LO or UW requests?

[Tim Hicks (Texas)]

Number one requirement for being an appraiser: The ability to be confused by simple tasks made complicated by outside forces.


It sounds like a Jeff Foxworthy line. If you have the ability to debate right from wrong only to be told the rules make you wrong, then you must be an appraiser. Or a red neck appraiser.

 

[Farm Gal]

Hey Joe,

And where in the indicated range did that appraiser come in :roll: the middle or bottom? Was the analysis was well supported?
Problem is some of us live in places that those ARE the best comps!

If ya don't like the ones I used, just build one, age it and sell it and I'll be happy to USE it

:twisted: thus more than one grousing loan officer has been told! I don't keep the best ones for myself!

You bracket like (Pam was attempting to do), and explain (as best you can) and live with the results (as best you can).

Pam I HAVE taken a comp out at an underwriters request, as they felt it was redundent of other info, regardless whether I though so or not...

Guess my feeling is if it doesn't HURT the appraisal coherence and was placed to alley undrewriting fears in the first place, if it gets taken out I just toss it in my file, as support not used in final product.

That is if they asked nice the first time :!: :twisted:

 

[Pamela Crowley (Florida)]

So, if I change this report, what happens down the road when both reports show up somewhere????

REALLY getting the pressure - phone calls from all parties. I would like to help them, but not at my own expense. What I won't do is revise it without stating what I did and they do not want any reference about the change in the revised one.

Think I'll call the State Appraisal Board in the morning. Any of you USPAP gurus have any comments???

 

[larryhaskell]

Pamela:

There is one question to ask yourself. Who stands to lose the most if you go against your best judgement and do what they ask and then your report is reviewed or as you say someone ends up with two copies? I think you'll find that person staring at you in the mirror.

 

[bradellis]

Joe,

How about this one:

Subject is +/- 3600 SF in the $750-1,000,000 range. Comp 6 is 15 SF smaller.

Size adjustment? Yep. +$300.

Brad Ellis, IFA, RAA

 

[Neil (Texas)]

Brad,

8O That's accuracy! Thanks for the chuckle.

Which brings up an interesting point re GLA differences. Most software provides an automatic adjustment if the GLAs exceed a preset difference. Based on reviews, it's obvious that many appraisers make a preset determination in their software and never change it, regardless of the subject's and comps' GLAs.

Question: at what point does/can the market recognize a GLA value difference, say in a 1500 home? 2000 s/f home? 3000 s/f home? 4000 s/f home?

Neil (Texas)

 

[JM2187]

Or better yet the appraiser comes back with the answer that he/she doesn't know how to turn the GLA adjustment off in their software. Can be very frustrating especially when realistically the adjustment has no effect on the final value.

In regards to the other report I referenced, the indicated value range is $157,000-$200,000 with the value coming in conveniently in the middle with no support. Looks like the "dartboard" approach to value.

Pamela, Does the 5th comparable support your value? If not, then that's the problem, especially if it's the most similar in terms of GLA. Instant rejection for many investors.

Joe

 

[Pamela Crowley (Florida)]

Joe,

That would be the problem then. 5th comp was a year old with condition issues.

I just talked to one of my favorite underwriters who said that he considers that I am correct in not changing the report without talking directly to the underwriter and getting it in writing what is requested. The LO has refused this. I will not change a report without the change request in writing from the underwriter on her/his letterhead and will make reference to the request and the change in the revised report.

 

[Neil (Texas)]

Joe,

"Don't know how to turn it off?" Appraisers of that ilk need to be deprived of their keyboards.

Scenerio: Subject has 7 acres and situated in addition "A." Comp 1 has 4 acres and is in addition "B." Comp 2 is also located in addition "B" but has 2.5 acres. The difference in these two (Comp 1 and 2) site adjustments amounted to $35,000. The highest sales price (ever) for a lot in addition "B" was $32,000. (Sadly, the appraiser is not a rookie and has several highly regarded designations.)

 

[JM2187]

We don't ask for corrections verbally, so I can't address that part of it. So the sale doesn't support value even after adjusting for condition?

Joe