Revision Request

[Carnivore]

What do you guys do when a borrower comments to you during the inspection "we're looking for the highest value we can get"? Send your bodycam footage to the FBI along with a complaint that they tried to influence you into dorking your appraisal?

That's pretty funny...

On occasion a homeowner starts flapping their jaws about how good of a condition the property is in and its value. they point out stuff blah blah....I respond by asking them to sit down and make a list of all the improvements they have done and when. I tell them i will continue doing my thing at their house while they compile the list. I finish that with saying "its helpful for me and it saves time by letting me measure, and I wont miss anything if I am focused" blah blah and while they put the list together.

Try it once and see what you think.

 

[George Hatch]

I maintain my poker face, write some notes about what they're saying and repeat to myself "I don't care, I don't care, I don't care". Which is pretty easy for me to say because IRL I really don't care what they think. I only care what the typical buyer would think about their property.

 

[DTB]

I maintain my poker face, write some notes about what they're saying and repeat to myself "I don't care, I don't care, I don't care". Which is pretty easy for me to say because IRL I really don't care what they think. I only care what the typical buyer would think about their property.

But when it's submitted via ROV an appraiser should care to the point of addressing their (sometimes) nonsensical market opinions?

 

[djd09]

Yeah maybe we can call the Independent Valuation Protection Institute.

 

[timd354]

Let’s get a signed ROV request form from somebody who is licensed to perform appraisal practice in Tennessee.

Good luck trying to make that happen in the real world as opposed to your fantasy world.

 

[timd354]

Yeah, not difficult. That's what VA and FNMA requires of their alternative sales.

That is a false statement. FNMA most certainly does not require a lender to send a reconciliation of why an ROV is sent.

 

[George Hatch]

But when it's submitted via ROV an appraiser should care to the point of addressing their (sometimes) nonsensical market opinions?

You just had an AMCs chief appraiser tell you that 99% of ROVs don't have any effect on the appraisal. Unless you think he's lying about that then where's the pressure and what are the damages?

The judgement and recommendations come after the empirical analysis, not in lieu of it.

 

[DTB]

You just had an AMCs chief appraiser tell you that 99% of ROVs don't have any effect on the appraisal. Unless you think he's lying about that then where's the pressure and what are the damages?

The judgement and recommendations come after the empirical analysis, not in lieu of it.

I can tell you that 100% of ROVs sent to me didn't have any effect.

The pressure is implied as to receiving future work. Some send over X amount of sales and want an explanation on why each wasn't included in the report.

Others send over a sale or two and and want it included in the grid even if it is given no weight.

Both scenarios are nonsense as evidenced by Danny's 99% comment and my 100% comment. So what is the point, if not to exert pressure on the appraiser? To appease some homeowner who wouldn't know an ROV from his elbow unless someone told him. To appease a lender? They should also know the very, very small chance of changing the appraisal. Again, what is the point?

Review my report, if you don't like it or think you can get a better appraisal, go for it. IRL that's how business works.

 

[residentialguy]

That is a false statement. FNMA most certainly does not require a lender to send a reconciliation of why an ROV is sent.

They don't require that they send it, but they require them to do it on their sales.

Before asking the appraiser to consider any alternative sales, it is imperative that the lender analyze the relevance of the sale and determine if the use of such sale would result in any material change to the appraisal report. If the lender determines that there would be no material change, then they should not ask the appraiser to make revisions. - Fannie Mae

Sending this required analysis to the appraiser is as simple as a push of a button. It would help alleviate your generic NO response and get better responses from appraisers. Personally, I have required it to engage me for a ROV. It is in their best interest as it protects them from sending over inappropriate blatant value push sales, not to mention that appraisers would be willing to look at them because they know that they aren't just sending over bogus sales which is what? 99% of the time, I believe is the percentage the AMCs chief appraiser said.

 

[DWiley]

Some send over X amount of sales and want an explanation on why each wasn't included in the report.

Which is allowed...though there should be a logical limit to the number of sales, IMO.

Others send over a sale or two and and want it included in the grid even if it is given no weight.

Asking one to include such sales in a grid (as opposed to just addressing them in commentary if they are not relevant) is a pretty clear AIR violation. It also puts the appraiser in the position of contradicting the certification, which states that the best sales have been used.

I do believe that some handle ROVs this way - I also believe (because I have seen it first hand) that SOME appraisers interpret a request to comment as a a request to grid. (not directed at you, DTB, since you clearly distinguish between the two in your post) I even called a guy once and asked him why he gridded certain sales. He said, "Well, that's what I was asked to do." I pointed out to him that what he was sent did NOT say that He agreed after he read it again.

So what is the point, if not to exert pressure on the appraiser?

The point is customer service. As I said before, lenders know that in most cases the appraiser has done his/her job, and the ROV will not change the results. They also know that even if they don't make the loan, there is always the chance for another loan down the road. So, they try to appease a potential future borrower (who is very likely upset).

Anyone who reads this forum on a regular basis can quickly see that there are many appraisers with very little sense of, or interest in, customer service. They want to get an order, do the appraisal and be left alone. No updates. No calls. No follow up of any kind. Just leave me alone and send me my damned check!! Again, see prior comments on business acumen. Many of the lenders we work with also do direct engagement, and as I speak to those lenders who deal with appraisers directly, the number one complaint I hear is the general lack of customer/client service. Want to build up an appraisal business? Just applying the customer service principles that most companies in other fields use will put you far ahead of the game as an appraisal business.

And, before anyone goes there, customer service does NOT mean cowtowing or rubber stamping values. It simply means treating a client like a client, rather than a nuisance.