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new comps, same opinion of value

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Vegan702

Senior Member
Joined
Feb 24, 2005
Professional Status
Certified Residential Appraiser
State
Nevada
I have never had this happen, I agree with the opinion of value, however I don't agree with 3 of the 4 comparables used in the report. I am using the fannie form, so would I just state that I agree with the value and in section 6 disagree and list the comparables I think should be used and not complete the grid on the second page since I agree with the value?
 

Mztk1

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Joined
Dec 3, 2006
Professional Status
Certified Residential Appraiser
State
Florida
That's happens a lot to me. The only time, per the form, you are to list comps on the grid is if you disagree with the value. It asks Is the appraised value reasonable? And then says "If no...".

The paragraph above that section asks if the comps chosen were the most proximate, similar and best available (I'm paraphrasing here, working off memory), that is where I state no and list the comps I would have used. But then I state that the superior sales available support the value conclusion of the appraisal under review.
 

Rice Brewer

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Joined
Dec 14, 2004
Professional Status
Certified Residential Appraiser
State
Arkansas
This falls under the " a blind squirrel will eventually stumble across a nut" theory!
 

Vegan702

Senior Member
Joined
Feb 24, 2005
Professional Status
Certified Residential Appraiser
State
Nevada
That was the way I was thinking Jim, thanks. And yes the blind squirrel found his nut this time.
 

oldschool

Freshman Member
Joined
Jun 11, 2008
Professional Status
Certified Residential Appraiser
State
California
To be caught in a nut and hard place? Well the review form says what? Provide detailed reasoning for disagreement with the opinion of value in the original appraisal report. Does not say Change the comps because you like better ones. However, there is that little section that says: Are the comparable sales selected truly relevant to the subject property and most reflective of the subject market area? In this area you can MASH the appraiser and explain your concerns. Will anyone listen - NO, but it should make you feel just a shade better. After +/-10,000 reviews, I always feel better after voicing my opinion. OS out
 

DKAYTES

Junior Member
Joined
Jun 4, 2007
Professional Status
Certified Residential Appraiser
State
New Jersey
I have never had this happen, I agree with the opinion of value, however I don't agree with 3 of the 4 comparables used in the report. I am using the fannie form, so would I just state that I agree with the value and in section 6 disagree and list the comparables I think should be used and not complete the grid on the second page since I agree with the value?

I have had this happen also, where the original appraiser used irrelevant comps by not really searching the market for comps that match the subject the best. I drop my comps into a grid explain why my comps are more relevant. IMO it goes to credibility as the review appraiser. Sometimes we have to do someone else's diligence:new_2gunsfiring_v1:
 

The Warrior Monk

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Staff member
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Joined
Mar 30, 2005
Professional Status
Certified General Appraiser
State
New York
The worst designed form that Fannie came out with is the 1004D.

A close runner up is their review form. The problem with this form, which is not obvious to many, is that if you check Yes or No in section 10 on the first page you have completed a review and an appraisal. Section 10 is also poorly worded; it asks only if the market value is accurate, but nothing about all the development that lead to that conclusion. One obviously can't conclude if the market value is accurate without performing their own appraisal.

In summary, if you fill out this form, you have completed an appraisal as well as a review, and make sure that the appropriate sections in SR1, SR2, and SR3 are adhered to.
 

Kevin Mc

Elite Member
Joined
Jun 7, 2004
Professional Status
Certified Residential Appraiser
State
New York
IMO it goes to credibility as the review appraiser.

you know someone who actually cares? I was under the impression the majority of review work was being run through AMCs for pocket change leading me to believe most were just looking for rubber stamps. I would think anyone doing field reviews for $125-150 have credibility issues. Guess I'm just jaded.
 
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Thern Newbell

Junior Member
Joined
Apr 25, 2002
Professional Status
Certified Residential Appraiser
State
Tennessee
I have had this happen also, where the original appraiser used irrelevant comps by not really searching the market for comps that match the subject the best. I drop my comps into a grid explain why my comps are more relevant. IMO it goes to credibility as the review appraiser. Sometimes we have to do someone else's diligence:new_2gunsfiring_v1:

I agree. When you state that the original comparables were not valid, you are saying that the original market value is not supported by those comparables. You need to provide support for the opinion of market value since the original appraiser failed to do so. This would fall under USPAP requirements for appraisal review and reporting.

I have had this happen a few times, and it is certainly a pain because it is twice the amount of work just to agree with the original appraised value. I believe that is necessary though to develop a credible report.
 
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