issue with them or other AMC's?

 

[Dublin ohio]

Class is on my does not exist list. There have been a few other forumites that have been getting some questionable stips. But few have mentioned the AMC. To be honest I can't remember the last time I had a stip for anything but a typo. Which is directly related to the clients I have. My two main client are both sticklers and have limited panels so that is how I approach all assignments

 

[ZZGAMAZZ]

From a lending client today I was conditioned for use of the word "White Collar" that I used purposely to avoid the term "upscale" that previously had beeb conditioned. Trying to maintain m integrity in the past always coss 10% - 20% of my income, but at some point in time common sense must prevail. Anybody ssimply respond with a "**** off to censorship," ir us cebsirsguo biw banned ?????????????????????

 

[George Hatch]

Cool your jets. If a lender is telling you that they consider your use of a specific term to expose them to an avoidable claim of racism then that is their right. "we don't want to get sued"

Besides, "white collar" refers to the personal characteristics (occupation, in this case) of the residents. It doesn't refer to property attributes. Not only do you not need to use it in order to value the property fairly, you also have no way TO use it in your analysis. That much should go without saying.

 

[ZZGAMAZZ]

Cool your jets. If a lender is telling you that they consider your use of a specific term to expose them to an avoidable claim of racism then that is their right. "we don't want to get sued"

Besides, "white collar" refers to the personal characteristics (occupation, in this case) of the residents. It doesn't refer to property attributes. Not only do you not need to use it in order to value the property fairly, you alshave no way TO use it in your analysis. That much should go without sayingThC

The term was used to describe employment opportunities throughout Orange County, 'CA. I'm presuming that the term was conditioned because "white" anything is considered to be discriminatory. I personally got nothing to apoloize about for being Caucasian. But yea, I gotta stop fighting windmills. Kinda wish the ACI software spellcheck could flag allegedly discriminatory verbiage to avoid after-the-facdt conditions. Thanks all.

 

[AppNJ]

Never had any issue with class, some of the more absured requests have come from solidifi, but i sincerely caution you to NEVER appraise for Financial Asset Services Inc. They 1st asked one of my appraisers for their workfile, which they have not authority to do so. They then asked him for a laundry list of revisions, regading adjustments, where and how they were derived from, and specific paired sales analysis results. He was currently at a friends funeral yet they continued to push, at which point he withdrew from the assingment. They then reported him to the board. Total garbage company that are not appraiser friendly and will not hesitate to throw you in the fire.

 

[ZZGAMAZZ]

Never had any issue with class, some of the more absured requests have come from solidifi, but i sincerely caution you to NEVER appraise for Financial Asset Services Inc. They 1st asked one of my appraisers for their workfile, which they have not authority to do so. They then asked him for a laundry list of revisions, regading adjustments, where and how they were derived from, and specific paired sales analysis results. He was currently at a friends funeral yet they continued to push, at which point he withdrew from the assingment. They then reported him to the board. Total garbage company that are not appraiser friendly and will not hesitate to throw you in the fire.

FASI is only entity that ever called me to task, cancelling all future orders after i declined an assignment mid way through the process bc of a conflict of interesr between my office employee and a borrower. I had made about $35K by June of 2021 when the orders stopped although most work was exterior only, of SFRs with no prioe MLS exposure, with no view of the property visible from the public street. Every damn assignment.

 

[TerryRohrer]

Never had any issue with class, some of the more absured requests have come from solidifi, but i sincerely caution you to NEVER appraise for Financial Asset Services Inc. They 1st asked one of my appraisers for their workfile, which they have not authority to do so. They then asked him for a laundry list of revisions, regading adjustments, where and how they were derived from, and specific paired sales analysis results. He was currently at a friends funeral yet they continued to push, at which point he withdrew from the assingment. They then reported him to the board. Total garbage company that are not appraiser friendly and will not hesitate to throw you in the fire.

I just quoted one for them. Their engagement letter is such a contradictory mess, I can't imagine anyone would accept an assignment from them. Some requirements are stated as many as 5 times, slightly differently each time. What a farce.

 

[OSU Beavers]

Cl@ss is @ss.

 

[TerryRohrer]

The last several reports I've submitted to them have come back with the most absurd revision request. It's almost like they want a narrative report while paying for a summary. I am about to stop accepting assignments from them. Anyone else having this issue with them or other AMC's?

I was just sent a report on a rural property that had been done for them (Classless). The neighborhood boundaries were crafted to exclude sales in the small town 2 miles away, then, because there were no comparable sales in the neighborhood, the "market area" was expanded to include two adjacent counties and a non-adjacent county, all 6 to 200+ times the population of the subject county. The surrounding counties have been growing fairly steadily for 2 to 10+ decades while the subject county has mostly declined for 40 years prior to jumping 2.5% from 2021 to 2022...to 841 residents.

Every aspect you would typically adjust for in any residential assignment was described in the same format as follows:

"No location adjustment on each comparable due to this market does not recognize the difference in the condition. This is based on sensitivity analysis, matched paired sales, data analysis, quantitative analysis, and qualitative analysis used in this report." (how does all this work when you don't identify any data in the subject county?)

or

"Each comparable has a site adjustment and this is based on sensitivity analysis, matched paired sales, data analysis, quantitative analysis, and qualitative analysis, which are used in the appraisal report and other sales in the subject's same market area. The adjustments are warranted."

Sales were executive ranch style homes that were 4, 14, and 26 years old and the subject was a 112 year old, two story farm house. No age adjustment was made, no condition adjustments were made, and the sale rated Q2 was adjusted down. No mention of the subject's 100+ acres of pivot irrigated alfalfa until the AMC asked if the pivot was included in the value (to which the appraiser responded yes, but doesn't affect value). No mention of water rights which are shared with the adjoining property under the same ownership, nothing about the fact that the pump site was on that adjoining property, nor the fact the pivot crossed that adjoining property. No discussion in Highest and Best Use about the agricultural production, or the lack thereof of from the dryland sites under the sales represented as comps. Negative $280,000 site adjustment to the high sale has the wrong sign if you adjust appropriately. Two small grain bins were attributed a value of $150,000 and resulted in across the board. upward adjustments to all sales (though you have to wonder how grain bins have value if HBU is residential). Similarly, subject had a 5,000 sf shop the sales didn't have, and it was attributed a value of $150,000 with across the board adjustment to sales. Home was reported to have an effective age of 10 years and 15% for physical depreciation was deducted from the RCN in the cost approach (even for the 50 year old outbuildings), and site improvements added another $88,750. Site value was estimated at $987,029 based on three MLS numbers representing sales in other counties, none comparable to the subject (so dwelling accounted for about 13% of the total value). Sales adjusted to $1,156,958; $1,509,876; and $1,156,563. Conclusion of value was $1,509,000. The reconciliation was garbled garbage but appeared to state that none of the sales was superior to the others, but the first sale ($1,156,563) was weighted first? No mention of the fact that all photos of the sales were MLS photos cropped to remove the watermark. Marketing times reported as under 3 months, but exposure time estimated as 1 to 482 days. Probably concluded a value twice reality.