Revisions

[AppraisingLA123]

I once got a ROV for hitting value on a purchase. The lender sent me comps below sale price. I was like WTF is this ****. They told me to do the ROV anyways. I wasted an hour on it since I thought maybe I screwed up somewhere but my comps were best available. No extra pay of course, they just wasted my time. If the revision was not warranted the lender should pay you $125 for wasting your time. But of course our industry treats the appraiser like a door mat and we get thrown off panels for requesting anything like that. What a joke of a profession.

all we need is one website, that exposes what these AMCs and the names of the owners. When their names gets exposed, and how much money they are stealing, and how they are treating us, they will change. Human beings change only when there is consequences. Exposing them on a website is the ONLY WAY to change the industry. its the fastest and honorable way.

 

[DWiley]

I got a revision request from NAN asking me to comment why I didn’t use certain comps. 3 comps and 3 rental comps. They said that they had ordered two reports and the other appraiser had used different comps. I told them that I am not required to do that, and it might be a violation of confidentiality for them to share contents of the other report with me. Am I required to comps not used?

As T stated, the confidentiality requirements apply to the appraiser, not the client.

The appraiser independence requirements in DF specifically allow asking an appraiser to consider additional sales data

15 U.S. Code § 1639e - Appraisal independence requirements

www.law.cornell.edu

Try to put yourself in the lender's shoes. The AMC/lender have two reports that are using two very different sets of comparables, and they are just trying to reconcile that. Wouldn't the best way to do that be to ask the appraisers themselves about the comp selection? Would you rather they make their own decision about which comps are best without input from the local appraisers (you) doing the work? I would wager that the other appraiser was also asked about the comps you selected.

In short, there is nothing wrong or inappropriate about the request. How you respond is a business decision. You can ignore the request or you can address it and explain why you chose the comps you chose rather than those you were asked to comment on. The choice is yours, and both choices have their own possible consequences.

 

[sputnam]

I got a revision request from NAN asking me to comment why I didn’t use certain comps. 3 comps and 3 rental comps. They said that they had ordered two reports and the other appraiser had used different comps. I told them that I am not required to do that, and it might be a violation of confidentiality for them to share contents of the other report with me. Am I required to comps not used?

If commenting on unused sales was specified in the Letter of Engagement then no, you aren't required to do it. However, you can do it if you choose to. Do you want to get additional work from that Client?

 

[Trihard]

Try to put yourself in the lender's shoes. The AMC/lender have two reports that are using two very different sets of comparables, and they are just trying to reconcile that. Wouldn't the best way to do that be to ask the appraisers themselves about the comp selection? Would you rather they make their own decision about which comps are best without input from the local appraisers (you) doing the work? I would wager that the other appraiser was also asked about the comps you selected.

In short, there is nothing wrong or inappropriate about the request. How you respond is a business decision. You can ignore the request or you can address it and explain why you chose the comps you chose rather than those you were asked to comment on. The choice is yours, and both choices have their own possible consequences.

The AMC is adding a few hours of work for free.

 

[Bobby Bucks]

What is going on behind the AMC curtain is no mystery, the lender is pressuring the AMC for the highest value. While the AMC contact may represent themselves as a "professional" appraiser and spout USPAP like a tent minister shouting scripture, the reality is they have no problem whatsoever in pressuring the independent appraiser into stepping into a minefield which may be difficult to navigate through or exit. It's a slippery slope with AMCs when they hide behind the "client' mask while pressuring appraisers to bend or break the rules. It's why appraisers are so fond of AMCs.

 

[alebrewer]

It's been my experience that, in the case of HV loans where two appraisals are procured, that the lender is primarily concerned with what the 'real' value of the subject is. I've always been intrigued at how differently two credentialed appraisers can report an appraisal on the exact same property with essentially the same effective date. Had one yesterday where one appraiser said the home had a basement and the other said it didn't (it clearly did). One measured the home at 4,400' and the other at just over 5,000'. One showed a site size of 2.97 acres and the other showed 2.62 acres. And these were theoretically developed by two credentialed appraisers. It's almost like they were appraising two separate properties.

 

[Sadie]

It's been my experience that, in the case of HV loans where two appraisals are procured, that the lender is primarily concerned with what the 'real' value of the subject is. I've always been intrigued at how differently two credentialed appraisers can report an appraisal on the exact same property with essentially the same effective date. Had one yesterday where one appraiser said the home had a basement and the other said it didn't (it clearly did). One measured the home at 4,400' and the other at just over 5,000'. One showed a site size of 2.97 acres and the other showed 2.62 acres. And these were theoretically developed by two credentialed appraisers. It's almost like they were appraising two separate properties.

The site size could easily be explained by one appraiser using the actual measurements and allowing the software to calculate the site size and the other using county records. I doubt that the differential made much difference. Not sure about the measured home size. I am guessing that the difference is in an area that one called living area and one did not. Or really big rounding difference. I am not discounting either one of them measuring wrong.

The differences noted above are smaller than the most that I have seen with the lidar measurements. Also the problem with the using interior measurements, is the very real probability that the appraiser did not circumnavigate the home and do the exterior inspection.

 

[AppraisingLA123]

If commenting on unused sales was specified in the Letter of Engagement then no, you aren't required to do it. However, you can do it if you choose to. Do you want to get additional work from that Client?

It is not specified.
I work with them becuase i have have to, i will drop this client in the near future. i dont' want to continue with them after this experience. Out of the 6 comps, 1 was a good comp, the rest were really bad "comps"

 

[AppraisingLA123]

As T stated, the confidentiality requirements apply to the appraiser, not the client.

The appraiser independence requirements in DF specifically allow asking an appraiser to consider additional sales data

15 U.S. Code § 1639e - Appraisal independence requirements

www.law.cornell.edu

View attachment 107573
Try to put yourself in the lender's shoes. The AMC/lender have two reports that are using two very different sets of comparables, and they are just trying to reconcile that. Wouldn't the best way to do that be to ask the appraisers themselves about the comp selection? Would you rather they make their own decision about which comps are best without input from the local appraisers (you) doing the work? I would wager that the other appraiser was also asked about the comps you selected.

In short, there is nothing wrong or inappropriate about the request. How you respond is a business decision. You can ignore the request or you can address it and explain why you chose the comps you chose rather than those you were asked to comment on. The choice is yours, and both choices have their own possible consequences.

They kept harassing me several times, i told them i wouldn't do it. They would dismiss whatever i was saying, and would keep sending the same revision, they would not remove the revision.

 

[AppraisingLA123]

Sort of off topic but it relates to the same AMC (NAN). What the home owner says regarding the ARV doesn't match what the client is asking for. The home owner has an already built ADU, but the lender is asking for an ARV with demolishing the current ADU and building a 2 story ADU. The home owner says that he has no such plans, and has not had any plans like that. AND, this happened twice within a month with the same AMC and client. Really strange.