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Appraisers need to come up with a universally acceptable canned response to combat time consuming frivilous revision requests.

Renee Healion

Elite Member
Gold Supporting Member
Joined
Feb 21, 2004
Professional Status
Certified Residential Appraiser
State
Connecticut
Or a glass of water on the floor (a DIY level). Or water bottle, most of us have that in the car.
 

Lee in L.A.

Elite Member
Joined
Jan 24, 2002
Professional Status
Certified Residential Appraiser
State
California
Or just pour the water out and video that. :leeann2:

Favorite canned comment that I have never used in a report, and never will.

RTFA. :rolleyes:
 

Cotton Cornell

Sophomore Member
Joined
Nov 13, 2018
Professional Status
General Public
State
Pennsylvania
Completed an appraisal on a split level style dwelling. The subject does not have a true basement. The front of the lower level has a mound of dirt in front. The rear and sides are 100% above grade. Plenty of explanation in the appraisal indicating the county may considered the lower level a basement on the tax card however all market participants consider the subject's lower level consistent with the rest of the GLA. MLS data does not separate the lower level and indicates the subject has no basement. This is true for all the split level comps. It is typical in this market to include all square footage of a split level, bi level or raised ranch in the overall GLA as they do not typically have a true basement. I had a mix of comparable sales mostly split levels (4 total) with the same functional utility. I utilized 2 ranch style home sales as they occurred on the street and applied a market derived basement adjustment. Very easy appraisal. less than a 6% variance in unadjusted/adjusted value range. All features bracketed. Tons of commentary explaining reasons for the lower level being included in the overall GLA.. I get a 2 page QC request telling me I have to adhere to ANSI standards for measuring properties. I reply with Fannie maes selling guide commentary indicating certain areas of blow grade .... blah blah blah. Reviewer gets the manager involved in the dispute. I come to find out nobody in the appraisal review department holds an appraiser license? All are clueless that this is very typical for this market and alot of areas in this country. Revising the appraisal will be considered misleading and pointless. All the concerns are addressed with ample commentary and sales data. This seems like this is their first day on the job. When dealing with non appraiser's how can you argue with stupid? Im considering filing a undue influence claim however I fear it will have no impact. Not sure If I should file the claim with the state? What would you guys do in this situation? The pay is average so this will be the last appraisal I complete for them but the lender utilizes a few AMCs so Im not looking to burn bridges. This is a great example of how an AMC provides zero added benefit to all parties involved. Thanks!
 

MMing5000

Thread Starter
Sophomore Member
Joined
Oct 24, 2013
Professional Status
Appraiser Trainee
State
California
Adjustments are only part of the problem. Problems start with identification of the subject property and factors that impact value and ends with reconciliation of approaches and final reconciliation. Plus everything in between. Adjustments is just one issue that is in between. We have a whole bunch of appraisers that don't understand appraisal.
Agreed - Unfortunately we also have a whole bunch of AMCs who are just as naive and ignorant on what comprises a good appraisal.
 

Cotton Cornell

Sophomore Member
Joined
Nov 13, 2018
Professional Status
General Public
State
Pennsylvania
I get the most idiotic revision requests primarily when I come in low on a sale. It's like punishment for the appraiser instead of directly challenging the value. My appraiser "grading report card" is also adversely affected by these frivolous revision requests.

Had one yesterday. Reviewer told me I needed to include a copy of the tax record in the report. I have completed hundreds of reports for this lender in the past 4 years and this is the first time I have ever had my work criticized because I didn't have the tax record included in the report. (I do consistently include tax identifying documentation along with an image of the tax site drawing though and this has always been accepted) The reviewer also required me to discuss in detail why the appraised value did not justify the contract price. I used three nearby comp sales with bracketing of all features and had already explained clearly why the house wasn't worth what someone wanted to pay for it. I guarantee this revision request would have never happened if the appraised value met or exceeded the contract price.
I called an agent out for improperly representing her buyer last year. The value came in 35K below contract. Zero sales in the market to support the contract price. Buyer was from out of State. House was on the market for 200+ days in a market where exposure time is less than 30 days. Clearly over valued. After a ton of value appeals where they send you only significantly superior sales I finally get a call from the buyers agent's broker. I said clearly I can not discuss value however from an ethics stand point your agent has failed the buyer. Once the broker realized what was going on he ended up renegotiating the deal and removing part of their commission. Commissions cause people to act and think like animals. You wonder why the GSE's think waivers are such a great idea! Things would be so different if mortgage brokers, agents and lenders were forced to pay back the commission if the loan failed to perform!
 

Carnivore

Elite Member
Supporting Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
North Carolina
So lets be positive and look at this a little differently. Every effort is being made to eliminate you and me or at the very least reduce our participation in the money making operation of Loan origination.

The presumption(s):

1. AMC's and Lenders is all assignments that are located in a Vinyl Village on Slab neighborhood with 100-200 home.

2. The neighborhood is so conforming that a inebriated person come home at night drunk, goes into what he thought was his house but in fact someone else home.

3. The 200 unit neighborhood has twenty sale every month and there are twenty other houses in the Hood on the market

4. The largest and smallest houses in the Hood Sold yesterday and the GLA only varies by 2-3%

5. All houses in this hood are in the exact same condition and quality.

OK, so lets say you indeed had the perfect storm above. You also out of pure coincidence had three model match sale that sold within the last two weeks.

Sounds great right? Nope! Checker Dude is going to want you to explain the impact of the Railroad Spur line 2,000 ft away through the dense wooded area east of the Subject neighborhood,
 

norapp

Junior Member
Joined
Jul 11, 2016
Professional Status
Certified Residential Appraiser
State
New York
"Discuss why sales that bracket site size are not available".
DUH This is one of the stupidest requests I have received in awhile. This is from an AMC that gives me lot's of work but almost without exception returns every report. Usually I dispute and point out where it is in the report but this??? It's really hard not to write a snarky answer.... Because I can not invent sales that are not existent and I already explained my 3 year search of the comparable rural locale.
 

Carnivore

Elite Member
Supporting Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
North Carolina
"Discuss why sales that bracket site size are not available".
DUH This is one of the stupidest requests I have received in awhile. This is from an AMC that gives me lot's of work but almost without exception returns every report. Usually I dispute and point out where it is in the report but this??? It's really hard not to write a snarky answer.... Because I can not invent sales that are not existent and I already explained my 3 year search of the comparable rural locale.
Really! WOW! That's pretty dumb of them. So what is the answer to them? Easy explain that this is a case of Surplus land(something along those line).. Some lots are larger or smaller, but all have a Site value that is the same as the subject on the day of Inspection. Thus Bracketing is not necessary. If you anticipate this same stip in the future then create a Boiler Plate explanation. You might even explain that All comparable and Subject have the Same/identical HBU. :)
 

CraigAVC

Freshman Member
Joined
Sep 13, 2016
Professional Status
Banking/Mortgage Industry
State
Florida
If you've been in the business long enough (through a recession), you will appreciate all and any work you can get. Even if that work comes with frivolous requests.
Either way, it's just a request. You can say 'no' to a request.
Yup. It's feast or famine.
 
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