Revisions

[AppraisingLA123]

I got a revision request from NAN asking me to comment why I didn’t use certain comps. 3 comps and 3 rental comps. They said that they had ordered two reports and the other appraiser had used different comps. I told them that I am not required to do that, and it might be a violation of confidentiality for them to share contents of the other report with me. Am I required to comps not used?

 

[swandel1]

Justify in the Addendum why each of the other comps are inferior or equal to yours. AMC is agent of lender. Treat it like an underwriter request.

 

[Fritz in NY]

NO. Is it your original SOW? To review "other" persons Comps.... As we say in NY "extra work = Extra Pay". I'd like to know what the other appraisers report looked like AND know if they, also have been asked for more comps.

 

[AppraisingLA123]

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.

 

[Bobby Bucks]

I’m not sure exactly what they’re asking for. Are they wanting a reconsideration of value, plus comments in your ROV on why you didn’t use comps utilized by appraiser John Doe in his report? From what I’ve read in your post, I would reply with a standard ROV and not mention the other appraiser or the other report. NAN is an incredibly annoying company to deal with, even their appraisers on staff are muttonheads. I’ve had a couple of assignments from them wanting ROVs and each time they provided some comps that were FSBOs, expired listings, one was a property that never sold and they wanted me to use it as a comparable. They also included suggested comps that were in my original report.

 

[Terrel L. Shields]

Am I required to comps not used?

No.

it might be a violation of confidentiality for them to share contents of the other report

No. It is not a violation of confidentiality. Confidentiality is a one-way street for the appraiser. The client can publish the report in Sunday paper if they want to, provided they don't disclose something confidential by bank law provided by the borrower.

 

[Tom D]

Bye bye client.

 

[AppraisingLA123]

Bye bye client.

yes, I will probably not get another assingment from them. But I treat them like ****, becuase that's what they deserve.

 

[AppraisingLA123]

I'm not going to tolerate their constant demands. They hire the cheapest apprasiers, then ask me to comment why i didn't use that appraisers comps. I told them if there are any comps that quality control thinks is very similar that i didn't use, i will comment on those, but i am not going to comment on all of the comps, that's me doing QCs job.

 

[Trihard]

I'm not going to tolerate their constant demands. They hire the cheapest apprasiers, then ask me to comment why i didn't use that appraisers comps. I told them if there are any comps that quality control thinks is very similar that i didn't use, i will comment on those, but i am not going to comment on all of the comps, that's me doing QCs job.

I once got a ROV for hitting value on a purchase. The lender sent me comps below sale price. I was like WTF is this ****. They told me to do the ROV anyways. I wasted an hour on it since I thought maybe I screwed up somewhere but my comps were best available. No extra pay of course, they just wasted my time. If the revision was not warranted the lender should pay you $125 for wasting your time. But of course our industry treats the appraiser like a door mat and we get thrown off panels for requesting anything like that. What a joke of a profession.