Review Appraiser "Hides" behind client relationship

[William Rightsell]

Hello all,

What do you think of this situation. Just had a report reviewed by a so called peer, (via Countrywide/Landsafe - I dont work for them but a broker ran this deal through them) and she absolutely slayed my workproduct in her field review, then developed another opinion of value $80,000 less than mine on a VERY unique small horse farm.

HER CLIENT sent me a copy of the field review upon my request, as when he called I was shocked. As was he. Turns out this review isnt worth the paper its written on. Without going into details, it is clear that she is in over her head when it comes to this type of property (surprise surprise - shes fresh out the gates with her own shop now!!!).

Her review gave absolutely no support for why she thought her sales were better than mine, or why she felt mine were inappropriate for that matter. She didnt even answer the questions on the review form for gods sake!! No support for land values (which she missed by a HUGE margin) or her adjustments. Just comments about how I was wrong - but no explanatiuon why!

Furthermore, the subject was a small horse farm (5 acres) with a very very nice barn (100K cost) and a large riding/show arena, riding rings, 3000' feet of three rail fencing, etc. She comped the thing with homes that have NONE of those amenities and said the contributory value of the 100K barn (2 yrs old) was 10K!!! Her comps werent even reasonable substitutes for the subject!!!

I called her to express my dismay, and rather than talk to me as a professional, she chose to hide behind the "client relationship". I think thats a cop-out. I then asked if she would answer some "non-report specific" questions, and of course she wouldnt.

I think when a so called "peer" rips your work apart they should have the professional courtesy to explain to you why. She didnt explain it in her report, so I wanted to ask her what her reasoning is. Hiding behind a client relationship at that point is silly. Her client sent it to me.

If you were the other (review) appraiser in this case, would you speak to me? Or would you hide behind that client relationship also. I dont care what the rules might be in regards to it, as a review appraiser if I tear somebody apart Im gonna do them the courtesy of explaining why if the ask me.

Just curious what my peers think...

todd

 

[Jerry Bone Jr]

I dont care what the rules might be in regards to it

Maybe this is why your appraisal got reviewed in the first place.

 

[Annemieke Roell]

If you were the other (review) appraiser in this case, would you speak to me? Or would you hide behind that client relationship also. I dont care what the rules might be in regards to it, as a review appraiser if I tear somebody apart Im gonna do them the courtesy of explaining why if the ask me.

Just curious what my peers think...

todd

Before we all get too carried away, these things came to mind immediately:

1. You received back from the lender, via your client, the review report or parts thereof that the lender wanted you to have. This may or may not be the entire report.

2. It may not be the reviewer's decision whether or not his/her identity is revealed. We have no problem talking directly with the appraisers whose reports we review. However, while some of our review clients welcome that, others do not want us to do that.

My $0.02.

 

[Wally Jones]

See this thread for discussion on a similar topic. Especially pay attention to the responses from Denis and George.

http://appraisersforum.com/urgent-help-needed/109283-reviewers-name-withheld.html

If the review is as poor as you say, it should be a simple matter for you to provide your client a rebuttal. Contacting the review appraiser doesn't seem like a good idea. The client most likely provided you a copy of the review due to the large discrepancy in value to give you a chance to respond. You don't know what instructions the review appraiser may have had. Respond to your client as quickly and as professionally as possible. Don't attack the reviewer, explain why the analysis may be flawed.

Take a deep breath. If your work product is sound, you should be able to prove it.

 

[Tim Hicks (Texas)]

Just one question, do you always talk about your assignments to others besides your client without their permission?

 

[Thomas N. Morgan]

I don't think conversations between reviewers hired lenders and the appaiser who wrote the report can ever be fruitful. Yours was a lost cause before it began. Not your fault. Just something that won't work.

I can't think of any workable recourse for you.

 

[George W Dodd]

William or Todd,

The review appraiser has no obligation to talk with you before or after the review assignment. If you feel that the review violated SR-3 then the appropriate resolution would be to file a formal complaint with your state board.
Another alternative is to suggest another appraisal be done by a qualified appraiser, at your expense.

 

[Webbed Feet]

This is getting really boring.....

Mr. Rightsell,

I feel that in the last 72 hours I am getting burnt out on reading one-sided, emotional posts by disgruntled appraisers unhappy over a review of their work. All that is really being accomplished is forcing forum members to speculate about things we have no information on. Such as I am speculating that you probably did a lousy job of complying with Standard Two in describing that 100K barn and supporting that barn value you came up with. Because if a great job of that had been done I doubt even a wet behind the ears review appraiser would have challenged it.

I would not have spoken to you either under those circumstances as the reviewer with you calling me out of the blue. Since you admit the subject was very unique, I hope the transaction value was under $250,000 or that both you and the reviewer are certified... otherwise you were both out of scope of practice most likely.

Barry Dayton

 

[ChrisAaron]

I never get upset when I find out a report has been reviewed, or when I find out a reviewer cut the value.

2 people can have different opinions. And yes, 1 person's opinion can be off the wall. But once the report leaves my hands, the lender can use it, cut the value, raise the value, ignore the value, etc, I really don't care.

If you performed a solid, quality appraisal, why do you care if the lender wants to use the reviewers value over yours? You did your job. Move on to the next one.

I would never waste my time and call up a reviewer. If the lender wants to argue, then they can call the reviewer. The lender has my report, that speaks for itself.

 

[Pamela Crowley (Florida)]

There are always 2 sides.
Some appraisals are good, some are bad.
Some reviewersare good, some are bad.

Without being able to look at both, nobody knows which is what category.

William Rightsell, if you want someone else to take a look, send both to me. I can't say if I will be able to determine anything, but I might.
email: pec514 @ yahoo. com (take out the spaces)