Revision Requests -having To Explain Peer Appraiser's Data In My Reports?

[Meandering]

Sorry, I just don't understand what is being accomplished .

Pity,
Perhaps you should cross back over the railroad tracks and do some appraisals.

Then you might "get it".


.

 

[Deleted member 80407]

James I am not sure what this means. Does this mean that if a review of your reports reveals errors of fact that you won't amend it? I am just trying to figure out what you are trying to accomplish.

Joan, re-read the post and then read it again. I do not state anywhere in the verbiage, that I will not correct a mistake made by be. HOWEVER, I will not account for what another appraiser's reported GLA or adjustment for GLA. I have completed more than a share of retrospective review appraisals for buy-back demands. YOU WOULD NOT BELIEVE SOME OF THE STUFF, I HAVE SEEN.

QUESTION: If you still are appraising, how would you respond to a client saying another appraiser utilized a different GLA for the same comp? Or how would you respond to a client saying another appraiser's $25 per square foot is correct in a $500,000+ market???????????????????????????

 

[Adios]

Joan, re-read the post and then read it again. I do not state anywhere in the verbiage, that I will not correct a mistake made by be. HOWEVER, I will not account for what another appraiser's reported GLA or adjustment for GLA. I have completed more than a share of retrospective review appraisals for buy-back demands. YOU WOULD NOT BELIEVE SOME OF THE STUFF, I HAVE SEEN.

QUESTION: If you still are appraising, how would you respond to a client saying another appraiser utilized a different GLA for the same comp? Or how would you respond to a client saying another appraiser's $25 per square foot is correct in a $500,000+ market???????????????????????????

James,

I do think CU is quite a conundrum. While I support Fannie Mae's efforts to have quality control it leaves appraisers in that weird trap of having to respond to their peers' work. If you are the outlier it doesn't mean you are wrong.

I do identify with being an outlier.

 

[Terrel L. Shields]

This is my way of putting it. When I am done, I am done.

Amendments or modifications to appraisals based on new information made available after the appraisal is completed will be made, as soon as reasonably possible for an additional fee. That fee is anticipated to be paid prior to submission of such modification. The appraiser can develop a new appraisal in a new relationship of the same piece of property during the same time so long as the original client-appraiser confidentiality provisions are not violated.
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PS - I do not comment nor will I ever on any "peer" report. Not my job. If you want a review, I charge for that too.

 

[NCkicker]

I wish they would just start to given the adjustment figures ahead of time. This has become so silly & foolish. I could give 5 "qualified " appraisers the same house to appraise. Give them all the same set of "comps" and each will come up with a different $sqft. Make it a 15 yr old resale. The typical mix of features, owner "improvements", upgrades, locational issues, etc, etc, etc, put them in 3 different subdivision. Some of you would take your excel spread sheet, and "figure out" the $ sqft value.. You will yell I got it, I am good!.... I say "What ever".... too many differences for a spread sheet to HONESTLY pick out what added "value". This has become some crazy system to run around and try to assign value to something that the price pickers (realtors) and buyers never do. Get real, little deck, big deck, screen porch, fence, shed, 1 car garage, 2 car garage, end of street, beginning of street, designer picked paint colors or cave dweller colors, new roof vs new HVAC vs new kitchen... new carpet, hardwood floors, vs, lam floors, level 1 flooring compared to level 5. brown mantel vs. white. What's the barking dog next door worth... And to think- you make all these calls by reading the REALTOR comments (PUFF) , looking at a few glamor shot pictures. Oh well, the home has been listed 5 times with different sqft each time, or maybe has been listed 5 times with the same sqft each time... So here we sit, pages and pages on Value of SQFT. I say what ever. We will place spread sheet value on something and say here but in the end it may have never mattered.

 

[J Grant]

The expectation is not that all appraisers use the exact same $ per sf nor same adjustments . My understanding of CU is it looks for anomlies above a certain threshold range or outside of what most other appraisers are doing. Annoying but not impossible to deal with

 

[Mr Rex]

I do identify with being an outlier.

Does this make it hard to pick a restroom for your white papers?

 

[djd09]

My understanding of CU is it looks for anomlies above a certain threshold range or outside of what most other appraisers are doing.

Where you getting that info from? Now CU is thinking on its own. How does it come up with this threshold range?

 

[J Grant]

That's what I've heard from clients. The CU does not "think", like any computer program they set the parameters they want. I am not working for Fannie lol so don't know details of programming.

Appraisers waste too much time getting upset over things we can't control such as CU. Raise your fees to cover the occasions when you get CU feedback, ( I personally dislike ROV more and thus won't work with clients that send a lot of ROV requests. Some clients never send any and handle it themselves or handle majority of it themselves) .

 

[djd09]

they set the parameters they want.

Who's "they"?