Reconsideration of Value - Comp photos

[KYLECODY]

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!

If you're newer, those ROV are a constant whenever its "low". 90% of the time it comes back with a ROV, its standard operating procedure, SOP, for these loser lenders and agents. Its a given. Out of the hundreds or thousands Ive had to respond to I changed my opinion of value and added new comps just one time, out of 25 years. They are an utter waste of time.

I just comment (briefly, be professional and short, not too nice, eventually theyll learn) on the "comparables" they povide and briefly and explain why theyre no good such as "this home is a complete remodel and 500 sf bigger, not comparable". If there was one that was still a good comp but just not used, who cares. There are many comps that will lead to the same value conclusion. I would of just said 123 XYZ street is similar to the subject. After adjustments it would be in the same adjusted range as other sales. It would not change the final opinion of value and is not added. No changes warranted.

 

[Flakey]

There are many comps that will lead to the same value conclusion. I would of just said 123 XYZ street is similar to the subject. After adjustments it would be in the same adjusted range as other sales. It would not change the final opinion of value and is not added.

This is especially true in large, conforming subdivisions. I like to use the term redundant.

 

[Zoe]

I think I have been to one before and found out things I never would have known. Like the house is no longer there or other things. Like what was around the house.

I do work areas you probably would not work.

 

[Tom D]

FHA wants original photos of all the comps used in the report. Unless you cannot get to it, show proof, then use MLS photo.

 

[sputnam]

If you're newer, those ROV are a constant whenever its "low". 90% of the time it comes back with a ROV, its standard operating procedure, SOP, for these loser lenders and agents. Its a given. Out of the hundreds or thousands Ive had to respond to I changed my opinion of value and added new comps just one time, out of 25 years. They are an utter waste of time.

I just comment (briefly, be professional and short, not too nice, eventually theyll learn) on the "comparables" they povide and briefly and explain why theyre no good such as "this home is a complete remodel and 500 sf bigger, not comparable". If there was one that was still a good comp but just not used, who cares. There are many comps that will lead to the same value conclusion. I would of just said 123 XYZ street is similar to the subject. After adjustments it would be in the same adjusted range as other sales. It would not change the final opinion of value and is not added. No changes warranted.

Exactly the way to handle ROVs.

 

[Zoe]

Yeah, but the OP used one of these comps on ROV. Different story. If I used it, I would go back and take picture of it. If it changed my value on the appraisal, I would change it.

That is where VA process is sweet on tidewater. Tidewater only applies to purchase loans. It does not apply to refinances. ROVs are applicable to all even after tidewater. The chances of an ROV after tidewater are very very slim.

Tidewater and ROVs are all transparent in the appraisal. Not like commingling of fees.

 

[Cob]

It's a ROV, YOU do not have to go take ANY photos of the sales they sent you, simply review them and comment, even if one of the sales they sent you is a good comparable sale, you do NOT have to add it to the original report, just state that even though it's a good comparable sale that supports your opinion of value, the comparable sales already utilized in the appraisal report are fine, if they insist that you use their sale in the report, since it's FHA and you would have to go take the photo 45 minutes away, explain to them there will be a fee, then see how FAST they say, it's okay, no need to add their sale.

 

[Cob]

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

True, but on FHA assignments (as this one is), you have to use original photos.

 

[Zoe]

It's a ROV, YOU do not have to go take ANY photos of the sales they sent you, simply review them and comment, even if one of the sales they sent you is a good comparable sale, you do NOT have to add it to the original report, just state that even though it's a good comparable sale that supports your opinion of value, the comparable sales already utilized in the appraisal report are fine, if they insist that you use their sale in the report, since it's FHA and you would have to go take the photo 45 minutes away, explain to them there will be a fee, then see how FAST they say, it's okay, no need to add their sale.

The mistake unless it changed the appraised value was including it in ROV (revised) appraisal.

You have to keep it clean.

 

[Zoe]

I live in biggest county in TN. It is nothing for me to have to drive 45 minutes to do a job. It was including that comp in ROV that changed the picture for the OP.