Reconsideration of Value - Comp photos

[Tom D]

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

That probable came from CU itself. When an appraisal has a bad high risk score, CU will spit out a list of sales. And, mostly crap, but the underwriter is now nervous because of the bad risk score.

 

[Fritz in NY]

Extra Fee $$$ ? I guess since I'm from NY, crass, smartass and tenacity, Extra work is Extra Pay. It's NOT my Fault if the intended value is low. BTW, like Terrel said, USPAP does not even mention "Photo's", anywhere.

 

[Terry Caldwell]

Good advice here. Add the sales if relevant, they impact value, bracket an important feature etc. If not needed explain and move on. Its always nice to have an original photo in my files for the few times I've added a comp. I especially enjoy explaining when three of the five provides sales are already in the grid.

 

[sputnam]

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

I've never seen nor heard of a Scope of Work that requires pics of sales you don't use in the appraisal report.

 

[shrubberyvaluation]

I've never seen nor heard of a Scope of Work that requires pics of sales you don't use in the appraisal report.

I was referring to if its added to the report.

 

[Zoe]

Well, lesson learned on my part. Three of the four submissions, in my opinion, are not comparable. The fourth was, however, and it further supported my original opinion of value. I've never completed one before, so I just added all sales to the grid and adjusted accordingly, and then wrote out my new analysis and conclusion. Now I have to face the consequences. Boo

Do you have like a listing on the property you are not using? I would not go back if I was not using the sale in my analysis. I would address whey the comparable was not as similar to the comparables I used in the original report. You probably already know if you might should use it or not. If you use it and adjust any for using it, I would go back to get your original picture. If you don't use it, don't worry about going back imho.

You could include a copy of something maybe on the comparable that shows a picture of it, but if it is not going to change your analysis, then I would not go back. The lender likely already has a picture of it. But if you change your value opinion and analysis, it is different to me.

I would just include a brief summary on a listing sheet or something and explain why your comps are better than the comparable offered by the client. That is my conclusion.

 

[Zoe]

Well, lesson learned on my part. Three of the four submissions, in my opinion, are not comparable. The fourth was, however, and it further supported my original opinion of value. I've never completed one before, so I just added all sales to the grid and adjusted accordingly, and then wrote out my new analysis and conclusion. Now I have to face the consequences. Boo

You answered what my conclusion would be. I know. Your not the first one it has happened to if that is any consolation.

 

[Zoe]

It is fine if that comp makes you change your opinion of value too as long as you spell it all out with new signature date. Mark your original appraisal as revised report somehow so the client knows.

Your okay. Maybe you might get lucky and have another one close by. Is there a nice place nearby you have been wanting to visit?

 

[Mile High Trout]

Update: AMC states due to FHA they must have original photos. But still curious if anyone has any additional information.

The AMC stated.

I have identified your primary appraisal problem.

 

[Mile High Trout]

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-".

JTIP, great minds think alike. Been providing a sequence of one line overviews from my standard workfile for decades, keeps all those types of requests away.

It also helps to work with clients whom know what the hell they're doing.

Four additional comps? If the appraiser uses six to start with, may not have these problems.

Oh to be a young appraiser again. Full of hope and aspiration. Not yet having come to the eventual realization that you are not allowed to be independent. That your sole function in frt gse origination is to push deals through or get cut off the vine and blacklisted if anyone identifies actual competency or independence. Not with all companies. But with AMC's; Yes, every single time.

Good luck you're going to need it.

I've drawn up a commemorative meme to celebrate FNMA's recent announcement to expand the waiver program peramiters.