Review: Appraiser I'm reviewing calls me

[Eli Weiss]

Tell him you are just answering calls, and you'll be happy to take a message.

 

[Lawrence R.]

Maybe you could start talking with him about the state of the industry, and how much pressure there is to "perform". Then you could mention, why, just last week a MB actually tipped off an appraiser I was reviewing and told him to call me and pressure me, can you believe it? ME, a fellow appraiser!!

Now we have appraisers pressuring appraisers!!

Sorry, what was it you called about?

 

[Lee Lansford]

....

How would you handle this?

My response to the appraiser's question: "No, I don't need to speak with you. Do have a good day! Good-bye!"

What more is necessary?

 

[Mike Garrett RAA]

Is there a prohibition that would preclude you talking to an appraiser who's work you are reviewing? Not unless your client has said so. Some times it might be necessary for the reviewer to discuss the work under review with the appraiser. It is not customary for the appraiser to call the reviewer first.

 

[stefan olafson]

Tom Hicks is correct, you are reviewing the appraisal not the appraiser. I'd tell him thanks for calling, sorry my fiduciary relationship with my client does not allow me to talk about matters of an appraisal with you.

Thanks and Good Bye

 

[Siggy]

I had an interesting thing happen to me last week. I was told by the MB that my appraisal wasn't being accepted, value was too high. I was conditioned for the typical, magical "two more comps, 60 days, 1 mile" that we all leave OUT of our appraisals. I had sent a letter explaining the local market, listed all of the closed sales for the subdivision, listing activity, etc. The best comps were in the report, and there ARE no other comps that meet your ridiculous criteria.

I then received a copy of underwriting conditions that disputed my 3 closed comps based on GLA variance to the subject (less than 10% difference, BTW), better view on comp 1 (which was adjusted for), and overall better design.

What the hell does THAT mean? Better design? The subject and comps are all from the same subdivision, built by the SAME BUILDER! Final comment on the condition log, "Reviewer's data source is showing a lower value for the subject. Value of $zzz appears overstated.

MB wanted a rebuttal. Told her that I can't rebuke idiocy, and I never received a review to rebut! On top of that, whatever the lower value was that the reviewer's data source showed was never conveyed to the MB, processor or underwriter. Plenty of LTV room, but they simply would not "cut" the appraisal and give it a value, however the reviewer was sure that my value was too high.

Just venting, but things like that really burn me up. That's an attack on my work, unsupported as it may be, and reflects poorly on me to my clients, simply so the lender can avoid writing a loan on the property.

 

[c w d]

Thanks for all the suggestions. This one is turning out to be a doosie!

 

[Tudor]

Hmmm?? Wonder if that appraiser is worried, maybe that is why he called you.

 

[Bearslide]

Very strange to be called, and I would agree with the others someone tipped him off and he is worried.

Mr. Hicks gave most excellent advice - review the appraisal and do your job. His worries are not your concern - your SOW from your client is.

 

[Mr Rex]

You could have scared the sheet out of him and just hurriedly said you didn't have time to chit chat, you were reviewing a POS appraidal that would be going to the state board by the end of the day. By the way, I didn't catch your name