Avoiding Revisions Requests

[Surf Cat]

When there is an issue, the appraisal report goes back to the appraiser for revision. Value is never one of the requested revisions.

LOL... granted, I haven't worked for an AMC for a while. But when I was, I devised an ROV template.... sometimes the AMC would send me 8 to 10 "sales". I would have to reply to them to "send your best three, otherwise to review each sale and write up an analysis on how they compared to the subject property, it would be $25 each".

 

[George Hatch]

I think putting all the commentary and elaboration for an issue in the same spot in every report will reduce the back-n-forth the readers have to use under the current formats where the fields in the form are too constrained to include the entire explanation.

All of the site-related info in the site section; all the improvements-related info in the improvements section; all the SC-related info in the SC section, etc. Same general sequence for every assignment and as used in common by every appraiser. If I can read JohnDoe's appraisal then TomDoe's appraisal will read exactly the same.

 

[sputnam]

LOL... granted, I haven't worked for an AMC for a while. But when I was, I devised an ROV template.... sometimes the AMC would send me 8 to 10 "sales". I would have to reply to them to "send your best three, otherwise to review each sale and write up an analysis on how they compared to the subject property, it would be $25 each".

An RoV is a different animal than a revision request from a reviewer. RoVs have to come from the Lender/Client and have to include either explanations of the deficiencies in the appraisal and/or additional market data..

 

[chad hampton]

In my experience, if you write 1 sentence, they want 2. Write 2, they want 4. Write 4, they want 8. Funny how that works. When things are slow, people try to justify their jobs. If you do any work for the breakfast club AMCs, revision requests are coming back no matter what you do.

 

[Surf Cat]

An RoV is a different animal than a revision request from a reviewer. RoVs have to come from the Lender/Client and have to include either explanations of the deficiencies in the appraisal and/or additional market data..

I understand. That's why I bolded the part in your comment to which I commented to.....which was: Value is never one of the requested revisions.

I wasn't bagging on you per se....

 

[Sandra Koutsopoulos]

Underwriters apparently are not always familiar with the peculiarities of house features in different states, and so sometimes we're hit over the head to re-state the obvious. For example, this underwriter's demand (Florida) to grid all the porches the comps & subject in SoCal. The 4'X6' wee porch is the same as every porch as photographed in the report. So there was nothing to adjust; and that line was more enlightening for presence of covered/uncovered/enclosed patios, spa, pool, outdoor kitchen, koi pond etc, which may affect comparable value in the marketplace. Just had one insist on gridding that ubiquitous tiny porch, and I'd finally had ENOUGH!

This was the 3rd lender this Borrower had gone to using my appraisal report and subsequent versions. This would have been the 14th REVISION!!!!! Three times sending the same invoice breakdown with numerous emails to go with them. Change of lenders, change of AMC, change of Borrower name--TWICE--

Borrower had painted flake-board for flooring and resisted installing finish flooring for the FHA loan. Inspected for 1004D. Uh-oh. She covered just the stairs. No go. Sent back again for 2nd 1004D. Nope, the ROOMS also must have finish flooring, which I had told her upon the very first inspection 5 months ago. Final 1004D--YAY!! Congrats! Now underwriter wants the identical porches gridded.

In the kindest, most polite way possible without cursing, I said NO!!! Not doing that, which I had already explained. Told her if the U/W REALLY REALLY needs that redundant verbiage, I will revise the report to accommodate & send it back to them yet AGAIN...AFTER they pay me in full for the invoice they've had in hand for 2 months. Of course, I'm taking note to never accept another order from this outfit, 'cuz they CRAZY!!

 

[Digger88]

I merge reports from the same lender when I make new ones so all of the previously requested stuff is already in there. Mostly this comes down to which clients wants comps 4-6 and certain comments in the addendum. Other than that I'm like Microsoft... send it out as-is and let them tell me what they need. Ain't nobody got time for spell check lol