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What do reviewers do?

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LJFJR

Thread Starter
Freshman Member
Joined
Jan 22, 2002
Professional Status
Licensed Appraiser
State
Rhode Island
What is the job of a reviewer?

Can someone explain to me in small words, so my little pea brain can understand what a appraisal reviewer does;

Is it there job to nit-pick your report to pieces and to reduce the value to satisfy the lender? or,

is it to review the report to see if it comply's to USPAP guidelines or,

If they are licensed in one state can they review reports in another state?

Thank you in advance for your help.
 

Thomas Fiehler

Senior Member
Joined
Jun 2, 2003
Professional Status
Certified General Appraiser
State
Ohio
It depends on the client and the SOW. One should review the report and not the appraiser, though that may be hard if their name is on the report and you have reviewed their work in the past. Normally, the review is to "verify" that the original report is/is not reliable. It is not unusual for the review to have more time than the appraisal since you are reviewing the comps they did not use as well as the ones they did.
 

stefan olafson

Senior Member
Joined
Apr 2, 2003
Professional Status
Certified General Appraiser
State
North Dakota
Yes, you don't have to be geographically competent if you are not providing an opinion of value along with your review.

Reviewers come in as many categories as there are appraisers, there are 'skippy' reviewers, anal reviewers, blind reviewers, opinionated reviewers, and belive it or not a few good reviewers. The difficulty I see most reviewers have is they bring their flawed training into the mix when they are reviewing. If the approaches to value are not crystal clear and very similar to their methodology, there stands a good chance for the appraisals not to pass muster.
 

Kevin Mc

Elite Member
Joined
Jun 7, 2004
Professional Status
Certified Residential Appraiser
State
New York
Desk Review- review and confirm data
Field Review- Drive the subject and comparables and determine if the report was well developed and supported.

Many others will want "different" types of reviews with their own SOW. Make sure you read Standard 3 in detail before accepting this type of work because what folks want and what you can legally and competently do often differ.
 

TC

Elite Member
Gold Supporting Member
Joined
Jan 31, 2002
Professional Status
Certified Residential Appraiser
State
Pennsylvania

Elliott

Elite Member
Joined
Apr 23, 2002
Professional Status
Certified General Appraiser
State
Oregon
I don't understand why anybody would want to review,
its so much more fun to appraise. I didn't want to be
a hall monitor either.
 

Kevin Mc

Elite Member
Joined
Jun 7, 2004
Professional Status
Certified Residential Appraiser
State
New York
I don't understand why anybody would want to review,
its so much more fun to appraise. I didn't want to be
a hall monitor either.

see TC's post above. I only review if I see a good witch hunt. I don't like playing cop but I hate skippy more.
 

Midwest Guy

Senior Member
Joined
Dec 12, 2006
Professional Status
Certified Residential Appraiser
State
Missouri
See USPAP, Standard 3

What is the job of a reviewer?

Can someone explain to me in small words, so my little pea brain can understand what a appraisal reviewer does;

Is it there job to nit-pick your report to pieces and to reduce the value to satisfy the lender? or,

is it to review the report to see if it comply's to USPAP guidelines or,

If they are licensed in one state can they review reports in another state?

Thank you in advance for your help.
 

Tom Woolford

Elite Member
Gold Supporting Member
Joined
Nov 20, 2005
Professional Status
Certified Residential Appraiser
State
Florida
There has been a lot of trite responses, so I'll try to give you one you can
use.

While the goal is not to nit pick a report, sometimes it comes down to that because of the preponderence of errors. I did one very recently where ALL the closing dates were wrong. That raises a red flag to check the rest of the data more closely. On that one report, I found 43 factual errors, and 3 complete fabrications. Once these surface, there are obvious USPAP violations to report. This guy made no site adjustments between a 180 ff lakefront lot and a 50 ff canal lot, stating that the difference was not "relevent" in this market. Amazingly, the appraisal came in much lower than it should have, mainly because e thought a llarge lakefront lot was worth as much as a small canal lot. Undervaluing is almost as bad as pushing a value. When you get reports like this, yes you tend to go on a vendetta because this clown needs to get off the street. An out of state reviewer CAN review your work for factual accuracy, but would be way out of line to develop an alternate opinion of value.
 

Tim Hicks (Texas)

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Texas
There has been a lot of trite responses, so I'll try to give you one you can
use.

While the goal is not to nit pick a report, sometimes it comes down to that because of the preponderence of errors. I did one very recently where ALL the closing dates were wrong. That raises a red flag to check the rest of the data more closely. On that one report, I found 43 factual errors, and 3 complete fabrications. Once these surface, there are obvious USPAP violations to report. This guy made no site adjustments between a 180 ff lakefront lot and a 50 ff canal lot, stating that the difference was not "relevent" in this market. Amazingly, the appraisal came in much lower than it should have, mainly because e thought a llarge lakefront lot was worth as much as a small canal lot. Undervaluing is almost as bad as pushing a value. When you get reports like this, yes you tend to go on a vendetta because this clown needs to get off the street. An out of state reviewer CAN review your work for factual accuracy, but would be way out of line to develop an alternate opinion of value.

Good points! Many reviewers would like to know what the hell appraisers do???? Appraisers should write their reports so they can be understood. The reviewer has no idea what was going through the appraisers brain that was not put in the report. Be consistent, explain your adjustments and get your facts straight.


With that being said, one must realize that many AMC's and lenders don't really have USPAP compliant reviewers. They have employees that do check lists on reports and call them reviewers. If you don't explain adjustments or exceeding guidelines, they ask for corrections. If you don't support the value with satisfactory explanations and adjusted comparable sales prices, then they want to lower your values.

There are also bitter field reviewers out there that want to blast every appraisal they see to make them look like saviors to their clients. But, if you remove your petty feelings from the situation, you will generally find that the bitter field reviewer makes some valid points at times and you may have not supported your value as well as you thought. If they support their review with factual data and comments, is it really their problem or your problem?

Even good appraisers slip up now and again and can over value or under value a property. This is not an exact science and sometimes an appraiser can base their opinion on data that is not as good as data they may have missed. Especially on difficult properties.
 
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