Appraisal Appeal

[Joe Flacco]

 

[Lorenzo]

I am saying there were 4 closed sales and 2 listings presented in the appraisal. Two of the 4 sales and the 2 listings that the appraiser used indicated a value that is $60K higher than the conclusion of value. The other 2 sales were much lower and the value conclusion was based on those two lowest sales, one of which was located over a mile but was the most recent that he/she used (Jan 20), and the other was from Oct 2019.

The four additional sales I provided are more recent, more proximate, and more similar in quality and condition, and hence more comparable. This is why I am thinking it is taking so long (2-weeks) to reply to the request for ROV/Appeal.

 

[Basically Rectangular]

Even though you have submitted the ROV and have been told that the appraiser is working on it, it may be travelling down the pipe to get back to the appraiser. I have had borrowers tell me that it has been weeks since they paid for the appraisal, and were told the appraisal had been ordered over two weeks before I received the order.
Things are jammed up in office lender-AMC world right now in certain areas. Maybe you can contact the appraiser to see if they have received it?

 

[Lorenzo]

Thank you BR,

I was told 2 weeks ago by my Lender Rep that they had sent the ROV to the AMC who may or may not have sent it to the appraiser immediately. Given what every one else has been saying how the AMCs generally demand immediate responses from Appraisers, I think its safe to assume the Appraiser has had it for more than a week. It crossed my mine to contact the Appraiser directly, but I don't want to give the impression that I am directly trying to influence the Appraiser's opinion of value, although in this case, I am confident he/she got it wrong.

Thanks again.

 

[Basically Rectangular]

Thank you BR,

I was told 2 weeks ago by my Lender Rep that they had sent the ROV to the AMC who may or may not have sent it to the appraiser immediately. Given what every one else has been saying how the AMCs generally demand immediate responses from Appraisers, I think its safe to assume the Appraiser has had it for more than a week. It crossed my mine to contact the Appraiser directly, but I don't want to give the impression that I am directly trying to influence the Appraiser's opinion of value, although in this case, I am confident he/she got it wrong.

Thanks again.

Yeah, I'm with you on that... It is probably wise to not contact the appraiser directly for that reason. I hope it all works out, and soon!

 

[bnmappraisal]

The four additional sales I provided are more recent, more proximate, and more similar in quality and condition, and hence more comparable. This is why I am thinking it is taking so long (2-weeks) to reply to the request for ROV/Appeal.

(my bold) but are they more similar/comparable in GLA? In RES world, that's usually one of the main driving forces

I will say, 2 weeks is a bit long/excessive, IMO. I agree with your prior post that 2-4 days is "typical"

 

[bnmappraisal]

The appraiser that completed my report has been licensed for 2 years.

I guess it depends on how he was trained. Some trained and then licensed for 2 yrs are GREAT ... others just box checkers

 

[Lorenzo]

Thanks bnm. The four I provided are all within +/- 20% GLA two smaller, one larger and one (within 20 SF) that would require no GLA adjustment. But you answered my real question on the time to respond. If the sales I provided were not more similar in any regard, whats taking so long to respond. If they were not Comps, that would be an easy response would it not?