Reconsideration of Value: How to respond?

[KD247]

Exactly. Had banks had to keep the loans, they would have been more conservative. ...

That's the heart of the matter. When people have their own money at stake, they have completely different opinions on risk analysis.

 

[DMZwerg]

How come no one ever tells the homeowners to read cert #7 and take a hike?
:icon_question:

You guys are funny, double standards.

Actually, there is this line in a document you may have heard of, right in the preamble, that states the purpose of the document is "to promote and maintain a high level of public trust in appraisal practice" and goes on to state "The appraiser's responsibility is to protect the overall public trust ..."

So, I would say that since homeowners in this case are likely "the public" telling them to "take a hike" is NOT the double standard. Since appraisers are not considered "the public" in this document then treating fellow appraisers differently is not necessarily a double standard as the treatment of one is pretty much dictated by said document and the other is not.

Yep. I am in a bit of a odd mood today

 

[Michigan CG]

That's the heart of the matter. When people have their own money at stake, they have completely different opinions on risk analysis.

I do a lot of work for a hard money lender. A few years ago I was told they reject 19 out of 20 appraisers that want to do work for them. Doing the math it appears that they have an opinion that 95% of appraisers are not good enough to perform appraisal services for them.

That is not a good sign for this profession.

 

[KD247]

... That is not a good sign for this profession.

Or maybe it is. I'm anxious for the appraisal apocalypse to come and to start life anew as an appraiser with a valid function in society.

Jealous - I love working with investors and would give my eye teeth to work with a hard money lender. But I do seem to run into trouble with people who just want to know what the "value" is and aren't interested in all the permutations that I come up with.

 

[Gregory Beck]

Ah... but have you had any appraisal orders?

(( That's a joke, son, a joke. ))

/

I agree take it out no need to threaten right out of the box. If I was a lender I would stay away from that appraiser.

 

[Gregory Beck]

Re-open appraisal report, revise Comments Addendum adding:

Reconsideration of Value Request reply 07/16/2012

All Sales are not Comparable (most similar, proximate, and recent closed sales which would directly compete with a subject) sales. The sales provided to the Lender by the Borrower are located more than 4-5 miles away in a different county/school district (inferior/superior, pick one, state why) and with different prevailing property values. Design styles and quality of construction are also different (inferior/superior pick one, state why). Closer and more similar sales which directly compete with the subject property were available and were utilized as Comparable Sales in the Sales Comparison Approach to Value.

Save report under a NEW Appraiser's file number (i.e. 11892-R) and NEW report date.

Retain the original and the revised reports in your workfile along with the ROV request. Whether you bill for the additional analysis and service rendered is a business decision.

That is the best and correct answer

 

[residentialguy]

That is the best and correct answer

Yeah, if you want to continue to be the lender's biatch.

 

[Calvin the Airedale]

Dear Ms. Grant,

I apologize for my flippant and rude tone yesterday.

Sincerely
Calvin the Airedale

 

[JSmith43]

I apologize in advance for any flippant and rude responses to any of jgrants posts that I may make in the future

Nothing personal, it only means that I didn't have the time to sugar coat things.

 

[J Grant]

Thanks, Calvin, appreciate it! I don't care about flippant, and you were not rude, just frustrating, as am sure I am sometimes!

JSmith, sorry but your posts get lost in the crowd guess they are not rude enough!