Am I obligated to do a rebuttal on a review performed on one of my appraisals?

[Manuel Rondon]

I received a fax with the review on one of my appraisals. Am I obligated to do a rebuttal on this review? I don't have any problem defending my work, especially from someone who used zillow.com estimator & realtor.com instead of MLS & Realquest. The question is "Am I obligated to deal with this non-sense?" Your comments will be appreciated.

PS, I also use zillow & realtor.com, but only as additional sources, not primary.

 

[stefan olafson]

Why was the review completed?

Who requested the review?

We need those answers!

 

[Kevin Mc]

Why was the review completed?

Who requested the review?

We need those answers!

along with what did the reviewer question? Value? comps? field review? desk review?

 

[PropertyEconomics]

I dont think you are obligated to respond to a review, however, if the review is negative and it is incorrect ... why would you not want to show the shortcomings of the review and the strengths of your appraisal?
Nonsense perhaps ... but in my opinion, handleing these things in a very professional manner and pointing out your strengths is a very good idea. If you do not respond, the client may very well decide the reviewer was right. I always respond if given the chance.
I would not look at it as defending your work, but rather the opportunity to show its strengths and reasoning. Face it, we dont always adequately support or discuss every single adjustment, comp selection, etc.. I think when given the opportunity to correct or shortcomings or just provide further explaination and show where the reviewer is wrong is invaluable.

 

[Mike Kennedy]

suggest checking the cover sheet and/or calling your client to obtain the answer

 

[hastalavista]

The question is "Am I obligated to deal with this non-sense?" Your comments will be appreciated.

As a reviewer, I'd answer that you are not obligated to respond to any review or rebut anything.

I tend to agree with PE and wonder "why not"?
If the review is rubbish, the response shouldn't take much time. If the review is substantial, then the response will take some time.

Consider this, however: Depending on who ordered the review and where your report sits, a non-response may result in disqualification from that particular lender- it would be a self-inflicted wound if that were to happen. So, my advice is to make a response, even if it is short and sweet (and keep it professional)!

Good luck!:new_smile-l:

(There is an alternate view on this forum; some very prominent forumites post that they refuse to address any review questions- so that seems to work for them!)

 

[CANative]

The worst rebuttal I've ever had to deal with is a rebuttal to my review. It took me over half a day to untangle all the crap they were spewing.

Signed by a trainee, countersigned by a CR in San Diego (600 miles south) with "did inspect." Rebuttal stated that the regular supervisor had an expired license. Neither the trainee, the expired supervisor or the distance supervisor has ever had membership in the MLS needed for that area.

What a freaking waste of time.

 

[Manuel Rondon]

thank you guys!

 

[Webbed Feet]

Are we mice, men, a profession, or slaves to a trade for wimps?

To All,

I find this topic serious, funny, disturbing, and pitiful, all rolled into one.

In the medical field, when one doctor provides a written report for a client, they charge for it. When another doctor is hired to review that written report by the first doctor and report findings back in writing, they charge for it. When the first doctor is asked to respond back, in writing, to the second doctor's opinion of the first doctor's report, the first doctor charges for it! None of them just eat the time involved for free, and all of them certainly reserve the right to be too busy to respond at all or "accept" the assignment.

More than this, lack of responsibility in "reviewing" needs to be taken up rather harshly by us in the future. As well as clients changing the game by asking a reviewer for a different SOW that most certainly will end up with different results, and then demanding a free response from the original appraiser wanting an explanation why the results were different. While also not bothering to aid the original appraiser by informing them the SOW for the reviewer as not germane to the original work's SOW.

I believe it is time to end the crap. I believe what we should really do when we receive a egregiously incompetent review that was based on inadequate data sources, lack of geographical competency, full of USPAP violations, and just general B.S., is provide a "rebuttal" to our client that is a copy of a certifed letter to the reveiwer demanding a full written retraction of the review immediately or they will be sued for damages.

Webbed.

 

[hastalavista]

I believe it is time to end the crap.

WF-

I don't see it the same way as you do (which is fine).
Not all review issues are illegitimate just as not all origination reports are flawless. If the report omits to provide meaningful discussion/analysis so that its rationale is understandable to the reader, then I would argue that an addendum is required to comply with that request in order for the report to be credible.

In a perfect world, all reports (and reviews) would be flawless. That is not the case. I'm happy to assume that there are as many flawed reviews as there are origination reports. So, given the imperfection of the world, a rebuttal to a review (flawed or not) does not by itself appear onerous or burdensome.
The originator always has the option of not responding, so no one is forced to respond. There is a potential consequence in not responding, however, and so a the response decision should be made with these considerations:
A. Is there a USPAP consequence of not responding (my report is not credible as originally submitted)?
B. Is there only a business consequence (no USPAP issues) of not responding?

If the answer is "A", then there should be no question about a response being necessary- without any compensation.
If the answer is "B", then it is an appraiser's decision to make. I suppose if I received the same type of request from the same lender and felt it was unreasonable, after a time, I'd drop the lender. I assume the lender has the same right to drop me if they felt their requests were reasonable and I refused to address them. :new_smile-l: