Lender comparing your 2055 to a full appraisal

[Tom D]

They now want a review, maybe the values were way off. You can change some physical characteristics, but in essence they want a comp review. Must be nervous about that original value. Once you review someone's comps you have just done a new appraisal, with a work file needed. Ask them what form they want it on and then charge for a review appraisal.

 

[J Grant]

I

I've seen it now. It's not a good one, and was done by someone who apparently doesn't know our local market.

Given the latest info you provided this client sounds like they are trying to get free work and are not a great client - charge them for this work as either a new assignment or an additional SOW after the fact - whatever fee makes sense - and compensates for the time -

 

[Retirement Countdown]

They now want a review, maybe the values were way off. You can change some physical characteristics, but in essence they want a comp review. Must be nervous about that original value. Once you review someone's comps you have just done a new appraisal, with a work file needed. Ask them what form they want it on and then charge for a review appraisal.

Yep, I believe this is the correct course

 

[shrubberyvaluation]

Has anyone had a lender ask you to revise your exterior only appraisal because it doesn't match the information in a full appraisal that they already had? They want me to comment on subject features that I was not able to view from a drive-by.

Nice of them to wait until after to give this to you.

 

[Fernando]

Nice of them to wait until after to give this to you.

Client didn't want to influence OP. OP's second opinion opened up questions on subject's real value?

 

[George Hatch]

There's no need for a review. They're not asking for your opinion of someone else's work.

 

[Surf Cat]

There's no need for a review. They're not asking for your opinion of someone else's work.

Au contraire, mon frère....

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

In an AMC, roundabout, sort of way....they are asking for an opinion of someone else's work. This is what they do, they are experts at it, they've had a lot of practice. They do not follow USPAP or any sort of "guidelines".