Borrower offering prior appraisal. How do you handle it?

[shrubberyvaluation]

Agree. Also agree that you say 'Thank you!' and keep moving. Just because you have been given a copy of a previous appraisal report, there is nothing that makes you use anything that's in it... or even look at it.

I'm always curious. I'm normally coming in lower as its more likely I'm being shown an appraisal that is inflated, and its normally easy to tell from the grid why that is, or a major reason that is. For example all comps double the GLA or more with $20 per square foot adjustment or something.

In the rare instance its a great appraisal, its just an extra sanity check.

This is not bashing other appraisers, its just I'm more likely to be shown that bad inflated appraisal than the good one that the person with a financial interest doesn't like.

 

[George Hatch]

If I can say "no" to my own client (if/when necessary) then I can say "no" to anyone.

 

[Zoe]

I don’t care if the appraisal is 10 years old, I’ll gladly take it.

 

[J Grant]

I will typically take a prior appraisal if a borrower or RE agaent offers it, and I also make a point to politely tell them that every appraisal is different .

 

[JTip]

Grab that appraisal like you grab filet when your food stamps card gets replenished on the 1st.

 

[djd09]

the borrower is not your client...tell he/she/it to send it to the lender and the lender can send it to you

 

[Tom4value]

I treat it like I did when my grandma gave me a birthday card with $3 in it when I was in my 40’s. I said “thank you” and nothing more.

Appraiser influence is like insults. They can only affect you if you let it. Granted, lenders and realtors have their own ethics against appraiser influence and their own regulatory boards. Homeowners do not. Barring any threats of, “hit this number or I hit you”, what a homeowner says or gives me is fine. It is up to me and me only to not be influenced.

I accept the appraisals, examine them and keep them in my file. I do my own research and come to my own conclusions. It is really my only way of seeing what my peers are doing. Did I use similar comps? If yes, then it adds to my security that I am right. If no, I am curious as to why. Did they see something I didn’t? If they messed up, it is good ammunition to counter any ROV.

Bottom line, no one, not even regulators, will beat you up for having information. Only how you process it.

 

[Tom4value]

I will typically take a prior appraisal if a borrower or RE agaent offers it, and I also make a point to politely tell them that every appraisal is different .

I agree but personally, just my opinion, I say only thank you. Nothing more. That way, there is ZERO chance of them misinterpreting what you say.

 

[Elliott]

"The borrower offered to send me a copy of the prior appraisal report."

I'd pull out my Crucifix, hold it up, and say, "No thank you, but an appraisal is my unbiased opinion of the most probable price that the property would bring....."