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Yikes! Should I Be Worried!

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Rosi

Freshman Member
Joined
Nov 22, 2017
Professional Status
Certified Residential Appraiser
State
Michigan
Happy Thanksgiving to all. I received an email yesterday afternoon which concerned me, to say the least. Please see below:

"Explanation: Awaiting comps for 797 error code, once received, send as CU dispute and put in revision sent status."

I am a Certified Residential Appraiser, however, I have only been licensed in this capacity for about 6 months. As a result of my novice experience, I was very concerned to have received that message from a Management Company.
I had sent the report in a few days ago, and everything went through just fine. So, when I received the message indicating that the appraisal status was now "On Hold", I had try to contact them but, I was too late, as they were already closed yesterday. I then tried to research the error code online
, but could not really find out what it meant.

So, my question is, "Am I in trouble?" Or, can anyone help to explain what this error code means and possible have
a little bit of good news for me so that I do not let it ruin Thanksgiving?

I just do not want to lose my excellent status rating from this Management Company.

I really appreciate any feedback to relieve this stress.

Romy
 

bnmappraisal

Elite Member
Gold Supporting Member
Joined
Nov 9, 2011
Professional Status
Certified Residential Appraiser
State
Florida
I wouldn't stress it. It's not a major issue and not something to be too worried about.

They ran the CU and probably (for who knows why reason) it came back showing other sales which they call "comps" They'll probably just come back to you asking to look over said sales and ask you to comment on them and/or add to your report if you feel they should be added. If they do, just address it, resign your report (new signature date, but don't change effective date) keep everything in your workfile and move on.

Go enjoy some turkey! (y)

Congrats on your CR and welcome to the Forum!:beer:
 

Noreen

Senior Member
Joined
Feb 5, 2011
Professional Status
Certified Residential Appraiser
State
New Hampshire
Happy Thanksgiving to all. I received an email yesterday afternoon which concerned me, to say the least. Please see below:

"Explanation: Awaiting comps for 797 error code, once received, send as CU dispute and put in revision sent status."

I am a Certified Residential Appraiser, however, I have only been licensed in this capacity for about 6 months. As a result of my novice experience, I was very concerned to have received that message from a Management Company.
I had sent the report in a few days ago, and everything went through just fine. So, when I received the message indicating that the appraisal status was now "On Hold", I had try to contact them but, I was too late, as they were already closed yesterday. I then tried to research the error code online
, but could not really find out what it meant.

So, my question is, "Am I in trouble?" Or, can anyone help to explain what this error code means and possible have
a little bit of good news for me so that I do not let it ruin Thanksgiving?

I just do not want to lose my excellent status rating from this Management Company.

I really appreciate any feedback to relieve this stress.

Romy
I've had three of them and if they disclose what addresses they thought were better, you can go sale by sale on why they were not comparable (they set area perimeters with no clear guideline) . I once had one that they took issue with my not using 1800 sf homes for a 3000+ sf GLA home. Just make sure you have not overlooked anything in your immediate area and make sure you did not overlook any TRULY comparable within one mile. They do tend to go out 12 months which is in conflict with FNMA guidelines so be mindful of that. As far as the error code, I have NO clue which variance that applies to. My responses where factual and respectful and I never heard another word. In a sense, you have to justify why you believe the comparables you utilized were superior to their "random run". Best of luck.

P.S. Make sure your run is predicated on locational and structural data DO NOT set economic perimeters as a measure of comparison. Happy Thanksgiving!!
 
Last edited:

chad hampton

Senior Member
Joined
Nov 10, 2006
Professional Status
Certified Residential Appraiser
State
North Carolina
Agree with jgrant - don't waste a minute of your day worrying about this.

And if they ever send you another sale to look at, that's fine. Check it out and included it in the report if it is deemed to be a more reliable indicator of value. And if not, politely explain in a sentence or 2 why it is not.
 

Rosi

Freshman Member
Joined
Nov 22, 2017
Professional Status
Certified Residential Appraiser
State
Michigan
This forum is the best ever! Top of my list of things that I am grateful for this year. Appraisal Forum!! I
was able to enjoy my turkey and not worry that I may lose my license over a 797 error. lol
 

Michigan CG

Moderator
Staff member
Moderator
Joined
Nov 1, 2006
Professional Status
Certified General Appraiser
State
Michigan
Welcome to the forum from a fellow Michigan appraiser.
 

CindyR

Senior Member
Joined
Oct 26, 2003
Professional Status
Certified Residential Appraiser
State
Arizona
Be thankful it wasn't a 817 error. Those are scary.

Just kidding, welcome to the forum
(y)
I was going to post the exact same thing about the dreaded 798 error....
 

Riick

Elite Member
Joined
Aug 14, 2007
Professional Status
Certified Residential Appraiser
State
Delaware
The wurst is "Human Error".
:rof:
 
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