Desktop Review

[Tom D]

bad news for your low review fee. you are more liable for the value than the original appraiser. reviews are only sent because there is something there to make the lender nervous, but the lender no give you a clue. i stopped doing them, too much work. but my 1st start is a quick over look to see if i see something odd. with value, if you disagree, you need to grid out your brilliant search. sometimes the appraisal was so muddled that i would just add a comp or 2 to support the value. the big problem becomes when you find a major mistake, then start looking a little deeper to find more stupid stuff. then it's longer than if you did the appraisal. whatever you think about any short review, once again, remember you are more liable for that value that the original dope who screwed it up.
i never nitpicked an appraisal to show my brilliance. was more concerned about the value and comps used, or some obvious mistakes. it value looked ok, i wouldn't argue with how they got there, but you can on a new market grid if you so feel inclined to. there is no such think as a quick review, now it's your license to kid.
probable sometime i got a good appraisal to review, but something was odd about the property or comps, but mostly problem appraisals.

 

[Dublin ohio]

I see a lot of advice. But I have a question for those giving the advice. Have you ever performed a 1033?

 

[Mark K]

I just read over the form. How can you say "Yes" to #26 and #27 if the appraiser used one-story comps for a tri-level and you think the value should be lower?

 

[Dublin ohio]

I just read over the form. How can you say "Yes" to #26 and #27 if the appraiser used one-story comps for a tri-level and you think the value should be lower?

I would like to see the certs included by the OP if they are treating this as an actual compliant review

 

[TerryRohrer]

I took their word they did the review. But glancing through the form it strikes me as something a clerk at the lender should do and an appraiser should refuse.

 

[Terrel L. Shields]

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

So, were tri-level comps available?

The fee was very low

That's on you. And it is why AMCs love to cite "C & R" because they have a lot of overly cheap appraisers charging way too little.

 

[CGinMN]

I just read over the form. How can you say "Yes" to #26 and #27 if the appraiser used one-story comps for a tri-level and you think the value should be lower?

Freddie also has a desk review form 1033.

Freddie Mac Single-Family Seller/Servicer Guide

The new, user friendly Seller/Servicer Guide will make it significantly easier for you and your team to find, understand and share critical information.

guide.freddiemac.com

I don't think the Fannie 1033 is for appraisers, it is for the lender's QC staff.

 

[George Hatch]

1. Stop whining about the fee. You didn't take the assignment because of the fee, you took it in furtherance of your client relationship

2. Stop thinking about how much/how little you're going to do because of the fee. Either do, or don't do.

3. Figure out exactly what the user expectations are for the appraisal, and then stick to those requirements. Don't be adding any extras of your own after the fact - that is neither fair nor professional.

4. You were 100% right to look first for the big lie. If there are no lies and whatever adjustments being used are being consistently applied then it's highly unlikely that the value conclusion will be clearly unreasonable, enough so to say it is unreasonable. Even if the adjustment factors are suboptimal the majority of the appraisal occurs with problem identification and picking the most similar comparables, not in the adjustments.

5. Never argue about adjustments unless inconsistently applied - all that does is start a catfight. If there are factual errors then pointing those out makes for a case the appraiser can't argue.

6. It shouldn't take you more than 5 minutes in the MLS to figure out whether or not the sales in the report are the most recent/similar overall. If they aren't then the 10 min it takes to grid alternative sales aren't going to break you.

7. The first one of these reviews will be a nuisance because you haven't yet set up a template. But by the 3rd time through you will find your groove and it won't be such a challenge.

 

[Dublin ohio]

Freddie also has a desk review form 1033.

Freddie Mac Single-Family Seller/Servicer Guide

The new, user friendly Seller/Servicer Guide will make it significantly easier for you and your team to find, understand and share critical information.

guide.freddiemac.com

I don't think the Fannie 1033 is for appraisers, it is for the lender's QC staff.

The Freddie form is more like the 2000 without the exterior drive by inspection. No way I would do it on the cheap. If the OP did use the Freddie form. I am not sure how they could have come to the conclusion that the sales were the most comparable. Unless there were no tri or quad level sales available. Let alone that they think the value was high.

 

[CGinMN]

A tri-level with a tuckunder garage is not significantly different than 1 story w/tuckunder.