Provided copy of appraisal from 9 months prior

[sputnam]

Of course you can perform a review on an appraisal you were given. You won't have a client. You won't get paid. However, attacking the other appraisal isn't the best move. Just make sure your work file is bulletproof and, as already suggested, don't talk to the borrower about the appraisal.

 

[Zoe]

Am I correct in assuming that you did the appraisal for lending purposes? If so, just tell the owner that the lender is your client. If they have a beef, send all complaints to them and if they feel you should comment, it is up to them.

Say it nicely. 1. You stay on the right side of USPAP. 2. It punts away your “grief”. 3. Your lender may set the borrower straight for you. 4. You don’t ignore the angry, which only makes things worse.

Yeah, that is an idea. Let borrower take both appraisals to their lender and then let lender call you and you explain to lender what the other appraiser did and why your appraisals are different. Let your client(the lender) know what the other appraiser did. If the lender is familiar with the area, they will know that is what happened. Let your client know the borrower gave you a copy of prior appraisal.

 

[Zoe]

However, I would really have no problem telling the homeowner I glanced over the appraisal you gave me. The appraiser used sales in a totally different area relative to the subject property.

If homeowner knows the area, they will know you are telling the truth. Many homeowners know areas around the subject property.

 

[sputnam]

However, I would really have no problem telling the homeowner I glanced over the appraisal you gave me. The appraiser used sales in a totally different area relative to the subject property.

If homeowner knows the area, they will know you are telling the truth. Many homeowners know areas around the subject property.

You absolutely NOT tell the homeowner you looked at the appraisal you were given. Opening that can of worms can bite you pretty quickly.

 

[Zoe]

You absolutely NOT tell the homeowner you looked at the appraisal you were given. Opening that can of worms can bite you pretty quickly.

As long as I don't discuss value and confidential information with the homeowner, no problem.

 

[Zoe]

I had homeowner get upset with me on similar situation. He thought I mis measured. I said let me come back and measure again. Real expensive small neighborhood.

I went back and measured again and came up same on GLA. I said let me look at the sketch on the prior appraisal. I said they included your garage in the GLA.

He sued them and they settled. I know the appraiser. Homeowner or appraiser didn't sue me.

 

[Zoe]

I still have homeowners say can you send me a copy of the appraisal? I say I can't do that. I am bound under a confidentiality agreement with my client.

 

[Zoe]

I would say 90% chance plus that homeowner knows the difference in location between their house and the comparables that prior appraiser used. Maybe 99% chance.

 

[ucbruin]

You absolutely NOT tell the homeowner you looked at the appraisal you were given. Opening that can of worms can bite you pretty quickly.

Depends on the homeowner....
When a homeowner offers me a previous appraisal sometimes I look sometimes I don't....
But when I do look it's usually to look at the sketch and if I see a different measurement, I'll remeasure the wall....
And using Zoe's garage example, I make it a point to "point it out" to the homeowner before I leave....

 

[Zoe]

Depends on the homeowner....
When a homeowner offers me a previous appraisal sometimes I look sometimes I don't....
But when I do look it's usually to look at the sketch and if I see a different measurement, I'll remeasure the wall....
And using Zoe's garage example, I make it a point to "point it out" to the homeowner before I leave....

I always take it. I want to know the client, the appraiser, etc.etc.

I take it home with me. I file it in my workfile. I am like a sponge. I will take any relative subject property data or comps or whatever the homeowner gives me.