This VA appraisal I'm reviewing is one of the worst I've read. Is there any way I can report this to the VA?

[glenn walker]

And then the reviewer needs to be able to back it up in their work file because they are getting real close to doing an actual appraisal on the subject.

I totally agree Danny.

Once you Opine a New or Different Opinion Of Value You have now done a Appraisal . No your work-file better be pristine specially if you plan on filing Complaints with State Boards . Now they often have two Appraisals to review the Original one and the Review . Thats why I recommend to not file complaints and allow the Lender/ Client and their legal council to make that judgement call.

 

[JeffSH]

Frustration =/= Bias. Come on. This really is one of the worst appraisals I've read. Never have I had such a large disagreement with appraised value (except for the $2 million ranch example I previously posted).

 

[glenn walker]

I'm kinda being aggressive for no reason too.

But what really annoys me is that the VA panel is a coveted position. They have strict demands, but everyone I know who does work for the VA seems to ONLY do work for the VA. You can't get on the list. I've tried. Yet somehow this guy is on the list. I would wager my life that this appraisal isn't the result of a bad day, and that most of this person's work is similarly bad. WHY ARE THEY STILL GIVEN WORK???????????

My Guess is you are review a Post Closing VA Loan and one that has already been funded and now the Lender holding it is facing a default or it's in default. IS THAT CORRECT ?

 

[nachocheesefries]

-Subject history not analyzed. Missing sale from 2019,
-Stable market conditions indicated,
-No time adjustments (15% YOY appreciation in the market),
-No sale comp from the past 6 months,
-1 of the 3 comps went under contract over a year ago,
-No condition adjustment when comparing a newly renovated subject to a home that hasn't been touched in 20 years. Similar ages,
-$3,000 full bathroom adjustment for 1.0 vs 2.0 in the 300k-$350k price range
-$4,000 deck/patio adjustments (a deck is worth more than a bathroom??? You can use a bathroom in December LOL)
-No commentary on adjustments.
-Exposure time estimate of 180 days. Median DOM: 20. Avg DOM: 45.
----

This is for a refinance. They purchased in 2019 for $265k, and this appraiser came in at $275k in 2022. That alone shows you the appraisal is wrong, but the most recent and similar comps support $350k. It's so frustrating when I read appraisals like this. They make us all look terrible and it takes jobs away from hardworking appraisers who take their career seriously and have pride in their work.

What can I do?

In our area...every way out in left field sale (on the high end), is a VA loan on MLS. Everything in the neighborhood is selling for $100k and the one $140k sale is always VA deal.

 

[Zoe]

I'm kinda being aggressive for no reason too.

But what really annoys me is that the VA panel is a coveted position. They have strict demands, but everyone I know who does work for the VA seems to ONLY do work for the VA. You can't get on the list. I've tried. Yet somehow this guy is on the list. I would wager my life that this appraisal isn't the result of a bad day, and that most of this person's work is similarly bad. WHY ARE THEY STILL GIVEN WORK???????????

I promise you if you call the RLC where this appraiser is located, they will address it. Just call the RLC and ask to speak to representative in the appraiser dept.

 

[Zoe]

In our area...every way out in left field sale (on the high end), is a VA loan on MLS. Everything in the neighborhood is selling for $100k and the one $140k sale is always VA deal.

It's not that way here. I do tidewaters frequently on purchases. I know of only only one that didn't close. I have done many VA appraisals. I see contract price as an indicator only.

Real estate agents don't mess with me either on Tidewater because they know I have best comparables. Lenders don't mess with me.

Real estate agents send comps to lender and I shoot them down and explain why they are not best comparables. Game over.

 

[JeffSH]

My Guess is you are review a Post Closing VA Loan and one that has already been funded and now the Lender holding it is facing a default or it's in default. IS THAT CORRECT ?

Effective date is from March. I can never really know why the review is being used. The assignment purpose is always "quality control" or some other similar word salad.

 

[glenn walker]

Frustration =/= Bias. Come on. This really is one of the worst appraisals I've read. Never have I had such a large disagreement with appraised value (except for the $2 million ranch example I previously posted).

Unless engaged as a "Forensic Review" for Lender Fraud I eliminate something like this real fast.

#1 The appraisal under review has so many errors, many possible intentional , mistakes, mathematical miscalculations and the quality is low and I am unable to complete the review . I would literally have to complete a new Second Appraisal as I cannot depend on anything in the original report as being factually correct or accurate. The bottom Line is I reject the value conclusion as being unreliable due to numerous errors and or inconsistencies found. The report also was not developed in "compliance with applicable standards and requirement. Thank You : No Need to pay me as I am uinble to finish the review.

 

[glenn walker]

Effective date is from March. I can never really know why the review is being used. The assignment purpose is always "quality control" or some other similar word salad.

Advice when you get one like this walk quickly and end it. This is more to this than Qaulity Control this is most definitely a serious one . Next time before you get in too deep make contact and tell them it appears this will become "Forensic " in nature because nothing makes any sense. Those are $1,000 to $1,500 reviews where you are now looking at a crime scene not a car wreck.

 

[George Hatch]

Appraisers like this should not be doing valuation work. I'm sorry. But what point are you even trying to make? The profession must accept bad appraisers as the cost of doing business?

Only one time have I actually submitted an appraisal to the state. 2,500 sf proposed new construction ranch in the middle of nowhere, with a $2 million construction cost. I have absolutely no idea where the money was going. The land was worth no more than $150k. The appraiser HIT CONSTRUCTION COST by not adjusting for location, not adjusting for lot size difference, not adjusting for finished vs unfinished basement, not adjusting for bathroom/bedroom differences, and adjusting GLA at $10 per square foot.

Of course the state did absolutely nothing to educate or reprimand the appraiser. No strike. No problem according to the state. Have you not seen an appraisal like this? You don't think they sulley our reputations? Don't you want these people out of the profession?

I would never tell a client they should remove someone from the panel. That's insane. But the client needs to be informed of just how bad the report actually is.

One of the questions that always comes to my mind is whether or not the appraisal in front of me was what was submitted by the original appraiser, and whether the original appraiser is the same individual whose name/signature appear in the report. I've seen altered reports before.

I'm not suggesting this is the case for the appraisal report we're talking about in this thread, but that is another good reason to limit the commentary to the workproduct itself. One *other* reason to stick to what you have in front of you and refrain from commenting on what the appraiser did/didn't do is that the report only shows what the appraiser reported, not necessarily what they developed. They're usually one and the same but a reviewer can't necessarily prove they're one and the same.

And not to get more pedantic than I normally do, but getting mad at an appraiser and allowing it to seep into your review work is like getting mad at a property owner or a client or a property and allowing that to seep into your work. If you can't maintain your personal dispassion with what you're doing in this assignment then you should withdraw from the assignment. You can be annoyed at the individual AFTER you've submitted the impartial and unbiased workproduct.

The role of appraisal review is not inherently adversarial any more than would be the case if you were appraising the property itself. We do observe and report, not search and destroy. Parts is parts. If you're doing your job right your reader won't be able to tell that you're annoyed.