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Where and How? Out of State Reviewers

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Workbox

Thread Starter
Elite Member
Joined
Mar 2, 2005
Professional Status
Certified Residential Appraiser
State
Colorado
Where and how does an out of state reviewer, get the subject data, neighborhood data, and sales data from? if they are located hundreds or thousands of miles away?

Every county record has it's nuances, and every market is has is quirks and how it effects it. But the biggy........... "comparable sales".

For one example, I had reviewed one report and the county records changed along with the "country road" term to an actual street name. But since I knew what was happening in that particular county, how would a Reviewer know and how would they address it?
 

Randolph Kinney

Elite Member
Joined
Apr 7, 2005
Professional Status
Retired Appraiser
State
North Carolina
I don't believe reviewers have access to local data bases, unless they are local.

I suspect you can have national data bases but they would not have local MLS data, only the recorded transaction statistics. And how would a reviewer verify the transaction? :shrug:
 

George Hatch

Elite Member
Gold Supporting Member
Joined
Jan 15, 2002
Professional Status
Certified General Appraiser
State
California
During my years teaching CE courses I've run across a number of appraisers who perform reviews nationwide. Apparently most of the big operations have access to all of the big subscription databases as well as many of the MLS systems, particularly those that cover the big metro markets.

Really, what's the difference between a reviewer working on an assignment located on the other side of the nation and an appraiser who crosses one county line too many for an appraisal assignment? "Never been there" can apply to a single neighborhood right in your own back yard.

If you want to make it about jurisdiction and licensing then that's a jurisdiction and licensing question, not necessarily a geographic competency issue.

Let's say I am reviewing an appraisal on a subdivision home in the Phoenix area and I do have access to 2 public records databases, the databases run by the city and county jurisdictions, the MLS system and the satellite imagery. Do I really have to subscribe to the local newspaper and watch the local news on TV in order to identify 4 apparent model matches in the 400-unit subdivision that were overlooked in favor of less proximate/similar sales data used in the appraisal?

Besides, SOW counts, and reviewers don't "cut" values; they only express contrary opinions that the intended user may or may not find more credible than the original appraisal. In the event of a conflict it will really depend on which side made their case better in their reports. Most lenders would really rather believe the original appraiser if that's at all possible anyway.

If a local appraiser leaves enough room for doubt in their appraisal report that an outsider can call their credibility into question, their real problem isn't the reviewer, it's their own work. Identify your intended users and act accordingly.
 

Randolph Kinney

Elite Member
Joined
Apr 7, 2005
Professional Status
Retired Appraiser
State
North Carolina
I really doubt that individual review appraisers getting assignments from AMCs have the data bases you are indicating George. Those fees just don't cover the cost.

The big operations you refer to, are they nationwide banks with their own internal staff reviewers?

It seems to me that banks have turned over their staff in favor of AMCs performing those duties for the cheapest and fastest independent fee appraiser. I suspect the quality of the review is about the same as the original appraisal. :new_all_coholic:
 

Mike Boyd

Elite Member
Joined
Jan 18, 2002
Professional Status
Retired Appraiser
State
California
George Besides said:
That is what a rebuttal is for. A strong rebuttal will always trump a bad review. I agree with George.
 
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