Help! Review appraisal- rebuttal to?

[jeannie charter]

I completed an appraisal of an SFR in a newer (2 year old) dev in a rural area. Now it has been field reviewed and "slammed". I would like to complete a rebuttal to the reviewers review to the bank (WaMu) Any suggestions on how to go about this? Complete an adjusted appraisal taking into consideration some of the items reviewer addressed and changing some comps, yet still standing firm on the balance of your original report?

Any suggestions appreciated!

 

[Rudy Canoza]

Prepare your rebuttal point-by-point and be sure to address each item in the review. Be professional and respond using "The Review Appraisal stated..." and address the review, not the reviewer.

As a matter of fact, never, ever, under any circumstances besmirch the reviewer. Simply state the facts as you see them and as you reported them.

AND, if the review report addresses items that are inaccurate, fess-up and change them. $hit sometimes does indeed happen to the best, brightest, and most dilligent...

/Then crank-call the ba$tard at night using *67...

//I'M JOKING...sheesh...

 

[Mike Kennedy]

all depends on the definition of "slammed" ????????????

 

[CANative]

WaMu... heh.

Original report through the little e AMC, review report done through the little e AMC.

/I'm just saying:new_all_coholic:

 

[Ross (CO)]

Sure, I'd like to know what "slammed" means too.

Aside from that.....are the items of contention related to common and expected appraisal procedure.....or are they sourced within one's selection of available market data and an expressed disagreement with options selected, analyzed and presented ?

Just what in your appraisal is suggested as needing to be "adjusted" ? When you speak of "changing comps" do you mean total replacement with others ? Were those others provided to you before you started the assignment, or after ?

 

[xmrdfghap]

NEVER attack the reviewer, challenge their professionalism, or integrity.

Like Rudy said address each point brought up in the review. Address it thoroughly. Provide hard evidence to rebutt every allegation they made. Remember, YOU saw the property. The reviewer is making assumptions based on available data. I did a report on a house that was renovated. The second floor extended over the garage and over both the front and back patios. There was a discrepancy between the tax record and the new floorplan squarefootage. The reviewer said "he didn't think there could be more squarefootage on the second floor than there was on the first floor." Blueprints proved him wrong.

Provide hard evidence of fact. NEVER provide assumptions as rebuttals. You have to provide the documentation that you based your assumptions on. This is one of the reasons you should take interior photos of anything extraordinary.

If you have everything documented and provide it, you have the ability to prove you are the best in your area. If you don't, you will probably end up on a do not use list.

 

[Robert Dunkle]

Complete an adjusted appraisal taking into consideration some of the items reviewer addressed and changing some comps, yet still standing firm on the balance of your original report?

Any suggestions appreciated!

NO! NO! NO! NO! DO NOT submit any "adjusted appraisal". As others have said, answer the review point by point.....1... 2....3 and so on. Tell why you used the methods or comparaables (whatever) that you used. If there are questions of USPAP, quote USPAP by std, etc in your rebuttal. If there are questions about definitions, quote the "Dictionary of Real Estate" or "The Appraisal of Real Estate" verbatim.

I was getting nitpicked by a "non-appraiser" review company on every commercial report I did for one of my best clients. Got one particularly bad review, so I stayed up all night and wrote a four page, single spaced rebuttal quoting the above books. I showed, by quoting the books, that the reviewer didn't know "$hi? from shinola" about the subjects he was writing about. Took the review to the LO and, before I got back to the office was notified that my report was accepted, AND, I have completed numerous reports for the same client and have yet to hear a peep from a reviewer. I was "ticked" that I spent almost as much time on the rebuttal as on the original report, but it turned out to be time well spent.

Be certain of your information and "give 'em heck"!!

 

[BenLuby]

NEVER attack the reviewer, challenge their professionalism, or integrity.
This is one of the reasons you should take interior photos of anything extraordinary.

Never attack the reviewer? Sigh. Guess I'll put the bat back in the car. As for all those interior photo's, do you realize how much it costs to take that many digital pictures??!!?? Sheesh. Not everybody is a cattle baron, Greg.

Okay, on a serious note, everyone here is right. Stay professional, and address the points only. Nothing else is going to benefit you. Remember, some of the reviewers are seriously hoping to get you ****** off, where you send in a sloppy rebuttal, so that you look bad to the client. Could mean more work for them.
You stay professional and on track, any errors you make, address them. Any errors the reviewer makes, you address them. And simply go on from there. Good luck, and let us know how it goes!

 

[warren asher]

As an addendum.

is it common to put the rebuttal in the report or add another page as rebutal to the review?

 

[Em Tee]

Just write a letter for the rebuttal. Don't change your report.