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Bank Will Not Provide Review

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EVAUSA

Junior Member
Joined
Jan 26, 2008
Professional Status
Certified Residential Appraiser
State
California
How would you respond? I called US bank, they said they would not provide the review, but that they have based it on sales THEY FOUND (but wont provide) within a 1/2 mile and 90 days. The said I am to provide 2 additional comps by this criteria. What is REALLY frustrating is THERE IS ONLY ONE SALE IN 1/2 MILES & 90 DAYS, I USED IT AS SALE #1. So WHAT THE CRUD are they looking at? How can a rebut a review I haven't' seen?

Hi April,

Regarding the xxxxx property. The lender won't give us anything in writing or copy of their review. We have said to the rep that we feel very strong about the value of 455,000 and they are requesting now in other to revised their value of 400,000 the following: 2 new comps with sales dates within 90 days. They have to be closed sales. About the comps we used they said they didn't used comps 7 & 9 because they were listings. Comps 2,3, and 5 didn't used because they were with in one mile. Comp 6 they see it because is 1/2 mile but didn' t care for it. They only used comps 1 & 4 and in each one the reduced 25K because they felt the upgrades were to high and over the standard, they said the adjustments were to high for the area.

Well, I can't believe this. Can you please prepare as a strong rebuttal. If you need to speak with the rep for US Bank for more information her name is xxxxxx and her number is 866-4xx-xxxx.
 

PropertyEconomics

Elite Member
Joined
Jun 19, 2007
Professional Status
Certified General Appraiser
State
New Mexico
Looks like they have prepared an appraisal .. tell your client sorry there is nothing I can do. I have done my best and if they wont share the data they used, it is simply impossible for me to meet the request.
 

CANative

Elite Member
Joined
Jun 18, 2003
Professional Status
Retired Appraiser
State
California
They may have found two REO/short sale/forcelosure sales via public records or some other AVM.

Not much you can do if they won't give you something to work with.
 

Restrain

Elite Member
Joined
Jan 22, 2002
Professional Status
Certified General Appraiser
State
Florida
Sounds like they used data from an AVM, which may...or may not....actualy include sales. I've seen them take 100% refis and call them 80% LTV sales.

I think your lender ought to try another funding company.
 

Michael Tipton

Senior Member
Joined
Sep 25, 2005
Professional Status
Certified Residential Appraiser
State
Florida
I would state that I complied with Certification #7 based upon my inspection of the subject. Additionally, I might state the search parameters utilized to determine the "best available" comparable sales found utilizing local data sources.
 

Mike Kennedy

Elite Member
Joined
Sep 28, 2003
Professional Status
Certified Residential Appraiser
State
New York
sounds like they found sales......which are NOT comparables.
 

Tudor

Member
Joined
Aug 15, 2006
Professional Status
Certified Residential Appraiser
State
Arizona
Well sounds like they don't want to do the loan and want to make the appraisal/appraiser the scapegoat.
 

Kevin Mc

Elite Member
Joined
Jun 7, 2004
Professional Status
Certified Residential Appraiser
State
New York
They could very well be running a program where every loan gets cut by a certain % and they are using the appraisal as the scapegoat. You gave them 9 comparables (7 closed,2 listings). You have done your job. You cannot repsond to something you can't see. Have the MB pull the file and send it elsewhere.
 

Carnivore

Elite Member
Supporting Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
North Carolina
They could very well be running a program where every loan gets cut by a certain % and they are using the appraisal as the scapegoat. You gave them 9 comparables (7 closed,2 listings). You have done your job. You cannot repsond to something you can't see. Have the MB pull the file and send it elsewhere.

I am with Kevin, but and I want to add something.

I gathered from the OP it seems that he has not actually seen the original stip. These days I dont trust anyone that refuses to put things in writing.

Go that route. It could be your client is trying to bolster the appraisal so that it will help the whole package look better.
 

Kevin A. Spellman

Senior Member
Joined
Aug 30, 2003
Professional Status
Certified Residential Appraiser
State
Massachusetts
The review is most likely a check list and could have been done by an unlicensed appraiser. There is a comment about a comparable sale somewhere in the check list. The lending industry and mostly the wholesale lenders work backwards. When the greatest amount of work is occurring they lack quality control. When there is minimal or no work they introduce new quality control.
 
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