Taking another look.

[cbosshog79]

Well, this is my first post and it probably isn't the best but here it goes...

I was curios how some of you out there respond to lenders when they ask you to "take another look" immediately after turning in a report.

I typically respond by stating that the comps were the best I could find but I would be happy to do another search. On occasion I have been presented with additional information that I wasn't given or didn't have available and might reconsider the valuation.

What do you do?

 

[Tom Woolford]

I usually tell them I have done extesive research, and am certain that I have the best comparables SUITABLE for this report. If they would like to submit others for me to consider, I will. Put the ball back over the mound at high velocity, and you will never have to deal with it again

 

[RSW]

I will consider a second look if the lender can provide comparable sales which are better than the ones I used in the original appraisal report. They have to be within the last 12 months, more similar than the ones I used and I have to be able to verify the sales.

 

[Tom Barclay]

Part of the job is defending your work. When a client asks me to consider other sales(within a reasonable time period), I always comply. I have yet to have anyone supply additional information that is more relevant that what was in the original report. Mostly what they supply are new or newer homes when the appraisal is of a 105 year old Victorian. They use some AVM, it crunches the numbers and spits out any sale they can find, no matter how irrelevant it is to your appraisal problem. But it does come with the job.

 

[Terrel L. Shields]

I am not wasting my time. If they have verifiable information I would feel differently. Generally, they simply ask you to "take another look" or "can you look further out", etc....

Its my story and I am sticking to it.

 

[Jim Onderisin]

By the time I've finished an appraisal I've reviewed every sale in typically-used data sources. If I'm asked to do a "second look", I'm happy to do so as long as the client supplies additional market evidence which supports their suspicions that I haven't done my job. I don't play the game in which "second look" means "see if you can get it higher".

 

[Ross (CO)]

If they have certain data for you to use in reconsideration and "take another look"....at your final value opinion AFTER you have submitted the report then they surely might also have that data for you to consider BEFORE and AS YOU ARE COMMENCING the assignment !

One should be asking a client to provide whatever data they have....at the start.....and if any of it is pertinent for your use upon verification and comparison then it could perhaps be in the report. Do your usual review of market data, anyway, and the best and most-comparable selections will be made. Such decisions might NOT include any of the garbage they gave you !

The "take another look" process with subsequent data provided by a client is an attempt to get you to change your conclusions unnecessarily, and always in their favor. It is an expense of more time, more work, and all too often is completely withOUT additional compensation......because they see it as being all part of the same assignment. It's an expansion of the S.o.W. that is simply too late. Got data for my consideration ? Deliver it in the beginning, not afterwards.

What YOU do....is find a way to communicate the common sense of all that to the client as the assignment is being accepted and put such kooky stuff to rest. It's the same garbage data that was in the Traditional Comp Check, BPO, AVM or CMA print-out that they received before ever contacting you.

 

[Scott Lanz]

You can call back and say "I took another look and realized that I was 20% too high".

Ditto what Tom and RSW said.

 

[jay trotta]

if you are the expert in your area, I would think you need to know;

1) can they forward a copy of their Appraisal License, so that you can be sure they are also an expert in your area

2) I won't just "Look" at other sales (there's tons of em that have no impact on the one I'm doing or I would have used them to begin with)

3) In todays market, I don't believe some reviewer in Calif. has any idea of what my market on the East Coast is doing, they are in a sinking market driven by overly greedy players to begin with.

4) I would bet they never read the entire report only portions; right now it's their job to create havic with appraiser's.

In most instances, everyone here claims to be doing some type of "graphs / algorythyms / math wizardry" etc., so ifn your spending that much time learning bout Your market area, are you lacking confidence in your selection of Comparables ??
Someone here the other day was speaking of old school economics and it's impact, so there are more theory's floating around than pandora can imagine. I would need to assume if you are working your area for any period of time, go out of your house, talk with anyone in your area, that you would have some idea as to whats happening in your market area. Those who are still slapping together a report are perhaps the ones that will be least questioned - go figure.

 

[airphoto]

Scott Lanz has the answer .. and I've actually done it ..