FHA Reconsideration of Value

[residentialguy]

Where does this reference come from?

see post 28. That was HUD's response to OP.

 

[Gabrielle Mellott]

Tell them how YOUR comps were the best. Take a look at the sales they pulled explain briefly why you didn't use them. (don't rule out the possibility that their comps might have been better)

If they want you to use sales that have closed after your appraisal, then that's a new assignment.

Why pick 2? I keep hearing time, money or quality? Pick 2. The fact is that with time and money there would be quality. Thats a given.

 

[Doug Meyer]

Just a quick follow up, the AMC "sent the appraisal on" and never did provide any additional comparable sales. Sent a letter to the VP and never heard back from him.

 

[residentialguy]

Why pick 2? I keep hearing time, money or quality? Pick 2. The fact is that with time and money there would be quality. Thats a given.

That is not part of my post. It is a signature that goes on all posts. You see this with many posters. There is always a line above the signature that separates it from the post. __________________

The signature is a little AMC humor.
Point : to those that do (AMC) work that want cut fees and quick turn around, expect lower quality trade-off

 

[LI-Appr]

The official HUD version is:

"Any value reconsiderations that should be addressed by the appraiser should only come at the direction of the DE Underwriter who has the authority to make this determination. An Appraisal management company has the responsibility of assigning the work, however doesn't have the authority to make judgements about the content of the appraisal."

This part deserves additional emphasis:

"An Appraisal management company has the responsibility of assigning the work, however doesn't have the authority to make judgements about the content of the appraisal."

Sweet!!!!!

Pam you look good in red.

Thxs KP

 

[Doug Meyer]

Just a quick follow up. The AMC passed the appraisal, however it appears that I have been removed from their appraisal list for following FHA protocol and not the wishes of the Vice President of the firm.

 

[RSW]

I would tell them you are going to report them to the FHA and see what they do.

 

[residentialguy]

I would tell them you are going to report them to the FHA and see what they do.

Ditto that. Make sure you deliver that message to the head monkey.

 

[Pamela Crowley (Florida)]

Doug,

Please do contact me about this! I will put you in touch with a HUD attorney and a law firm that would love to get their hands on this.

My email: pec514 @ yahoo. com

 

[martonio]

Unbiased Appriasal?

Humm...What happens to the "unbiased opinion" the appraiser is required to give? It is a fine line to walk when "reconsidering value" for U/W let alone AMC's supervisors...