Desktop Review

[bk_cali]

I did my first desktop review (1033) this week. It was sent to me by an AMC that gives me work, so I didn't want to say no. My question to the forum is, how much work do you put into these? Do you pick new comps, or just use the ones on the original appraisal? My approach was that if there were no glaring mistakes or overreaches, to just go along with the original appraiser, which is what I did. The notes said this was also sent to another reviewer, so I wonder if he had the same approach.

TBH, if the original order was assigned to me, the value would have come out lower. The original appraiser used all one-story comps for a tri-level subject.

Just looking for feedback from others who do these types of reviews. The fee was very low, so I wouldn't want to spend a lot of time on it.

 

[TerryRohrer]

I did my first desktop review (1033) this week. It was sent to me by an AMC that gives me work, so I didn't want to say no. My question to the forum is, how much work do you put into these? Do you pick new comps, or just use the ones on the original appraisal? My approach was that if there were no glaring mistakes or overreaches, to just go along with the original appraiser, which is what I did. The notes said this was also sent to another reviewer, so I wonder if he had the same approach.

TBH, if the original order was assigned to me, the value would have come out lower. The original appraiser used all one-story comps for a tri-level subject.

Just looking for feedback from others who do these types of reviews. The fee was very low, so I wouldn't want to spend a lot of time on it.

Maybe read standards 3 and 4 in USPAP, paying particular attention to those areas where the requirements can be reduced or ignored if the fee isn't high enough. Hard to fathom risking your license for a very low fee.

 

[J Grant]

I did my first desktop review (1033) this week. It was sent to me by an AMC that gives me work, so I didn't want to say no. My question to the forum is, how much work do you put into these? Do you pick new comps, or just use the ones on the original appraisal? My approach was that if there were no glaring mistakes or overreaches, to just go along with the original appraiser, which is what I did. The notes said this was also sent to another reviewer, so I wonder if he had the same approach.

TBH, if the original order was assigned to me, the value would have come out lower. The original appraiser used all one-story comps for a tri-level subject.

Just looking for feedback from others who do these types of reviews. The fee was very low, so I wouldn't want to spend a lot of time on it.

Is this post a joke?
You never should have accepted the assignment.

 

[Dublin ohio]

I did my first desktop review (1033) this week. It was sent to me by an AMC that gives me work, so I didn't want to say no. My question to the forum is, how much work do you put into these? Do you pick new comps, or just use the ones on the original appraisal? My approach was that if there were no glaring mistakes or overreaches, to just go along with the original appraiser, which is what I did.

Houston we have a competency problem

 

[Elliott]

I did my first desktop review (1033) this week. .... My approach was that if there were no glaring mistakes or overreaches, to just go along with the original appraiser, which is what I did.

TBH, if the original order was assigned to me, the value would have come out lower. The original appraiser used all one-story comps for a tri-level subject.

....The fee was very low, so I wouldn't want to spend a lot of time on it.

Sounds like you hit the USPAP/AMC/PAVE/PAREA bullseye. I never do reviews because they are twice the work of an appraisal.

 

[Surf Cat]

The original appraiser used all one-story comps for a tri-level subject.

Ruh Roo...

 

[Surf Cat]

I did my first desktop review (1033) this week. It was sent to me by an AMC that gives me work, so I didn't want to say no.

I've never done an official review either. I would like to however, I'll take a class first then run my first ones by my mentor in doing them (if I get to that point).

Having said that and after reading what I've read here over the years, there's a lot more involvement then just "agreeing" with the OA. Probably should have turned the assignment down citing lack of competency if you don't have someone with experience to guide you through this.

 

[Dublin ohio]

I would be tentative about doing a 1033 even after 30+ years. It is not really an appraisal "form". It seems to be triggered by CU.

https://singlefamily.fanniemae.com/media/25741/display

 

[alebrewer]

Welcome to the forum, bk_cali. Hope u have tough skin...

that said, in any review where part of the SOW is for the reviewer to opine on value - whether form or narrative - the reviewer is actually acting in the capacity of both a reviewer as well as an appraiser. One of the tasks the reviewer has to tackle is whether or not the comparables cited in the OA are truly the 'most' comparable sales available. Addressing this task can be somewhat subjective, as not every appraiser agrees on which comps are truly the 'most' comparable. As such, it's generally understood that reviewers give appraisers the 'benefit of the doubt' - IOW, it's often difficult to PROVE/QUANTIFY that one comp is better than another. So, then, if the appraiser's comp choice is 'reasonable', then the reviewer would accept them - even though the reviewer may disagree with the analysis.

In your particular case, IF your market displays a preference for one stories vs tri-levels, then the OA appraiser either: (1) doesn't understand your market, or (2) is lazy. In either case, it is now incumbent on you to: (1) make sure the reader understands WHY your sales are more comparable than the OA sales, (2) select three or more tri-levels to analyze (or a combination of tri-levels and ranches); (3) appropriately analyze the data and develop your opinion of what the value conclusion should have been.

 

[sputnam]

I did my first desktop review (1033) this week. It was sent to me by an AMC that gives me work, so I didn't want to say no. My question to the forum is, how much work do you put into these? Do you pick new comps, or just use the ones on the original appraisal? My approach was that if there were no glaring mistakes or overreaches, to just go along with the original appraiser, which is what I did. The notes said this was also sent to another reviewer, so I wonder if he had the same approach.

TBH, if the original order was assigned to me, the value would have come out lower. The original appraiser used all one-story comps for a tri-level subject.

Just looking for feedback from others who do these types of reviews. The fee was very low, so I wouldn't want to spend a lot of time on it.

Reviews are governed by Scope of Work in the same way that appraisals are. How much work you put into one is going to partially depend on Client requirements. Become familiar with USPAP Standards 3 & 4. Keep in mind that if you report your own opinion of value... including when you simply agree with the appraiser... it is an appraisal. Always review the appraisal report. Never the appraiser.