sputnam
Elite Member
- Joined
- Apr 24, 2012
- Professional Status
- Certified General Appraiser
- State
- North Carolina
Let's face it. If an appraiser is doing the job, and has been at it for any length of time, they are going to get revision requests. Some of them are nearly unavoidable. However, there are a few simple things an appraiser can do to reduce how many are received.
1- Read the Letter of Engagement. Every word. Use it as a check list. There is no single standard, beyond what's required by USPAP, for the contents of an appraisal report or for Client requirements. Most of the time, I get a copy of the LOE for the appraisals I review. Nearly every day, I have to request revisions because the appraiser did not include something that was requested in the LOE.
2- Spend an hour (probably less) reviewing and updating your report template. If you are seasoned appraiser... or a new one using a pased down template... read it... every word. It's likely that you are transmitting reports with incorrect citations and/or canned comments that are either untrue or not relevant to the current appraisal. It's likely to get you a revision request... and in the worst cases, it could produce a USPAP violation.
3- Come on... really? You can't spare a couple of minutes to run spell check before you deliver the appraisal report? Most of the time an incorrectly spelled word makes no difference. Occasionally, it can impact the credibilty of the appraisal report. As appraisers we may think that the insistence on spelling a borrower's name or the name of the Client correctly is nit picky... but the Client doesn't think so... and it will get you at revision request.
Of course, there are others... and there will never be anyway to prevent ROVs... if you are actually appraising and not simply confirming the sales price or hoped for value. The old saying is true, "If you don't have the time to do it right, where will you find time to do it over?"
1- Read the Letter of Engagement. Every word. Use it as a check list. There is no single standard, beyond what's required by USPAP, for the contents of an appraisal report or for Client requirements. Most of the time, I get a copy of the LOE for the appraisals I review. Nearly every day, I have to request revisions because the appraiser did not include something that was requested in the LOE.
2- Spend an hour (probably less) reviewing and updating your report template. If you are seasoned appraiser... or a new one using a pased down template... read it... every word. It's likely that you are transmitting reports with incorrect citations and/or canned comments that are either untrue or not relevant to the current appraisal. It's likely to get you a revision request... and in the worst cases, it could produce a USPAP violation.
3- Come on... really? You can't spare a couple of minutes to run spell check before you deliver the appraisal report? Most of the time an incorrectly spelled word makes no difference. Occasionally, it can impact the credibilty of the appraisal report. As appraisers we may think that the insistence on spelling a borrower's name or the name of the Client correctly is nit picky... but the Client doesn't think so... and it will get you at revision request.
Of course, there are others... and there will never be anyway to prevent ROVs... if you are actually appraising and not simply confirming the sales price or hoped for value. The old saying is true, "If you don't have the time to do it right, where will you find time to do it over?"
