Reconsideration of Value - Comp photos

[shrubberyvaluation]

Does anyone know if on a Reconsideration of Value request, do I have to go out and get photos of the comparables that are requested for review or are MLS photos for these acceptable? The comparables I supplied originally obviosuly have original images, but I'm slammed with inspections today and this property is 45 min away. I'm just curious if anyone knows the rules for this?

Depends on your scope of work and certifications. I wouldn't add it unless its more comparable, which it shouldn't be unless the information wasn't available in the normal course of business.

 

[MHansen]

Nooooo. Don't do it this way!

I know, instant regret. Hey, I really appreciate your advice on this, everyone's advice on this. Hopefully everyone Friday is going better than mine!

 

[J Grant]

Does anyone know if on a Reconsideration of Value request, do I have to go out and get photos of the comparables that are requested for review or are MLS photos for these acceptable? The comparables I supplied originally obviosuly have original images, but I'm slammed with inspections today and this property is 45 min away. I'm just curious if anyone knows the rules for this?

. Are you adding new comps to your report from sales someone sent?
There is no requirement to add any sales they send in an ROV, and most appraisers don't unless they, for some reason, believe the value should change. I read your recent addition to the thread since I posed -idk why anyone would add sales that are not comparable to a grid - it was your first one but that makes no sense. Sorry, you made a time-consuming mistake.

If you have not turned the report im, then take those sales off the grid.

 

[MHansen]

This is why you should, in the general course of business, supply the client with a 'list of comparable sales' that were used to generate the MC Form. 20-50 sales that were considered in a line format that should (most likely) include the reconsideration sales. "Yes, this sale was considered, see line 27 of the MLS Raw Data Search Results, but was not deemed comparable for -insert reasons here-".

Thats a great idea! I usually add a statement on my analysis page that goes over "comparables that were considered but not used". The sale that was comparable was my oversight for not mentioning it. It was listed on a different MLS than the two counties I checked for the area. Now I know to check all three counties to be more thorough.

 

[MHansen]

. Are you adding new comps to your report from sales someone sent?
There is no requirement to add any sales they send in an ROV and most appraisers don;t unless they for some reason believe the value should change, Why do you need photos?

Unfortunately, I did, I've never completed one before, so I "assumed"(we all know the old saying) they had to be added and analyzed. But now I know for future.

 

[Tom D]

Yikes, 1st time does scare you. i do an addendum page ahead of the appraisal, so it is obvious. Paste their request on addendum and reply to every bad sale they pointed at. Usually pretty easy to give the reason why it's not a comp. Doesn't happen that much, but keeo it simple. You don't need an indepth explanation. Just the main bad points on choice.

 

[sputnam]

Does anyone know if on a Reconsideration of Value request, do I have to go out and get photos of the comparables that are requested for review or are MLS photos for these acceptable? The comparables I supplied originally obviosuly have original images, but I'm slammed with inspections today and this property is 45 min away. I'm just curious if anyone knows the rules for this?

Depends. If your response to the RoV is along the lines of... "these Lender supplied comparables are not as relevant as those used in the appraisal" then, no. You don't need to take photos. If you decide they have a point and add one or more of the sales to your appraisal report then, of course, you have to get the photos.

 

[Tom D]

I'm assuming that if he picks any rov comps, the value could change, that is why they always give higher sales. He didn't explain the purpose of the appraisal, and did the value come in lower, as to who's opinion. I only changed the value once in my lifetime, because i was wrong. It was a direct lender who liked me, so i knew there would be no issue the 1st appraisal if i changed it.

 

[shrubberyvaluation]

I'm assuming that if he picks any rov comps, the value could change, that is why they always give higher sales. He didn't explain the purpose of the appraisal, and did the value come in lower, as to who's opinion. I only changed the value once in my lifetime, because i was wrong. It was a direct lender who liked me, so i knew there would be no issue the 1st appraisal if i changed it.

Not always true, sometimes they send over nonsense CU sales that are much lower.

 

[shrubberyvaluation]

Depends. If your response to the RoV is along the lines of... "these Lender supplied comparables are not as relevant as those used in the appraisal" then, no. You don't need to take photos. If you decide they have a point and add one or more of the sales to your appraisal report then, of course, you have to get the photos.

If its part of the scope of work. Comp photos are not part of USPAP.