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field review

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JACOBELANDDETROIT

Thread Starter
Freshman Member
Joined
Mar 18, 2002
I completed a field review in Jan. 2002 for a company that I was working for. The field review in my opinion was fradulent and was about $60,000 higher in value. The new company that I am working for has just asked us to complete a field review for the same home on the same appraisal. My questions is ( I know what are the odds that I would get a field review on the same house, for the same appraisal from different companies.) Can I do the field review a second time and if I can do I have to disclose that I have completed a field review once before for a different company. If I can complete it, It is going to be very easy to complete as I am just going to clone the old appraisal. But I want to make sure that I can complete it.

Please respond here or send me an email at

[email protected]

Thanks for your help in advance
 
B

Bemis Pownall

Guest
disclose! and go for it
can you turn them into the board twice?
 
A

Anonymous

Guest
Sure, go ahead and do it, just tell your employer that you did a review of the same appraisal before.
 

Farm Gal

Elite Member
Joined
Jan 14, 2002
Professional Status
Licensed Appraiser
State
Nebraska
IMNSHO

You do not even need to disclose... pass Go collect your full fee and ...

Yu might want to double check with your state board on their opinion if you want to CYA.

I personally believe there is no reason not to do the work UNLESS the second report does not contain all the pages proferred in the first 8O in which case you have a minor problem.... as the missing pages would then be confidential...
 

Larry Lyke

Senior Member
Joined
Feb 2, 2002
Absolutely not. I would demur.

Even discussing it with the client doesn't sound reasonable.

Something still remains unsatisfactory with the original appraisal report or they are at this point reviewing the review.

For some reason they are still at it!

I would have your supervisor assign it to somebody else. And I would hope that your supervisor instructs you not to discuss it with that other appraiser.

If you breech that suggestion, I the supervisor would do the review myself or tell the client that they'll have to find somebody else. And tell the client why.
 

Ray Ohler

Sophomore Member
Joined
Jan 15, 2002
I CAN'T HELP IT. If I read the original post correctly what JACOBBELANDDETROIT is saying is that the original appraisal AND the FIRST field review performed were "high" VERY HIGH. I do not know if this is correct. I also do not know what role he played in the first review. I ASSUME he performed it as a "sub" or a trainee. If that is not correct, then there is not any sense in going any farther. However, if he signed that first review report (or really even if he DIDN'T sign it but was involved in the review) his opinion was that the property was worth "X" ($60,000 high). If he performs another review and cuts it by the $60,000, well, he may have quite a bit of explaning to do.
 

bradellis

Member
Joined
Jan 16, 2002
Jacob......

While your posts are not so clear- did not tell us who did the appraisal and the first review- did you do a second one or what?

Anyway, the purpose of your review has been completed. This new review is a new assignment and your former relationship with that client has ended. You need not disclose that as this is a brand new assignment.

BUT, remember to include any new data that may not have been available when you did the first review, if any.

Brad Ellis, IFA,RAA
 

Larry Lyke

Senior Member
Joined
Feb 2, 2002
Brad --

This may be a brand new assignment to the new appraisal company. BUT the appraiser knows something that the client doesn't know but should be told: That the same appraiser is doing another review of the same appraisal.

Don't you think that this client is going to another appraisal company to try to get a different perspective on this original appraisal and should be alerted to the above so that they can rule on it before having this same appraiser do a second review (which the appraiser is saying he will clone if he's allowed to do this review). That's not a new opinion.

I say this is a brand new assignment only if the the appraiser lets the client know, 'Here I am, I'm back.' [As in 'so you think you're getting away from me!']
 

Ben Vukicevich SRA

Senior Member
Joined
Feb 9, 2002
Professional Status
Certified General Appraiser
State
New Jersey
Me thinks you're all crazy for completing reviews. Reviews??? Who the hell wants to do reviews for lenders.

All they are is a cheap way for a client to use your E&O insurance to secure the loan. That's why they're shopping the review around. The loan's probably going bad or already is bad. They're looking for someone to agree with the original value. Then they can use the original appraiser's E&O and the reviewer's E&O for agreeing-double insurance for a low review fee. Not a bad tactic.

Not me. You're brave guys for doing reviews. Not worth the money. Not worth the risk. They got what then wanted when they hired the number-hitter, let them eat the loan. Why put your E&O at risk to help them out.

Ben
 

Larry Lyke

Senior Member
Joined
Feb 2, 2002
Ben, me thinks you didn't read the original post --

The poster indicated that he reviewed the appraisal and was about $60,000 lower than the original appraisal.

I don't see how one can deduce that the review appraiser's E&O is on the line other than for the review, unless the reviewer is the bad actor.

I've never heard of a lender anchoring a bad loan to a review appraiser's E&O, the latter who said the loan in essence hadn't ought to be funded!

You're right, the number hitter's E&O policy is the one that should be debited.

Where do you get the idea that we do reviews for peanuts. I charge my standard appraisal fee. True, at that price I don't do many, but I prefer to do the appraisal itself. I have only two clients for whom I do reviews, one local and one from California. Desk reviews cost less.
 
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