Field Review Quote

[ucbruin]

Once again it's style you don't like....

 

[Dublin ohio]

Once again it's style you don't like....

So what. It doesn't impact my review. I don't like mistakes either. They may or may not impact my review

 

[andrew81]

I have completed exactly 17 field reviews using the Fannie Mae Form 2000. I have concluded to not agree with the valuation 2 times.
The first one I did not agree with the value was a refinance of a 1 year old McMansion in a neighborhood of 1960's 1 story ranch homes.
The second I did not agree with the value was the purchase of a conforming property, -$11,000 difference, not so much that I didn't agree with the value, but didn't agree with the sales used.

Reviewing my review of 5 of the 17 field reviews, I see mistakes in my review reports. Mostly spelling and grammar, but also how I would approach and develop the appraisal problem differently today.

edit//
Looked up both properties on assessment records and MLS.
The first one is the same ownership with no sales or listings. No history to indicate if my value opinions were incorrect.

The second one I did not agree with the value. My opinion was only $11,000 less than the original appraisal value. The sale price was $110,000. It sold 5 years later for $105,000. It is now listed for sale. The original asking price was higher than purchase price and has been reduced a few times to now my review appraised value.

 

[Tom D]

i don't do reviews anymore. but if the value if fine, you can just correct the wrong information with your comments and or clarify what needs it. you can also redo the same comps on your report to prove the value is reasonable. in essence, you have done a new report, and how much are you getting to do this. these redos are to much trouble for the fee you get. since a reviewer is more liable for that appraisal i think the time spent is usually above the pay grade. but, now the lender has no worry.

 

[sputnam]

Most important things are to review the appraisal and appraisal report, not the appraiser... And to remember that your way of doing things isn't the only legitimate way to do them.

 

[Dublin ohio]

Most important things are to review the appraisal and appraisal report, not the appraiser... And to remember that your way of doing things isn't the only legitimate way to do them.

Always have done the above. UC thinks I have a problem with "style" when the first page starts out like this



Or that there is 25% vacant land in a fully developed neighborhood. Where you would be hard pressed to find a vacant lot.

I ended up doing the review I quoted on. Never thought I would get it because of the fee I quoted. Just a sloppy mess. $500K purchase. Zoning and flood zone wrong, 20 year old home with an effective age of 20 years marked as a C3 (property hasn't been updated in 20 years. with the exception of a walk in bath (as seen on TV) and a new dishwasher) Used exception "GXX001" because it was a Cape COD, 7 sales used but 6 of the 7 were outside of the neighborhood boundaries with no explanation. Water view for the view of a 6' wide runoff and drainage stream, 20 cents per sq ft lot size adjustment, the obligatory $1000 adjustment for a fireplace, deck, patio or porch. Same finished basement room adjustment ($25K) whether it was a 600 sf room or 1800 sf room. The worst part was that the value was reasonable. The finished review has been in QC for over 24 hours. Probably because they had to have somebody besides a QC checkbox clerk look at it.

 

[Tom D]

well, you just proved why not to do review work. the patient survived, but the operation was a little bit sloppy.
being a little itty bitty row house appraiser, how much finished basement do you need in life. i would think 600 sf is to much, then you have 1800 sf.

 

[J Grant]

Always have done the above. UC thinks I have a problem with "style" when the first page starts out like this

View attachment 85810

Or that there is 25% vacant land in a fully developed neighborhood. Where you would be hard pressed to find a vacant lot.

I ended up doing the review I quoted on. Never thought I would get it because of the fee I quoted. Just a sloppy mess. $500K purchase. Zoning and flood zone wrong, 20 year old home with an effective age of 20 years marked as a C3 (property hasn't been updated in 20 years. with the exception of a walk in bath (as seen on TV) and a new dishwasher) Used exception "GXX001" because it was a Cape COD, 7 sales used but 6 of the 7 were outside of the neighborhood boundaries with no explanation. Water view for the view of a 6' wide runoff and drainage stream, 20 cents per sq ft lot size adjustment, the obligatory $1000 adjustment for a fireplace, deck, patio or porch. Same finished basement room adjustment ($25K) whether it was a 600 sf room or 1800 sf room. The worst part was that the value was reasonable. The finished review has been in QC for over 24 hours. Probably because they had to have somebody besides a QC checkbox clerk look at it.

I'm sorry, but, this sounds like a problematic (IMO, without knowing more than you posted ) review. The client does not care about style or a minor adjustment like a $1000 for a fireplace. I've done hundreds of reviews, they do not care about that stuff because it is minor and does not impact anything.

What they DO care about is comp choices and major adjustments and anything that is misleading.

I do not understand this- you claim 6 of the 7 sales were outside the neighborhood - , if there were similar sales inside the neighborhood that should have been used, then why didn't you put them on a grid and see what the value would be ? Were there similar comps in the neighborhood, or not ?

If there were, and the OA did not use them, the better comps should go on a grid by the reviewer and then see what the value is as adjusted. And even if the value for some reason is teh same, you still can disagree with the OA value because their comp choice to get to that value was so poor.

How can you state the OA value was reasonable if they used 6 comps outside the neighborhood? ( assuming there were better comps inside the ngihborohd )

The 2000 field review does not ask if the reviewer finds the value reasonable; it asks whether the reviewer agrees or disagrees with the review. If the reviewer finds 6 out of 7 comp choices bad, I don't understand how they can agree with the value.

Reviews can get reviewed and sometimes are -

 

[Tom D]

right grant. if there are better missed comps, you put them in. if they confirm the value what need else be said. maybe something corrected or added upon. but i hate messy appraisals even when they got the value right. how much minor mud are you going to get into.

 

[Joe Flacco]

People have different ideas about what the better or best comps are. It is opinion.