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"enhanced Review"-what Is It

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Thomas Fiehler

Senior Member
Joined
Jun 2, 2003
Professional Status
Certified General Appraiser
State
Ohio
I received a request from a regular client to complete an enhanced field review and let them know what the fee is. So, what the heck is an enhanced review and how does it differ from the normal field review?
 

J Grant

Elite Member
Joined
Dec 9, 2003
Professional Status
Certified Residential Appraiser
State
Florida
ask your client because it could mean different things to different clients!

I've done/seen a few..can vary, from doing your own appraisal within the review even if you agree with the value, or providing additional comps and so on. You need to ask your client
 

Meandering

Elite Member
Joined
Feb 26, 2006
Professional Status
Real Estate Agent or Broker
State
Pennsylvania
I've seen them back before ISS was bought by Corelogic.

They wanted all the MLS list sheets for all the original comps and listings, plus the MLS list sheets for any new comps or listings you use, plus they want a CMA from the MLS software. All attached to your review, and your opinion of value in one giant report.

Hint,

Make sure their system can handle the size of the report you can create, least you wind up, having to convert all MLS pages to black and white in order for the thing to go across the internet.

.

.
 

graindart

Junior Member
Joined
Jan 20, 2002
Professional Status
Certified Residential Appraiser
State
Montana
I've had several different types from several different clients. Each means something different. Usually it entails a lot more work and they usually don't want to pay a lot more money. I've had "enhanced reviews" that required 3 additional "comps" from the reviewer, no matter if you agreed / disagreed with opinion of value.

I think the worst one I saw had 10+ comps and the distances between the 2 furthest comps was 250 miles. I started laughing when they asked if I could do the review + 3 new comps + drive all comps with current photos for....... you guessed it, $250.

As was already noted, the term "enhanced review" means nothing by itself. It's just a term that the client is using to differentiate it from a regular standard review. I'd request a copy of the assignment instructions and review them prior to agreeing to completing it.
 

Sid Holderly

Senior Member
Gold Supporting Member
Joined
Jun 16, 2005
Professional Status
Certified Residential Appraiser
State
Indiana
What Terrel writes is what the fee should be. I have dome a couple of these with the extended addenda requirements and it definitely takes more than twice as long as a normal non-city 1004 to complete.
 

JasonHaskell

Junior Member
Joined
Sep 22, 2004
Professional Status
Certified General Appraiser
State
Oregon
agree...all the ones I've done are substantially more work than a new appraisal and normal review combined. I was doing them for $500 minimum but raised that to $1,000 after doing a few and seeing how long they actually took to complete. Keep in mind also, many enhanced reviews are done as part of buyback demands and my have a much higher chance of legal proceedings coming out of them.
 

fritzvogel

Senior Member
Joined
Dec 16, 2004
Professional Status
Certified Residential Appraiser
State
New York
Enhanced = Some appraiser is getting screwed
 
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