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".

 

[sputnam]

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.

Annoying... but you are allowed to do appraisals without ever viewing the subject property. You can do what they are requesting in compliance with USPAP. It will end up being a sort of hybrid appraisal. If you decide to do it, you need to be very clear in your report about where the data you are reporting came from. Some will be from your observations, some will be from another appraiser's report, some will be from public records, some from MLS.

Whether it's a good idea or not is a different question. After all, you CAN eat gas station sushi.

 

[jay trotta]

Yep, I believe this is the correct course

Did they request a Review?

When they find a discrepancy, it becomes their problem. From what you described in Your work, even as a DB, you have provided the better work. They may be looking for a freebee, so careful how you respond.

 

[J Grant]

The OP needs to be careful. If the client did not specifically ask for a review appraisal, do not provide such a product. If the lender is not asking for an opinion of value about the other appraisal, or to revise your own appraisal value, then do not offer it.
Fee issue aside, do ONLY what the client is asking. Which is still not clear -

But if all the client is asking for is to "review" ( for lack of a better word ) the other appraisal and comment on differences between the two appraisals for property features or comps used, then do that and only that. Asking to review the sales or other data in the other appraisal is not the same as asking for an appraisal review.

"The other appraisal had 1500 sf measured sf GLA, my exterior subject appraisal per available sources had 1700 sf GLA. The other appraisal used sales A and B, which were over a mile away or newer (etc). My appraisal used comps B and C located within the area and of similar age built. THE END.