Here's another interesting condition from that Big Dog Bank

[bobsofi]

Welcome to the future, this is from one of the largest banks in our fine USA

A nice easy lots of comps small affordable younger starter tract home sale in an improving market... appraisal...

4.Please comment on how the adjustments were derived within the sales grid..Client requires SPECIFIC comments for every adjustment and (if not readily apparent to reader) every lack of adjustment, including how derived (i.e., matched pairing, extraction, market reaction)

SPECIFIC comments for every adjustment

 

[kevco]

Welcome to the future, this is from one of the largest banks in our fine USA

A nice easy lots of comps small affordable younger starter tract home sale in an improving market... appraisal...

4.Please comment on how the adjustments were derived within the sales grid..Client requires SPECIFIC comments for every adjustment and (if not readily apparent to reader) every lack of adjustment, including how derived (i.e., matched pairing, extraction, market reaction)

SPECIFIC comments for every adjustment

If you are not explaining your adjustments and how you got there, you're not doing it right.

 

[CANative]

If you are not explaining your adjustments and how you got there, you're not doing it right.

Nonsense. We produce Summary Reports for residential lending clients. Not Self Contained Reports. We summarize, we do not describe.

This is an unreasonable request and out of the norm for this type of work.

 

[J Grant]

They'll end up with canned generic comments from every appraiser referring to paired sales , market extraction etc. There is a limited amount of recognized techniques for deriving adjustments from.

Either the client trusts us enough to use the techniques appropriately or they don't.

 

[Terrel L. Shields]

every lack of adjustment

I did not adjust for the bird bath in the yard
I did not adjust for the wood fencing being 1' higher
I did not adjust for one comp having a metal roof and the others having shingles
I did not adjust for one comp being a rancher and one being a traditional house
I did not adjust for the asphalt driveway v. concrete driveway
I did not adjust for the city street light being closer to the house than in Comp2
I did not adjust.....

 

[biker4ever]

I am with the UW here. I explain how I came to my adjustment... It's not an exact science but give them an idea how you arrived at your $10,000 adjustment...

Gone are the days.....

 

[MikeinLA]

I can understand them wanting explanations for odd or overly large adjustments or for lack of adjustments which seem to be warranted (site utility differences, etc), but going through every line for every comp and explaining why or why not there was an adjustment is over the top IMO. I have had a few of these types of overreaching stips in the past and I just reply that I need clarification. Eventually it seems to get pushed up to someone who knows what they're doing and they cancel the request.

Mike

 

[Scott R Marshall]

My response and ultimately how I would complete reports for said bank would go like this:

"As shown on the sales comparison grid, no adjustments have been made to any of the comparables. The client has requested the appraiser explain how every last single adjustment was derived and to explain every lack of adjustment. The appraiser, hired to do a summary report, has opted to not make any adjustments within the report, make this silly comment letting the client know that this was in response to their requirement, believes this response satidsfies their requirement and reconciled the opinion of market value in place of providing a narrative report. It is recommended the client either place an order for a narrative report, with the associated fee, or remove the requirement if this comment rubs them the wrong way."

 

[Mark K]

If you are not explaining your adjustments and how you got there, you're not doing it right.

"...SPECIFIC comments for every adjustment and (if not readily apparent to reader) every lack of adjustment,..."

Are you also explaining the lack of adjustments?

"Readily apparent" to whom? The $8/hr moron they've hired to review the report.

They want a UAD form but then want pages of narrative addendum. Just say no, or charge for a narrative report.

 

[Non Sequitur]

Nonsense. We produce Summary Reports for residential lending clients. Not Self Contained Reports. We summarize, we do not describe.

This is an unreasonable request and out of the norm for this type of work.

I agree.

They'll end up with canned generic comments from every appraiser referring to paired sales , market extraction etc.

And in many cases, the AMC will provide the exact comments they want.

AMCs are doing just about anything and everything to justify their existence to lenders. This morning I read in another forum that an AMC now wants interior room dimensions in sketches, and another AMC is telling borrowers they can't talk to the appraiser other than to schedule the appointment.