Provided copy of appraisal from 9 months prior

[sputnam]

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 think it's okay if you actually look at a previous appraisal.. as long as you can resist being influenced. I said... you don't tell the homeowner that you did. Anything that implies that you may have reviewed the previously appraisal is just asking for trouble... especially if you find a lower value.

 

[ucbruin]

I think it's okay if you actually look at a previous appraisal.. as long as you can resist being influenced. I said... you don't tell the homeowner that you did. Anything that implies that you may have reviewed the previously appraisal is just asking for trouble... especially if you find a lower value.

Typically, it's the homeowner that shares a previous report....

 

[sputnam]

Typically, it's the homeowner that shares a previous report....

Right... but you put it in your file, tell the homeowner 'Thank you', and do your work as if you weren't handed a copy of a previous appraisal report. If you start talking to the homeowner about the previous appraisal, you are doing a review and you must comply with Standards 3 and 4.

 

[Zoe]

Right... but you put it in your file, tell the homeowner 'Thank you', and do your work as if you weren't handed a copy of a previous appraisal report. If you start talking to the homeowner about the previous appraisal, you are doing a review and you must comply with Standards 3 and 4.

I don't agree telling the homeowner the prior appraiser used sales from an area with historically higher property values requires standard 3 and 4 USPAP.

I guarantee you the homeowner knows that.

Keeps homeowner off my azz.

The homeowner is not my client and they are about to complain to everybody under the sun.

It may be likely homeowner files complaint on prior appraiser, but not likely on me.

The lender may file complaint too on the prior appraiser.

 

[Zoe]

$150k-$200k is a big difference in location compared to the subject property.

 

[Zoe]

Homeowner knows the difference in location.

I am not reviewing the prior appraisal. I am just letting the homeowner know where the problem is. The homeowner already knows it most likely when I point it out.

I have done my job with my client.

Homeowner, you can do ROV with my client. I will explain the same thing there.

 

[Webbed Feet]

I have completed a residential appraisal and the borrower/owner provided a copy of an appraisal report completed by a different appraiser approx 9-10 months ago.

<snip>

The borrower is now emailing our office complaining about us coming in lower than the previous appraisal.

I know I can't crituque the appraisal in anyway with the owner or that constitues a review. Can I have a workfile for a review with no fee and then openly discuss what I believe is wrong or is this moving towards a dangerous gray area that could get me into trouble with the board?

<snip>

Perhaps more appraisers that are concerned about the reaction(s) of their state board should try calling the state board for guidance instead of seeking second hand opinions.

 

[sputnam]

I don't agree telling the homeowner the prior appraiser used sales from an area with historically higher property values requires standard 3 and 4 USPAP.

I guarantee you the homeowner knows that.

Keeps homeowner off my azz.

The homeowner is not my client and they are about to complain to everybody under the sun.

It may be likely homeowner files complaint on prior appraiser, but not likely on me.

The lender may file complaint too on the prior appraiser.

I disagree. Spend some time reading USPAP. All of it this time.

 

[KYgirl]

I have completed a residential appraisal and the borrower/owner provided a copy of an appraisal report completed by a different appraiser approx 9-10 months ago.

I am coming in significantly lower than the previous appraisal and it appears all of their comparables are in a different section of town that has land values $150000-$200000 higher than the subject's market area. (matched pairs and recent land sales are readily available)

The borrower is now emailing our office complaining about us coming in lower than the previous appraisal.

I know I can't crituque the appraisal in anyway with the owner or that constitues a review. Can I have a workfile for a review with no fee and then openly discuss what I believe is wrong or is this moving towards a dangerous gray area that could get me into trouble with the board?

Can i just email this owner two MLS sheets for land sales from the two market areas and say nothing else and let them figure out the rest?

I am tempted to report this other appraisal to the board as it appears this person either A is not familiar with the market (likely) and did not do the work necessary to be come familiar, or B intentially pushed value

I simply say "Appraiser has used the most recent, similar comparables available In size, style and amenities similar to subject, within the past 6 months, within 2 miles of subject.". I list the oldest property days on market and the furthest distance. Markets can really change in 9 months.

 

[KYgirl]

I simply say "Appraiser has used the most recent, similar comparables available In size, style and amenities similar to subject, within the past 6 months, within 2 miles of subject.". I list the oldest property days on market and the furthest distance. Markets can really change in 9 months.

I never talk to sellers or buyers. I apologize and tell them by law I can't discuss the appraisal they have to talk to the lender.