Do you perform Field or Desk Reviews?

[TC]

Why are reviews necessary? Don't the a m c s take care of that to justify their existence?

 

[Dublin ohio]

I never quote on a review until I see the oa. Doesn't usually take me more than 10 minutes to determine how much of a pita it will be and quote accordingly.

 

[Tim Hicks (Texas)]

Did many reviews years ago, then I raised my fees because they are twice the work. Most of the assignments I received from Freddie Mac had multiple problems with them and it was quite time consuming.

 

[TMG]

I was a staff appraiser for C_re L_gic, and they would give me these $25 desk reviews, with a scope that stated "research is not required, simply state yes or no if you agree with the appraisers value".

Kind of like grading a test without knowing the correct answers. I told them as much....and the $25 desk reviews stopped coming.

 

[Fernando]

I was sent a revision on my report near midnight.
I don't know if a reviewer works that late or is someone out of the country checking my report?

 

[RustyTapeMeasure]

I was sent a revision on my report near midnight.
I don't know if a reviewer works that late or is someone out of the country checking my report?

That was me. It's the new Hybrid Review, As a Cert Res appraiser I check that you typed the address correctly and then send it to Pakistan to have them review the detailed analysis work, comp selection, adjustments ------but he can't get to it until after his shift at the credit card/bank call center.

 

[Fernando]

That was me. It's the new Hybrid Review, As a Cert Res appraiser I check that you typed the address correctly and then send it to Pakistan to have them review the detailed analysis work, comp selection, adjustments ------but he can't get to it until after his shift at the credit card/bank call center.

That was you. I cloned a report and forgot to change the address. It wasn't really a review more of bean counter check even a comment of how my value is not within the range of adjusted comps.
So I had to get a higher sale to bracket it.
Finally after the corrections, my report was accepted.

 

[GWISC]

I used to at my old firm as we offered the service. I asked my former boss if we could at least bring the fee up to the same price as a typical appraisal. Our fee was half our appraisal fee. The answer was no.

As an sole proprietor, I don't even have review work fees on my fee schedule I provide to my clients. I think I would ask about double the fee I currently receive for my typical appraisals. As others have indicated, it is twice the work. I also feel that pre-reviewing the OA, and then providing a fee, is like doing a comp check.

A reasonable base fee that covers your time for an expected time consuming review should be established so there is no incentive to agree the OA's value is reasonable regardless of whether I agree with the OA or not. A reduced fee may incentivize some to simply agree with the OA even if they do not, simply to avoid having to go through the steps to research the market and double check if there were better comps, etc...

Even on a simple review, I double check the public records on the comps as to their sale prices, assessor's notes on age and size, and sales history. That all takes more time then even a reduced fee would not adequately compensate.

Too much work and the clients are not willing to pay a reasonable fee.

 

[TerryRohrer]

A reasonable base fee that covers your time for an expected time consuming review should be established so there is no incentive to agree the OA's value is reasonable regardless of whether I agree with the OA or not. A reduced fee may incentivize some to simply agree with the OA even if they do not, simply to avoid having to go through the steps to research the market and double check if there were better comps, etc...

I think this is why fees are where they are for most reviews. I expect you can make money just checking "Yes" 10 times and moving on, and there are enough willing to do so that there is little incentive to pay more. I also think most times they just want a rubber stamp, and maybe another E&O policy, to help cover their position when the loan goes bad. Few that I have seen were not very apparently suspect at first blush, yet they never seem to shop for a review before closing the loan.

I have tried several times to negotiate a stepped fee, where it is one amount if the OA is acceptable, and a second amount if I have to develop and report my opinion of value after explaining why the OA was deficient. Never have gotten it done...they want a reviewer to accept all the risk of doubling the work.

Recently, though, I am getting requests for retrospective 2055s (appear to be effective dates associated with a prior closing). I charge the same as I would a 1004, and I think they are likely headed to workout/servicing situations and checking on their origination appraisals. I suspect with interest rates moving up and the market potentially slowing, there will be increasing calls for review work.

 

[GWISC]

I think this is why fees are where they are for most reviews. I expect you can make money just checking "Yes" 10 times and moving on, and there are enough willing to do so that there is little incentive to pay more. I also think most times they just want a rubber stamp, and maybe another E&O policy, to help cover their position when the loan goes bad. Few that I have seen were not very apparently suspect at first blush, yet they never seem to shop for a review before closing the loan.

I have tried several times to negotiate a stepped fee, where it is one amount if the OA is acceptable, and a second amount if I have to develop and report my opinion of value after explaining why the OA was deficient. Never have gotten it done...they want a reviewer to accept all the risk of doubling the work.

Recently, though, I am getting requests for retrospective 2055s (appear to be effective dates associated with a prior closing). I charge the same as I would a 1004, and I think they are likely headed to workout/servicing situations and checking on their origination appraisals. I suspect with interest rates moving up and the market potentially slowing, there will be increasing calls for review work.

For retrospectives, I charge more as research can be harder (agents memories of properties and the transaction details fade with time). The further back in time my effective date, the higher the fee.