$25,000 Adjustment for EV Charger

[timd354]

You could never be a competent _________________________(fill in the blank with anything that takes intelligence)

Fixed it for you.

 

[Fernando]

Of courses we all know that appraisers always withhold their best comp so they can provide it after the report is reviewed

Good reviewers would force the appraiser to "reveal" the best or at least better comps.

 

[Dublin ohio]

Fixed it for you.

I appreciate it

 

[timd354]

Good reviewers would force the appraiser to "reveal" the best or at least better comps.

If I need to "force" an appraiser to reveal the best comps, then that appraiser (and the report he produced) is likely not credible and of no value to me and will most likely be rejected in any case, so I am not going to waste my time by pending the file.

 

[djd09]

The adjustment brought the adjusted sale prices of three of the comps to right about the contract price of the sale of the subject property. I don't think that the larger house was included to bracket the adjsuted vaslue range, I think it was likely included solely to avoid an across the board adjustment for the EV charger.

they want cheap and fast...now you got it

 

[djd09]

edit

 

[Fernando]

If I need to "force" an appraiser to reveal the best comps, then that appraiser (and the report he produced) is likely not credible and of no value to me and will most likely be rejected in any case, so I am not going to waste my time by pending the file.

If I was a reviewer and I found a better comp, I would make appraiser show why it wasn't use.
Hate lazy appraisers not getting the best comps.

 

[timd354]

they want cheap and fast...now you got it

Surprisingly enough, the lender on this one was a credit union, I usually dont see bad appraisals from most credit unions.

 

[djd09]

edit

 

[timd354]

well lets see this appraisal....

I cannot post this apprasial online, but I can tell you that generally the quality of appraisals and the loan files received from credit unions is better than from other lenders and that is reflected in default rates, which are historically somewhat lower for credit unions than other mortgage lenders. That being said, in any large group, there are some bad actors and credit unions are no exception.