Appraisal Appeal

[DTB]

Generally I would dispatch them rather quickly to lower my stomach acid levels quickly. Sometimes though, I would let them sit as long as they sat in the client's hands before requesting a revision. I send you the report on Monday afternoon and you need a change on Friday afternoon? Not likely to happen (whether it was a typo on my part or something else) They sat on it for 4 full business days, they may get the revision next Wednesday.

I don't like to make "you" problems into "me" problems, got enough "me" problems without anybody's help.

 

[CANative]

I know you know that I think AMCs are terrible for appraisers and here is another reason why. The AMC model is known for requesting revision requests that might include considering additional comps. There are AMCs that want revision requests in FOUR hours; what idiot thought that was a good idea?

I've never had an AMC that has given me grief on not making a revision in 4 hours. 4 days maybe. Virtually all issues can be resolved by communicating to them. Just a brief note on their communication log.

 

[Joe Flacco]

If I am at my desk and I get any kind of questions about the appraisal then I just reply asap. I want the file closed, client wants the file closed, everybody wants it closed and wants to move on.

 

[bnmappraisal]

When the AMC wants additional comps considered we cannot (as you know) just throw a comp in and turn the report back in a few hours. We must, as you know, verify, research and then drive the comp and photograph it.

Sadly we know not every appraiser does this

 

[Joe Flacco]

They want comps considered and they want certain comps included in the report is totally different. Nobody gets to decide what comps are in the report except the appraiser.

 

[Lorenzo]

Thank you all for your responses. I am in the process of a Refi and just got an appraisal of my property that in my opinion is $100K (12%) below market value. The property is in an urban neighborhood, so Comps are ample. There were 6 properties used as Comps in the appraisal report, 4 sales and 2 Listings. The four Sales transpired between July 2019 and January 2020. I have submitted an appeal (ROV) to the lender 2 weeks ago, which I'm told has been forward to the AMC and then to the appraiser.

The appraiser that completed my report has been licensed for 2 years. I also happened to be an appraiser as well with 25+ years of experience and know my market well. I pointed out several deficiencies in the appraisal report and provided for additional sales/comps, which sold between Feb 2020 and March 2020 and located within 1/2 of my property, which would all indicate a value $60K to $120K higher that what the appraisal indicated.

The Appraiser is obviously struggling with reconciling the additional more recent sales with the value he/she concluded. But its been 2 weeks, which takes me back to my original question to the community -How long does an appraiser have to respond to an appeal? My experience has been consistent with most of your responses, 2-4 days, but I try to respond the same day just to get it off the books, but 2 weeks seem to be excessive.

Any suggestions.

 

[Joe Flacco]

1/2 mile is a big area in a urban area.

 

[Joe Flacco]

Are you saying that the comps in the report are good comps but that more recent sales that are just as good indicates that prices are $100k higher in recent months? Or are you saying that date of sale in the last three months is more important than everything else?

It's possible prices are $100k higher but I have to assume that the appraiser picked the comps that he did on purpose.

 

[Lorenzo]

Ok Joe, Thanks for that.

how about one of the 4 that's 0.08 mile or one block south, which has smaller GLA on smaller lot, same condition that sold $75K above appraised value. The other 3 additional sales are 0.25 to 1/2 mile and sold $60K to $120K above appraised value.

 

[Lorenzo]

Ok Joe, Thanks for that.

how about one of the 4 that's 0.08 mile or one block south, which has smaller GLA on smaller lot, same condition that sold $75K above appraised value. The other 3 additional sales are 0.25 to 1/2 mile and sold $60K to $120K above appraised value.

Additionally, the one of the two sales the appraiser gave greatest weight to was 1.15 miles away.