Goating Roping Is It Necessary ?

[Ray Miller]

Doing a review and this has rubbed me the wrong way and sometimes just gets my goat.

I am sort of tired of being grilled by RE Agents, LO’s, Processors, MB, who want you to add a couple of extra comparables or an extra listing or two in an appraisal report and you have completed the report.. But they want the report the same day or the next and they don’t want to pay for the additional research time, drive time and etc. When I tell them it will take a few days they start their yapping. So and so does it for us and can have it back the same day and they don’t charge.

Now I try and pull one extra listing and sale to use as a comparable on the first inspection of the subject and the run through of the sales selected as comparables, but some times they want two more or one of the originals does not work for some reason. This is where the kicker comes in.

I am doing a review now, where the three original comparable sales have current appraiser type pictures. But the additional two comparables are not, they are the MLS photos. Now with that said there is even a bigger problem one of the comparables is next to a 24/7 sawmill and there is no adjustment or mention of it in the report for external obsolescence. The second is next to a muli-line set of RR and one is a 70 mph train three times a day. Two at night and one in the early a.m. No mention or adjustment for external obsolescence. The MLS does not say a word about this external obsolesce on either one. What would you bet the appraiser never went out and check the sales she popped into the report for the lender?????????

I know how I am going to deal with it in the review, how would you deal with it????????

 

[RSW]

I don't think you really have to ask that question. Chop that appraisal into tiny bits.

 

[Lobo Fan]

The sawmill is an obvious situation, but the railroad tracks may not be visible from a street view of the home. Unless one lived in the neighborhood, the train schedule would not be readily apparent. I would mention the sawmill, but maybe cut some slack on the railroad tracks. After all, we do certify that we drove past all the comps.

When faced with the situation of not having comp photos of additional comps, I request a written instruction from the client authorizing the use of MLS photos. Otherwise, it waits until I am in that neighborhood again, or they pay a trip fee.

I am not sure if the client can absolve me from a pre-printed condition or not. I am sure I will get blasted for being unprofessional, but sometimes a customer accomodation is required. We can get too caught up in our own underwear sometimes.

 

[Tom Woolford]

Basically, you can do anything you want in an appraisal as long as you disclose what you have done. When asked to consider additional "comparables" I add them to the grid, disclose that they are added at client request, that I have not viewed them, have used MLS photos, and place no weight on them (because they usually are crappy comps or I would have used them to begin with). If they are GOOD comps that I missed (unlikely), I would drive by them and get original photos, but they are going to have to wait till I get there unless I get a check up front for the trip. So far, its never happened in 22 years.

 

[Terrel L. Shields]

I don't believe appraisers ought to have to add comps to reports in the first place. I stuck them an extra $100 the last time and you can still hear the squealing echoing off the hillsides. Shoot low Sheriff. They are riding Shetlands...

I'd blow it off if I thought the original 3 comps were the best 3. Yeah, they did a quickie and probably were pressured to.

The problem for the RE agents are so many people are just barely getting out and any delay puts them in foreclosure, stops the sale, and everyone bites the big wienie. My nephew threw in the towel with the last 4 of his sales were stymied by foreclosure actions. If they cannot close it in one or two weeks, its all over for the homeowner. They cannot get out unless you can find a real person to talk to with the Mtg Co. and get them to short sale it.
We've tried for over a month to locate the lender /realtor who is supposed to have a listing next door to my helper's condo. We want to make an offer on it, but the scumbags cannot even tell us which regional office is even handling the deal. And no one has sit foot in the place for 3 months....no maintenance or nothing.

 

[aussie ken]

I don't think you really have to ask that question. Chop that appraisal into tiny bits.

Then put it through the BLENDER !!!

 

[leelansford]

:I know how I am going to deal with it in the review, how would you deal with it????????

I would report what is factually correct, analyze, and offer my opinions where appropriate.

What else is there?