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Workfile

Cob said:
I'm sure they wouldn't state the report contains insufficient support for the adjustment, if you used some software that the approve of.
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That's the problem. The reviewer may 'assume' these programs are all dead on. But are they? I've seen some brilliant looking multilinear analysis that had an R2 of 0.3 or so...not a ringing endorsement of the accuracy.
 
Cob said:
I will ask the question to you again, since you didn't answer it.

How would a reviewer know the "report contains insufficient support for the adjustment" that's WAY to much of a general statement, as I stated before, there's never a comment, report contains insufficient support for the adjustment, per our research and data that we have.

I'm sure they wouldn't state the report contains insufficient support for the adjustment, if you used some software that the approve of.
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The reviewer would read the report. And I did answer. If the appraiser said something like 'In ground pool adjusted at $45,000.' That is insufficient support... in fact, it's no support. If the appraiser said something like 'I analyzed the contributory value of the subject's in-ground pool using paired sales analysis and depreciated cost analysis'.... that might (depending on the reviewer) be considered sufficient. The reviewer isn't going to tell the appraiser, at least formally, exactly how to solve the issue... exactly what to say. That isn't the reviewer's job. USPAP is clear about it. If it is an appraisal report, the appraiser must summarize the information analyzed and ther reasoning that supports the analyses, opinions, and conclusions. That's SR 2-2(a)(x)(5). Of course, how that is implemented is up to the appraiser. How it's seen by a reviewer is up to the reviewer.

You also shouldn't assume that a AMC or Lender reviewer asking for a revision is an appraiser. They may be, or maybe not. If they are, they may be a relatively low time appraiser. You can't win by being contentious about it. Oh sure, you might win this particular round... but you will ultimately lose the client.. or they just will put you on the 'use as a last resort' list.
 
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Terry L. Hart said:
I am being asked by a review appraiser to further explain an adjustment made in a report. I have replied that the supporting documentation is contained in my workfile and no further explanation is needed. I do not wish to be contentious but would like peer opinions.
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So why don't you just copy and paste the relevant portion of your workfile and send it to the 'review appraiser' (I don't believe its really a 'review appraiser.')

I had a state investigator once say, "the comp picture shows flowers and its December." I told her the photo was taken about a week after the sale. Then she maintained that I should have 'retaken' the photo. I politely told her that didn't make sense, since a house could have changed after the date of sale. At one point she said, 'workfiles should be 50-pages.' So I proceed to assemble a basic 70-page workfile and when I'd get a 'review' question, I just copy and paste the relevant section.
 
1743610695386.jpeg


Seems all I need do is type it on the AF....
And it becomes so.... :LOL:
 
sputnam said:
The reviewer would read the report. And I did answer. If the appraiser said something like 'In ground pool adjusted at $45,000.' That is insufficient support... in fact, it's no support. If the appraiser said something like 'I analyzed the contributory value of the subject's in-ground pool using paired sales analysis and depreciated cost analysis'.... that might (depending on the reviewer) be considered sufficient. The reviewer isn't going to tell the appraiser, at least formally, exactly how to solve the issue... exactly what to say. That isn't the reviewer's job. USPAP is clear about it. If it is an appraisal report, the appraiser must summarize the information analyzed and ther reasoning that supports the analyses, opinions, and conclusions. That's SR 2-2(a)(x)(5). Of course, how that is implemented is up to the appraiser. How it's seen by a reviewer is up to the reviewer.

You also shouldn't assume that a AMC or Lender reviewer asking for a revision is an appraiser. They may be, or maybe not. If they are, they may be a relatively low time appraiser. You can't win by being contentious about it. Oh sure, you might win this particular round... but you will ultimately lose the client.. or they just will put you on the 'use as a last resort' list.
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This is exactly the point I am trying to make, the O.P. is a Certified General Appraiser, I am sure that they explained in the report what analysis they used, you do NOT know if the appraiser said something like, 'In ground pool adjusted at $45,000." and neither do I. This what I am trying to relay to you, you even posted it, "the appraiser must summarize the information analyzed" what some of these lender, AMC and Fannie/Freddie, etc. are now asking for a LOT, is NOT "summarize the information analyzed" they want an entire list of which sales were used in a paired sales analysis, a list of ALL of the sales you could have used for your paired sales and an explanation as to WHY you didn't use any of the other possible sales for you adjustment in your sales analysis. THAT'S the problem I have, as again, you ALREADY stated, "the appraiser must summarize the information analyzed and ther reasoning that supports the analyses, opinions, and conclusions." That doesn't mean you are supposed to write an entire novel in you report as you are supposed to "summarize the information analyzed", I already know, as you stated, that it's not the reviewers how to solve the issue and explain what to say, but it IS the reviewers job to understand WHAT kind of appraisal report that THEY are reviewing.

What used to be called Summary Appraisal Report, is now simply called, Appraisal Report, but everything the appraiser is supposed to do is still the same, here is one of the things that is expected in an "Appraisal Report"

"It summarizes the data and analysis used to arrive at the property's value, rather than providing a detailed, in-depth explanation."

What's happening now and one of the reason I will only be doing GSE work for a couple of more years, is that a LOT of entities now want it both ways, they want an "Appraisal Report" that has information of a Narrative Appraisal Report, sorry, but I am not doing that, I always have a VERY detailed work file, with all of my data I used for my adjustments and conclusions.
 
Cob said:
"summarize the information analyzed",
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It seems dependent upon who and what the word "summary" means to a reviewer. A report now seems to imply a sort of mix of the old "Summary" report and the "Self-Contained" report with the emphasis upon explicit detail of the adjustments in particular. That, in turn, implies the appraiser needs to use far more than the few comps used in the report to flesh out that summary. How many paired sales? How detailed the depreciated cost? Do you include the MLR? Just exactly what is required to make this reviewer happy and is that going to satisfy the next reviewer? Inquiring minds want to know.
 
I just don't get why folks would be butt hurt about being asked to show their work. Unless maybe they're butt hurt that they were called out for saying they did something they really didn't do? I remember the AI Demo class provided folks with tons of templates for 'showing their work' WRT paired sales, grouped sales, sensitivity, etc. That's all they're asking for - show your work. And its true that some reviewers will accept the 'documentation in the work file' blurb and some won't. I always state that 'site sales used to estimate the subject site value, along with the appraiser's analysis, are in the work file." However, if someone wants to see those sales (or analysis), it takes about 5 minutes to snip and paste.
 
"I just don't get why folks would be butt hurt about being asked to show their work. Unless maybe they're butt hurt that they were called out for saying they did something they really didn't do?"


If I knew how....
I'd ask TRUMPGTP....
 
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