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UW is requesting I change my estimate in value.

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resiarppa

Thread Starter
Freshman Member
Joined
Dec 18, 2007
Professional Status
Licensed Appraiser
State
Rhode Island
Hi all, Thanks in advance for any help you may provide! Initially the UW requested an additional comp to support value which I reluctantly provided. I received an email from the LO stating the UW will not accept the value and has requested I reduce my estimate to be consistent with her opinion. I responded, " My estimate in value is not going to change based on the underwriters estimated value and or opinion. Please feel free to have the UW contact me directly if he or she has any questions."

What to do?
 

Marcia Langley

Senior Member
Joined
Aug 26, 2005
Professional Status
Certified Residential Appraiser
State
Missouri
res,

Not much you can do. If the UW disagrees with your opinion they are free to ignore it.

If you alter your opinion that means you admit you made a major mistake in your original opinion. When a mistake of that magnitude is made the appraiser should make speedy corrections and keep a good paper trail record of the original report, the reason for the correction, how the new information influenced the opinion, and a seperate file name for the corrected report. Don't change the original report because you need that documentation.

If you did not make a mistake, then all you can do is be an advocate fior your report.
 
Joined
Jan 13, 2002
Professional Status
Retired Appraiser
State
Florida
Ask for her appraisal, including her appraisal license in your state and to prove her geographical competency.
 

Non Sequitur

Elite Member
Supporting Member
Joined
Feb 14, 2002
Professional Status
Certified Residential Appraiser
State
Louisiana
Stand your ground. The UW can ask for all pink colored comps if he/she wants, what they get is another story. But be prepared to be labeld "uncooperative". With that said, don't worry too much, these BS "stips" usually go away when you stand your ground. And keep all of the e-mails in your work file, I do.
 

William K

Senior Member
Joined
Sep 21, 2007
Professional Status
Certified Residential Appraiser
State
Illinois
Ask for it in writing from the underwriter! The make sure you keep it and document it. Your response was proper.
It may just be that the LO just doesn't understand that the underwiter because you couldn't give them that "perfect magical comp" to fit their "all knowing all powerfull guideline" ( that I am sure you have already stated doesn't exist) has informed the LO that they are cutting / reducing the value by 5% or 10% and the Lo thinks they need for you to change the value!
Stick to your value opinion if you feel it is proper! :new_2gunsfiring_v1:
You will always be in more trouble (and cast more doubt) for changing your value opinion because of someone elses opinion or pressure!

And 1 more thing I see UNDERWRITERS are forgetting ,
GUIDELINES ARE JUST THAT, GUIDELINES!

Don't get suckered into the whole LO line, UW line the guidelines say............blah, blah, blah. Their gudelines not the LAWS of the land.

 

resiarppa

Thread Starter
Freshman Member
Joined
Dec 18, 2007
Professional Status
Licensed Appraiser
State
Rhode Island
Thanks

Hi all, Thanks again!!! I do not question my estimate and I am intend to stand my ground. It concerns me that I will potentially be labeled "uncooperative" as non implies. In a challenging environment loosing another client would @#$%! Non thanks for the advice on keeping the email trail for the work file, great advice!

Pam, This was my initial intent, to "Ask for her appraisal, including her appraisal license in your state and to prove her geographical competency."
I am concerned that I may be to abrasive taking this route, what do you think?

Marcia, Thanks, I have no intent to alter my opinion, it is a mile from my house, in my town, and I am confident in the estimate and report that I provided. How do I advocate for my report without coming off as stubborn and standoffish?
 

resiarppa

Thread Starter
Freshman Member
Joined
Dec 18, 2007
Professional Status
Licensed Appraiser
State
Rhode Island
thanks

William, Thanks, the guidelines seem to have become the rule. Any ideas as to how I can broach this subject with the LO to mitigate his concerns ?

D
 

c w d

Senior Member
Joined
Oct 2, 2006
Professional Status
General Public
State
Florida
Always ask for the stip sheets. Always! Remember that sociology exercise where you start out by telling the person next to you something and ask them to repeat it to the next person and so on? By the time it gets back around to you it's a totally different story.

If a client won't give them to you stand your ground and indicate you have to have them to document the change. No document, no change.
 

hastalavista

Elite Member
Joined
May 16, 2005
Professional Status
Certified General Appraiser
State
California
This was my initial intent, to "Ask for her appraisal, including her appraisal license in your state and to prove her geographical competency."
I am concerned that I may be to abrasive taking this route, what do you think?
(my bold)

I think your concern is appropriate. No need to come off like that unless you don't want to do business with this UW/lender/client anymore (which may be your decision). Rather, I'd suggest that if you are willing, simply state you will be happy to look at any additional data they wish to provide you and you will determine if it is relevant or not.

Easy, professional, and end of story.

Good luck!
 

resiarppa

Thread Starter
Freshman Member
Joined
Dec 18, 2007
Professional Status
Licensed Appraiser
State
Rhode Island
c'est la vie

Just responded to the LO's request to make the change based on the Uw's opinion. I re-stated-
"No, I can not change the value estimate based on the UW's opinion. "
His response-
"I will call customer and let her know...without this there is no deal that can be done...."
 
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