How Do I Respond To A Reviewer

[Dee Dee]

John,
A couple more questions....
Is this a new subdivision that still has builder sales going on? If so, did you check to see if the comps you chose are builder sales or resales by individuals?

 

[John Niumata]

Thanks Pamela

by the way, is it common to be reviewed by someone in another state?

I am in Florida, reviewer in California

 

[Walter Kirk]

Several months ago I instituted a policy in my office. Any reviewer or underwriter who wants extra comps or any stupid changes in any report must make the request in writing. That person must sign the request and include their appraisal license number.

One company flatly refused to comply and I refused to make any changes.

 

[John Niumata]

Dee Dee

It is not a new development.

built in 1975.
The develpment is pretty standard for Boynton beach, records are a mess, living area almost always wrong, bedroom count wrong in records too.
Have to go by my experience in the development mainly and hope that public records are uniformly incorrect.

 

[George Hatch]

Hate to say it....

The reviewer probably sees those other lower sales in the neighborhood and he knows you don't have the additional sales data to back up your opinion. Rather than get caught calling you a liar, he has put the burden of proof on you.

Assuming you didn't pick these three sales specifically because they are the hghest ones and because they support the contract price, you need to explain why these sales data are more similar than the ones you didn't use. For instance, if these are the most recent sales in a hot market, or if these sales have some attribute in common with your subject that the others don't have.

Next time you run into a situation where you have additional sales data that others might consider applicable, you might consider listing them as one-liners in your addendum along with a brief explanation that you know about them but consider them less relevant than the ones you used because of _____. That way, your reviewers and underwriters have slightly less reason to believe that you're trying to pick-n-choose your data.

Sometimes, I even throw in a sale that conflicts if I don't have a reason to exclude it (as an extra comp, of course). These markets are not perfect and sometimes the data conflicts for no apparent reason. Acknowledging these quirks rather than pretending they don't exist will add to your credibility in the long run. Your final opinion is still your opinion. As long as you're appraising for the trend rather than an extreme, there shouldn't be a problem.

 

[John Niumata]

George

I think you are right.

I will have to start thinking like a reviewer and try to anticipate any pitfalls.

It is just hard to do when you have mortgage brokers and realtor nuts calling you on the phone every 9 minutes like an alarm clock from appraiser hell.

I think my intentions were good on this one, just cut corners and raised questions.

 

[Pamela Crowley (Florida)]

Understand the rushes and agent/LO BS! I try very hard to anticipate and cover any potential UW questions the first time because I really hate having to go back to explain after I've sent the report the first time.

Be prepared to write a letter to explain the other comps that are there and why you didn't use them and from what you've already told us, this will work out for you without any problem.

Welcome to the Forum!

BTW, I'm sending in your name as approved for membership in the Florida User Group on this forum.

 

[John Niumata]

Thanks Pamela

I was wondering what the Florida Users group was. Is there a URL link to look at that will explain it?

 

[Chris Colston]

Originally posted by John Niumata@Sep 4 2003, 02:41 PM
It is my first time responding to a reviewer (have been working for 1.5 years)

Here's a question no one has asked....if you are working 1.5 years are you still working as a Trainee or are you certified for 1.5 years?

If you are a Trainee, did your supervisor see the report before you submitted it? Maybe your supervisor should be the one answering the "reviewer". However, as mentioned by others, Reviewers don't usually question or make requests of the appraiser. They are supposed to provide their own comps if they don't like yours. Usually reviewers are local to where you are. Underwriters on the other hand can make these "requests" and underwriters can be anywhere in the country.

Up until 2 years ago I worked Boynton Beach alot. I know it can be very frustrating but I don't recall public records being that bad. In fact I used a data service that even provided the exterior dimensions and sketch. Is this an Age Restricted project? They can be appraisal nightmares, but they exist all over Boynton Beach.

My dad lives is in Lake Worth and I visit there often.

If there is something I can help you with regarding that area let me know, I was working in that area for over 8 years. :lol:

 

[John Niumata]

Chris

it is not an age restricted development, but is just like one. The fact that there are many high sales and some low sales is frustrating me.
Normally I would find a real estate agent that lives in there and get the low down, but in this case I could not find one.