Revision Request

[Eli]

TN is probably one of the most conservative States in the Union. I am not talking about the appraisal board.

But be careful on practicing appraisal without a license here.

 

[djd09]

Everyone is an expert now. I bet Ohio Judges would throw those sales in the garbage where they belong. Independent, impartial, and not bias.

 

[timd354]

He is wanting it on the front end GH. I understand that for more than one reason. That is how tidewater with VA works. It’s on the front end which virtually eliminates ROV’s. I am coming in 10% higher than contract price on one right now. It’s tens of thousands. There will not be an ROV. I assure you.

What are you talking about? Tidewater does not eliminate ROV's since in reality Tidewater is an ROV, the only difference being that it is done earlier in the process (the appraiser does not invoke Tidewater unless he or she thinks that the appraised value will be lower than the contract price).

 

[Eli]

TN is probably one of the most conservative States in the Union. I am not talking about the appraisal board.

But be careful on practicing appraisal without a license here.

What are you talking about? Tidewater does not eliminate ROV's since in reality Tidewater is an ROV, the only difference being that it is done earlier in the process (the appraiser does not invoke Tidewater unless he or she thinks that the appraised value will be lower than the contract price).

It virtually eliminates them.

Don’t sidetrack. Res is on a more serious point. He wants accountability and records on when an ROV is issued, who did it? Why did they do it? Where did they do it? How did they do it? What did they send?

He wants it broke down relative to contract price as well. He has posted the regulations backing his position.

 

[Meandering]

1. Someone grab that USPAP

That says an appraiser must not accept an assignment that is contingent on the outcome. And then grab that AMC final rule that says AMCs must ensure appraisals are USPAP compliant, then wait on the explanation of how an ROV is not contingent on the outcome of the appraisal.

USPAP has no provisions for questions after the report has been sent.

.

 

[Eli]

Res wants it broke down by loan amount as well when an ROV is issued.

And Factors and fees. All the above.

 

[ucbruin]

Res is on a more serious point. He wants accountability and records on when an ROV is issued, who did it? Why did they do it? Where did they do it? How did they do it? What did they send?

He wants it broke down relative to contract price as well. He has posted the regulations backing his position.

I have to disagree with you on this....
RG's has stated and made clear $75/additional sale....
And no questions asked....

 

[Eli]

I have to disagree with you on this....
RG's has stated and made clear $75/additional sale....
And no questions asked....

I can’t argue with that. The simpler method would be a higher C&R.

You know my stance. Remove govt guarantees on deposits and mortgages or let them control the business on federally insured institutions.

I won’t change my opinion. Do away with the FDIC and OCC or let the government engage, provide the forms and delivery platform, and whatever else. Those are the logical choices.

 

[DTB]

What would your response be to the allegation that you mismeasured the home that the borrower thinks is 2200 sf even though your report says that's how big your measurement came out to? You'd respond that you already did that - right? Or not, because some appraisers don't think you have any obligation to defend your work on account of the fact that you have a license and are thus presumed infallible.

Response?
My measurements are included in the report, compare them to what you measure. (Facts to Facts)

Regarding the offerer of additional sales not knowing if they are superior or not so let's send it to the expert: if you don't know, don't get involved. The expert has already furnished his opinion wrapped up in an appraisal report.

Why would a layman, as George might characterize them, think they have superior knowledge?
I don't ask the plumber to check if he tightened all fittings because he's the pro. If it leaks later, he's also the pro who will address the problem.

 

[residentialguy]

I have to disagree with you on this....
RG's has stated and made clear $75/additional sale....
And no questions asked....

Close, but no cigar. If I made an error and should have used it on the original report, I would certainly correct it. Obviously I could not charge for it, since they already paid for the best sales to be used. There would be no question as to whether or not the best sales for used. They would get a full breakdown on those sales, including inpection, photos the property, verification, and a complete summary on a sca type grid to show why it was not included. It's not about making a buck, it's about paying for my time for them for them to be sure.