What are your thoughts

[Carol Ames]

Hey, sometimes I just like the old times and think things are funny. No my reviews today do not say anything about pigs and acorns. It was a different time, just loved that he actually said that and got away with it. As I said this was many years ago, strange at that time they actually just wanted an honest opinion of value.

 

[PropertyEconomics]

Hey, sometimes I just like the old times and think things are funny. No my reviews today do not say anything about pigs and acorns. It was a different time, just loved that he actually said that and got away with it. As I said this was many years ago, strange at that time they actually just wanted an honest opinion of value.

Like the time I told a client the only way the appraisal could have been worse would have been had it been done in crayon ... I told them at least then it would have been colorful ....

Yes ... like you Carol I miss the old times too ... I think I actually made money in those days.

 

[Lost Cause]

I find the entire process baffling. If the insurance company's reviewer agreed with the value, despite disagreeing with the appraiser's data and/or methods, why is there any issue at all? As long as the value is there, from the insurer's perspective, what additional risks does the insurance company have to bear? It seems as though the PI co is attempting to rescind coverage over an irrelevant technicality.

One might argue that the unacceptable appraisal demonstrates lax diligence on the part of the lender, which could lead to real issues later on... I'm not sure that argument carries a whole lot of water, though...

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The original post raises a question. I see the reviewer didn't present alternative supporting data for his/her conclusion. Did he/she at least include any discussion of what specifically was found lacking in the data that was dismissed?

 

[CANative]

The purpose of an appraisal review is primarily to develop an opinion as to the quality of another appraisers work. The reviewer's opinion of value is an addition to the primary scope of work.

Maybe the client is more interested in the logic and credibility of the report or with compliance with standards than they are the actual market value. If the appraisal was completed for a purchase transaction and the report had presented sales of completely different property types from 500 miles away with adjusted MV indicators all over the board but the opinion of value was the same as the contract price which also happened to reflect market value then it's a crap report that somehow got the value right. This one would not fly in the secondary market and a lender could be forced to buy back the loan if it went non-performing.

There's more to review then a market value opinion by another appraiser.

 

[Carnivore]

Excuse me if I make an ***** of myself. The OP is witholding critical information. A bull$hitter trying to bull$hit a pack of Old Bull$hitters

So I have questions.

1. How did you get a copy of this review.
2. Have you spoke with your client
3. Who has ask you to do what with this review.
4. Is the PMI rescinson post closing/pre-closing, or is this a foreclosure and now somebody wants money.
5. Is the reviewer an actual licensed appraiser.
6. Is he/she in or out of state.

I am sure I miseed something, but the other old Bull$hitters will remember them.

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Yes, I did miss something! This is not your report is it? Are you a AMC PhoneMonkey Appraiser?

What tipped me off was your constant references to the person who completed the apprasial as "the appraiser" like in the review appraiser said "the appraiser" did not do this or do that.

hmmmmm

 

[Sunshine in VA]

Reviewers must comply with Standard 3.
IF they provide an opinon of value they must also comply with Standards 1 and 2.

I would suppose you could turn the review into the State, if you have a copy, stating the non compliance issues you have found. It will be picking a fight that I hope you are prepared to wage ... many times turning in such a review looks like sour grapes, but if you feel you have been harmed AND you feel your appraisal report is solid in its analysis and presentation ... turning in the reivew may be your only recourse.

Good luck.

It is not a report I did.

 

[Sunshine in VA]

Excuse me if I make an ***** of myself. The OP is witholding critical information. A bull$hitter trying to bull$hit a pack of Old Bull$hitters

So I have questions.

1. How did you get a copy of this review.
2. Have you spoke with your client
3. Who has ask you to do what with this review.
4. Is the PMI rescinson post closing/pre-closing, or is this a foreclosure and now somebody wants money.
5. Is the reviewer an actual licensed appraiser.
6. Is he/she in or out of state.

I am sure I miseed something, but the other old Bull$hitters will remember them.

---------------------------------

Yes, I did miss something! This is not your report is it? Are you a AMC PhoneMonkey Appraiser?

What tipped me off was your constant references to the person who completed the apprasial as "the appraiser" like in the review appraiser said "the appraiser" did not do this or do that.

hmmmmm

1. The MI company sent it to me
2. My company is the client
3. One aspect of my job is to fight losses
4. It is post-closing rescission
5 & 6. The reviewer is a licensed appraiser in the state where the subject is located.

 

[Carnivore]

1. The MI company sent it to me
2. My company is the client
3. One aspect of my job is to fight losses
4. It is post-closing rescission
5 & 6. The reviewer is a licensed appraiser in the state where the subject is located.

See now were getting down to the truth.

Hmmmm, so you work for a company(a lender) as an appraiser(I think). Your looking over the review and your also looking over the original appraisal report.

Your OP was a question to all of us about have we ever seen this before(lousy review).

My last questions are pretty simple.

1. You dont know what your looking at(the mi review)?
2. You dont know what a credible report(review or other) looks like?

Heres my advice. Please take a 15 hours USPAP class ASAP. Please take a class on appraisal review. Do this as fast as you can before your employer finds out you dont know what your doing.

Good grief.

 

[Carnivore]

1. The MI company sent it to me

5 & 6. The reviewer is a licensed appraiser in the state where the subject is located.

Is the reviewer in the general area of the subject. For example if the subject is located in Amarillo, Tx, is the review appraiser near Amarillo or is he located in Corpus Christie, Tx?

 

[Sunshine in VA]

I find the entire process baffling. If the insurance company's reviewer agreed with the value, despite disagreeing with the appraiser's data and/or methods, why is there any issue at all? As long as the value is there, from the insurer's perspective, what additional risks does the insurance company have to bear? It seems as though the PI co is attempting to rescind coverage over an irrelevant technicality.

One might argue that the unacceptable appraisal demonstrates lax diligence on the part of the lender, which could lead to real issues later on... I'm not sure that argument carries a whole lot of water, though...

***************************************

The original post raises a question. I see the reviewer didn't present alternative supporting data for his/her conclusion. Did he/she at least include any discussion of what specifically was found lacking in the data that was dismissed?

Reviewer sated Sale 1 is inferior, Sale 2 has basement and subject does not and Sale 3 is superior...but he does not offer different/more similar comparables.

MI is rescinding as appraiser did not use comparables that were most locationally, physically, and functionally similar to the subject.