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Field Review Quote

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If you eliminate all the adjustments under $10k, would it materially change the mean of the sales?
 
I require a copy of the original appraisal before I quote the review. I give it a quick look and if there are obvious red flags, the fee is higher.
 
Considering quoting on a field review. Something to occupy my mind during slow times. It is a cluster. Wrong zoning, wrong flood zone, 5 of the 7 sales used outside of delineated neighborhood with no explanation. Used GX001 because it is a Cape COD but doesn't identify the area that was subject to the exception. (wrong use of GX001 anyhow). $505K value with the obligatory $1000 deck and fireplace adjustments, $3000 for full bath and the list goes on. Lot of BS commentary. This is all I needed to see to know what followed

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How do you think that appraiser got the job assignment, based on his/her knowledge, experience, and competence? A lot of AMCs have merged to cut expenses, and many local lenders in my area have trimmed or eliminated their in-house appraisal staff. Unfortunately we appraisers can no longer blame the AMCs for low-balling the appraisal fees when it is we the appraisers who are offering cut-throat prices to get the dismal amount of jobs out there. As for the fee quote, i would offer a fee that is close to re-doing the appraisal, even though it is merely a review.
 
How do you think that appraiser got the job assignment, based on his/her knowledge, experience, and competence? A lot of AMCs have merged to cut expenses, and many local lenders in my area have trimmed or eliminated their in-house appraisal staff. Unfortunately we appraisers can no longer blame the AMCs for low-balling the appraisal fees when it is we the appraisers who are offering cut-throat prices to get the dismal amount of jobs out there. As for the fee quote, i would offer a fee that is close to re-doing the appraisal, even though it is merely a review.
I have known some appraisers whose very first appraisal jobs were doing reviews. That's a very bad idea... but, it's the Lender or the AMC that engages the review appraiser. IMO, a noob appraiser... and even many well seasoned appraisers... are not competent to do appraisal reviews.
 
I hate the fee for reviews, but as John said, I like doing them. Years ago when things were slow I lowered my review fee to get a few. Had to go down to $300. Slowly raised my price untill eventually no more review quotes were accepted. The cut off was $425. My fee schedule lists my review fee at $500. Haven't done one in years.
I think AMCs pay about 60-80% of the 1004 fee for a field review
 
I have known some appraisers whose very first appraisal jobs were doing reviews. That's a very bad idea... but, it's the Lender or the AMC that engages the review appraiser. IMO, a noob appraiser... and even many well seasoned appraisers... are not competent to do appraisal reviews.
That’s me. I only did reviews the first few years I was licensed. Once I got some experience I stopped them once I found out what I was supposed to be doing
 
you will never get enough for a bad appraisal. and you better be damn good, cause your review is looked at closer, and assumed to be more reliable. long ago, i had a sub prime lender who gave me all the reviews to do each week. a nice 1 page, inked, of check boxes or comments. one of the loan officers there called me the axe. those were profitable to do. i will only do a review for one of my direct lenders, but don't do them anymore.
 
It is concerning to read newly licensed appraisers conducting reviews, as it may put competent appraisers at risk. This is a bad practice for us all.
 
It is concerning to read newly licensed appraisers conducting reviews, as it may put competent appraisers at risk. This is a bad practice for us all.
Yes, it is. The unfortunate thing is that many... maybe most... see appraisal reviews as a way to play 'gotcha'. Good reviewers make appraisers better... and that's good for the industry.
 
see appraisal reviews as a way to play 'gotcha'.
Some see it as their job to find something. I still recall the really bad review against my old trainee where the reviewer substituted a house from another town, and in doing so, missed the entire basement. I happened to know the people living there and knew the basement was finished and rented to a guy. And it was clearly stated in the MLS and the public record that it contained a basement. Her license number was higher than my trainee who was a CR and had only been for a year or so.
 
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