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Unreasonable lender requests for reconsideration of additional "comps"

Tom4value

Member
Joined
Dec 4, 2016
Professional Status
Certified Residential Appraiser
State
Massachusetts
I include this with most reports in the sales comparison approach, using the data from the 1004 MC addendum.

“ The appraiser found (x) sales of split level homes in the subject market over the last year with (x) being comparable with some degree of influence. Some were used for support of adjustments and final reconciliation of market value. However, only the most influential (# of comps I used) were included in the report.”

This helps some but not always. On the times they come back with other sales, I explain why I didn’t use them and get specific! Just saying, “they were no good” is just asking for follow up emails. Yup, it is a pain (actually, dealing with this right now!) but all in a day’s work.
 

Doug in NC

Thread Starter
Senior Member
Joined
Jan 17, 2002
Professional Status
Certified Residential Appraiser
State
North Carolina
I include this with most reports in the sales comparison approach, using the data from the 1004 MC addendum.

“ The appraiser found (x) sales of split level homes in the subject market over the last year with (x) being comparable with some degree of influence. Some were used for support of adjustments and final reconciliation of market value. However, only the most influential (# of comps I used) were included in the report.”

This helps some but not always. On the times they come back with other sales, I explain why I didn’t use them and get specific! Just saying, “they were no good” is just asking for follow up emails. Yup, it is a pain (actually, dealing with this right now!) but all in a day’s work.
I don't normally get this kind of crap from this lender. I suspect it is a situation where the borrower balked when their value didn't come out as high as expected.
 

ZZGAMAZZ

Senior Member
Supporting Member
Joined
Jul 23, 2007
Professional Status
Certified Residential Appraiser
State
California
As an aside as it pertains to FHA appraisals, "The underwriter may request a reconsideration of value when the Appraiser did not consider relevant information available on the effective date; although the underwriter must provide all relevant data . . . The appraiser may charge an additional fee if the relevant data wasn't available, although borrower can't be held responsible for the additional fee if he was not at fault."
 

EddieB

Senior Member
Joined
Feb 17, 2005
Professional Status
Certified Residential Appraiser
State
North Carolina
When you get a professional fee, these ROV’s aren’t as annoying. When accepting AMC work, remember this when setting you fee.





:rolleyes:
 

Tom D

Senior Member
Gold Supporting Member
Joined
May 22, 2015
Professional Status
Certified Residential Appraiser
State
Pennsylvania
I checked my list of viable comps and not one of the 3 additional sales was on it. It is possible that some sales may have come up on a second MLS system for the area, but I'll have to look into it further. Hopefully I will be able to shoot their suggested sales down quickly and with little effort. Still an annoyance that the lender wants to tell me how to do my job.
this situation is the most easiest to answer. The 3 addresses you provided were not in the local MLS system. i did not use them because there was no in depth information, or interior photos, to make a reasonable analysis if it was a comparable sale. long ago, when there were MLS books only, i had 6 of them, i think. i used to trade off my books to get other books.
i bet one of the sales they sent was the highest sale in the area. people always seem to find that one & not the other lower 20 sales.
 

J Grant

Elite Member
Joined
Dec 9, 2003
Professional Status
Certified Residential Appraiser
State
Florida
I include this with most reports in the sales comparison approach, using the data from the 1004 MC addendum.

“ The appraiser found (x) sales of split level homes in the subject market over the last year with (x) being comparable with some degree of influence. Some were used for support of adjustments and final reconciliation of market value. However, only the most influential (# of comps I used) were included in the report.”

This helps some but not always. On the times they come back with other sales, I explain why I didn’t use them and get specific! Just saying, “they were no good” is just asking for follow up emails. Yup, it is a pain (actually, dealing with this right now!) but all in a day’s work.
Odd word choice of r "influential" used about a comp, the comps are chosen because they are most similar to subject and/or to bracket a key high value feature...what is meant by "influential" sounds odd.
 
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