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Changed My Mind

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PushinValue

Junior Member
Joined
Nov 28, 2011
Professional Status
Certified Residential Appraiser
State
California
I was sent 2 VA appraisals by a person from me re sales office

1st report 310k (no reconciliation of value in the report)


2nd report signed 10 days latter only change was one sentence "upon review of the comparables, most weight is given to comp #2 due to being most similar and my opinion of value is 286k.


Also I noticed he changed his cost approach to match his new value



I submitted a complaint to the state. 1/2 hour phone call later and the state reviewer says there is nothing in USPAP requiring you disclose changes made to the report and you can also change your mind on how you weighted comparables.

She basically said there is no problem with changing your opinion of value, even with no new data, just deciding you changed your mind is fine.


Any thoughts on this? Can anyone point me in the direction of this being covered in USPAP?
 

timd354

Elite Member
Joined
Jan 11, 2008
Professional Status
Certified Residential Appraiser
State
Maryland
I was sent 2 VA appraisals by a person from me re sales office

1st report 310k (no reconciliation of value in the report)


2nd report signed 10 days latter only change was one sentence "upon review of the comparables, most weight is given to comp #2 due to being most similar and my opinion of value is 286k.


Also I noticed he changed his cost approach to match his new value



I submitted a complaint to the state. 1/2 hour phone call later and the state reviewer says there is nothing in USPAP requiring you disclose changes made to the report and you can also change your mind on how you weighted comparables.

She basically said there is no problem with changing your opinion of value, even with no new data, just deciding you changed your mind is fine.


Any thoughts on this? Can anyone point me in the direction of this being covered in USPAP?
Tell the state reviewer that the first appraisal was misleading because there was no reconciliation of value and point her to Standard Rule 1-6. I would also tell the state reviewer that the fact that the appraiser also changed the cost approach to match his new value indicates that the appraiser backed into the cost approach value and has no actual rationale or support for the cost approach value which makes both reports misleading.
 

Michigan CG

Moderator
Staff member
Moderator
Joined
Nov 1, 2006
Professional Status
Certified General Appraiser
State
Michigan
Tell the state reviewer that the first appraisal was misleading because there was no reconciliation of value and point her to Standard Rule 1-6. I would also tell the state reviewer that the fact that the appraiser also changed the cost approach to match his new value indicates that the appraiser backed into the cost approach value and has no actual rationale or support for the cost approach value which makes both reports misleading.

:)

12134
 

J Grant

Elite Member
Joined
Dec 9, 2003
Professional Status
Certified Residential Appraiser
State
Florida
If you can't find this verbiage in USPAP (since it does not exist), what made you think you could send complaints in to a state board based on it?

Did you review these appraisals?
 

Restrain

Elite Member
Joined
Jan 22, 2002
Professional Status
Certified General Appraiser
State
Florida
Some states have this in their regulations. That being said, the appraiser probably got a push-back from the lender on no reconciliation, weighing of comps, so he changed the report. A comment should have been made in the report citing the reason for the change but the regulators probably have a lot more on their plate than this.
 

glenn walker

Elite Member
Joined
Oct 11, 2006
Professional Status
Certified Residential Appraiser
State
California
1- Are you a (SAR) senior appraisal reviewer with VA ?
2- Standard 3 review or violation under USPAP.
3- Do you have a complete work file.
4- Do you have a scope of work.
5- Who is your client ( The Sales Office )
6- The State could request a copy of your review and a complete work file.
7- And most important don't forget the Hunter often becomes the Hunted.
 
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