Desktop Review

[Dublin ohio]

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.

If your fee dictates the amount of time you "spend" on any report. All I can say is wait.....................what?

 

[Raven59]

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.

What you didn't want to do and what you should have done appear different. I applaud you for expanding your skills, but based on your questions, you need to be more competent to do a review.
1. first desktop review. USPAP competency, Scope of Work, Standards 3/4.
2. how much work do you put into these? WOW! Your first lesson is to learn USPAP. Competency and Standards 3/4.
3. TBH, if the original order was assigned to me, the value would have come out lower. So how did form question number 10 work out for you?
4. The original appraiser used all one-story comps for a tri-level subject. So what, did the OA appraiser explain why they used the sales? You want to know the worst review response...I wouldn't do it that way.
5. The fee was very low, so I wouldn't want to spend much time on it. WORST RESPONSE EVER!!! Appraiser prison, you should go.

You are dealing with someone's career and livelihood, and you want to take care of the client, but only if it can be expedited due to a low fee. Your last response is inappropriate and disappointing.

 

[Dublin ohio]

TBH, if the original order was assigned to me, the value would have come out lower.

Why?

 

[Tom4value]

Desk reviews differ slightly from field reviews due to the scope of work. By definition, you don't go out and inspect the subject or the comps. As a result, the focus of your work is reviewing the report, using your appraisal knowledge and expertise of the market. The questions are straight forward and you comment on them. This means don't just say yes or no. I.e., did the OP describe the neighborhood sufficiently and correctly? If no, say why not. If yes, summarize why. Alebrewer had a great answer so follow that.

At the end, you reconcile the report. Summarize any mistakes or deficiencies in the report and then answer the main question the client has; Can the appraisal report be relied upon? If yes, say so and you are done.

If not, say why. If the reason is because the comps used were not comparable and/or did not provide a reliable opinion of value, then and ONLY then you go to page 2 and get comps. Yes, that is where the fee vs. work goes to crap but that is the breaks. That is why you make sure the fee will cover all potential work.

A final focus is remember that the OP went out into the field, you didn't. If you are going to question the work, make sure they are wrong and not just doing something different that you or any other appraiser might do.

 

[bk_cali]

After I posted this, I got swamped with orders and didn't make it back here. For those of you who gave constructive advice in your replies, I really appreciate your input. For the rest, not so much.

 

[Tom D]

I think the constructive advice mostly given here, is that you don't it that way again. You will realize that when, or if, there is ever a problem with that loan, that you got paid how much to be more liable for it than the original appraiser. I have never heard an appraisal being sent to 2 reviewers. Must have been really bad. But, it's always a business decision as to the existential threat and was it worth doing for what price.
With me, whatever i accept to do, it's conclusion can't be disproved. Reviews are the most dangerous appraisal to do with a lax attitude.

 

[bk_cali]

I think the constructive advice mostly given here, is that you don't it that way again. You will realize that when, or if, there is ever a problem with that loan, that you got paid how much to be more liable for it than the original appraiser. I have never heard an appraisal being sent to 2 reviewers. Must have been really bad. But, it's always a business decision as to the existential threat and was it worth doing for what price.
With me, whatever i accept to do, it's conclusion can't be disproved. Reviews are the most dangerous appraisal to do with a lax attitude.

Your reply doesn't make a lot of sense to me. I don't know where you got the idea there were two reviewers. But as I said in the original post, I was looking for advice from appraisers who do or have experience in reviews.

 

[Tom D]

Dear Bk, I probable have done more reviews than you may have done appraisals. I was the main reviewer for a sub prime lender long ago, they had their own easy form. Talk about problem appraisals. USPAP eventually noted that the review appraiser would be more liable for the appraisal, because they had all day and no pressure to get it right. I stopped doing reviews when the new form came about, too much work redoing the original appraisal without them paying my time. Rarely have I seen a good appraisal get a review, always something not right.

And Bk, upon reviewing you original post, you have made an error about my stating 2 reviews out of my nowhere. Once, only once, I had a bad review until i pointed out the errors the reviewer had made. End of bad review. That was fun. But in your case it is also fun to point out your review error of my comment.

Your reply doesn't make a lot of sense to me. I don't know where you got the idea there were two reviewers.

I did my first desktop review (1033) this week. The notes said this was also sent to another reviewer, so I wonder if he had the same approach.

I thought your post was interesting. Reviews are the most dangerous appraisal to do with a lax attitude, like in getting something simple wrong.

 

[DWiley]

USPAP eventually noted that the review appraiser would be more liable for the appraisal, because they had all day and no pressure to get it right. I

Citation? I am aware of no such passage ever existing in USPAP.

 

[Tom D]

Citation? I am aware of no such passage ever existing in USPAP.

maybe the state, maybe fannie, maybe at the back of the USPAP book, maybe my imagination.
I have now gotten a bad reference review, but what I said about how they look at reviewer liability is true.
10 dope slaps to the head for not properly footnoting my work by mr Dwiley. An honor sir.