Lender comparing your 2055 to a full appraisal

[JTip]

No, they just provided the full appraisal a week after my 2055 was delivered. This sounds to me like a new appraisal review assignment.....

That's why I said "Page 1 of the URAR" and sketch.

I don't care about old comps, I want data about the subject and NOTHING MORE.

 

[Flakey]

"They want me to comment on subject features that I was not able to view from a drive-by." "They're asking me after the fact to review the other appraisal (comps and adjustments as well as subject features) and comment on our differences"

This is more than a simple review. If the comps and adjustments are suspect, so is the physical data. I would insist on performing a full inspection before rendering any opinion. I'd bet they are trying to CYA on the back of your E&O.

 

[Fernando]

In my recent exterior appraisal when I got an old 1004 report done by another appraiser, I mainly considered the data on the physical characteristics and the condition at time of that appraisal.
I did look at the many comps used and saw many were out of the neighborhood and I didn't bother to analyze the net/gross adjustments.

 

[Tom4value]

The prior report was made available after mine was completed and delivered having collected my own data, as was possible. They're asking me after the fact to review the other appraisal (comps and adjustments as well as subject features) and comment on our differences - i.e. a review, therefore a new assignment, in my opinion.

Whoa! Providing a copy of another report to verify FACTUAL information (room/bath count, heating/cooling, amenities, etc.) is one thing. Asking you to comment on opinions is wayyyyy over the line!

You are appraising the property, not someone else’s work. What they are asking for is a review appraisal, which is not what the assignment was..

Now let’s look at the reality. They had a previous appraisal and a figure so they said, “let’s save some money and just do a drive-by.” Either your value or something about the property caused a problem and they want you to “fix it”, ie., appraiser coercion!

I would tell them that you will not comment on someone else’s opinion (choice of comps falls into that category) and the only option is to elevate it to a full inspection appraisal and charge accordingly with NO promise or even inference that the value will change.

 

[Dublin ohio]

In my recent exterior appraisal when I got an old 1004 report done by another appraiser, I mainly considered the data on the physical characteristics and the condition at time of that appraisal.
I did look at the many comps used and saw many were out of the neighborhood and I didn't bother to analyze the net/gross adjustments.

How old?

 

[Fernando]

How old?

5 years ago. Difference in neighborhoods still the same.

 

[walleyes]

Honestly, I wouldn’t revise it beyond what was visible from the street. Once you start guessing on unseen features, that’s on you - better to document the limitation and keep it clean.

 

[Tom D]

The poster only said it wasn't a good appraisal. Would have been good to know if their value was lower than the 1st appraisal, and by how much. It constantly happens here where we don't get all the info, and then i consider it guessing at best on our answers.
I'm assuming from my reviewing experience that it's always a value issue, or. Why are all the comps over there. The lender made a bad guess as how to determine the badness of the 1st appraisal, or not, would be done. Better for lender to pay more for the right appraisal, then to eat the bad loan later.

 

[Surf Cat]

Better for lender to pay more for the right appraisal, then to eat the bad loan later.

That's why having a realtor or Uber driver inspect the subject and give the data to the cheapest desk bound appraiser is the answer.....

 

[Fernando]

That's why having a realtor or Uber driver inspect the subject and give the data to the cheapest desk bound appraiser is the answer.....

Good to have a third opinion so they can be liable also.