Revisions

[DWiley]

Acceptability of Subsequent Appraisals

The Seller must not order, obtain, use, or pay for a subsequent appraisal in connection with a Mortgage financing transaction unless:

1. There are indicators that the initial appraisal was inaccurate, not credible, or in violation of legal and/or professional standards related to nondiscrimination, and such indicators are clearly and appropriately noted in the Mortgage file, or

At least you are consistent. You only want to read part of something. . The very thing you quoted from also says that asking an appraiser to address alternative sales data is fine.

 

[George Hatch]

The AMC is adding a few hours of work for free.

I disagree.

All an appraiser has to do to turn the request into a 5min response is to explain their criteria in the original report.

The subject is a 1984yb home of 2568sf on a 10000sf lot. I selected sales ranging in yrblt for 1978-1990, ranging in size from 2100-3000sf, of generally average overall quality and condition and located within 1/2 mile. All of the above sales fit into these ranges and in my opinion are among the most recent and similar sales available. There are other sales in the area which are less similar overall, which is why I consider them to be less directly comparable.

Boilerplate the comment and edit as necessary every time you use it. Then when the ROV hits you just do a screengrab of that paragraph in your report, and add a note to each address in the ROV. Either

(does not fit my selection criteria and cannot be considered more similar to my subject than the sales in my Sales Comparison Grid)

or​

(already appears in my Sales Comparison as S#2)

Copy/paste for each line as applicable and then you're done. What makes this a 5min response is whether or not you put the work into your analysis in the first place. It always pays to be right.

 

[djd09]

At least you are consistent. You only want to read part of something. . The very thing you quoted from also says that asking an appraiser to address alternative sales data is fine.

it is like the bias cases...there is a second appraisal...but we never get to see it

 

[Surf Cat]

I disagree.

All an appraiser has to do to turn the request into a 5min response is to explain their criteria in the original report.

I disagree with your disagreement

The way it's being presented by the OP, it's not a simple ROV. If it were, even your boilerplate suggestion (based on my personal experiences) with providing your search criteria may not even work.

You have to be "specific" in explanation to each and every sale's location, date of sale, GLA, bedroom and bathroom count, lot size, lot topography, upgrades, and features in comparison to that of the sales you utilized. "Most" of the time, the sales provided are far from comparable thus, it's easy to do.

The AMC's ask however, has one foot in a review assignment..... it's quite possible that some AMC desk jockey is just communicating poorly and not asking the proper question.

A couple snippy emails back and forth, now you have both sides sitting on their hands stubbornly not budging.

 

[Tom4value]

Acceptability of Subsequent Appraisals

The Seller must not order, obtain, use, or pay for a subsequent appraisal in connection with a Mortgage financing transaction unless:

1. There are indicators that the initial appraisal was inaccurate, not credible, or in violation of legal and/or professional standards related to nondiscrimination, and such indicators are clearly and appropriately noted in the Mortgage file, or

We don’t know the loan amount. For jumbo loans, two appraisals are ordered.

 

[Terrel L. Shields]

All an appraiser has to do to turn the request into a 5min response is to explain their criteria in the original report.

I don't think anyone can write enough boilerplate to deflect these questions... and they often ask again and again.

 

[ZZGAMAZZ]

I just told them you must provide REASONS as to why they think these comps are more similar, I told them to provide reasons. Seems odd and extra work which I rather not do. I told them this is a review assignment not a ROV.

Rather than request a reason, per se, one.might require the recommendations to be "vetted" per industry protocol

 

[ZZGAMAZZ]

all we need is one website, that exposes what these AMCs and the names of the owners. When their names gets exposed, and how much money they are stealing, and how they are treating us, they will change. Human beings change only when there is consequences. Exposing them on a website is the ONLY WAY to change the industry. its the fastest and honorable way.

... and as the practitioner awaits monumental change, the database of problematic appraisers shared among AMCs silences the appraiser into oblivion. Business Decisions possibly need to be prioritized. That the entire scenario ducks can't be argued..

 

[Dublin ohio]

Rather than request a reason, per se, one.might require the recommendations to be "vetted" per industry protocol

Pretty much a distinction without a difference

 

[AppraisingLA123]

Rather than request a reason, per se, one.might require the recommendations to be "vetted" per industry protocol

unfortunately for you, you don't make sense when you talk.