Over 28 years appraising all property types and interests, in Southern California real estate. To prevent them from becoming a headache, check out our list of the do's and don'ts of addressing a reconsideration of value! Value-adding features can be overlooked or suitable comps may have been left out. The Reconsideration of Value comes into play when an appraiser’s opinion of value is not agreed upon by the parties involved in the transaction. Appraisers were seen as expendable, replaceable, and- quite honestly- a necessary pimple on their hind end. Please enter your email address. Most files that come through with a new ROV request are looked at within 4 hours and are either processed or suggestions are given to the client for a more positive result. 10,000 worthless comps from a Realtor, Stips up the rear end from an AMC” BECAUSE” it came in low and a Low ranking of the Appraiser in every ones eyes, regardless of the accuracy of the report. They were poor appraisers getting no work so they became AMC’s What a joke! Appraisers should start to set a fee for each comparable sale requested in … Now, let’s take a look at the other side of the paper in the column marked “recertification of value.” In a recertification of value (or ROV), the client is essentially asking if the value of the appraisal still holds. Somehow the appraisal profession adopted the mentality of the Company Store and coal mine industry. Complete Reconsideration of Value … The ROV is a valuable process, where the consumer has the opportunity to supply evidence to support their belief that the appraisal report is incorrect. I have no problem with this. “A reconsideration of value is a request to the FHA Roster appraiser to reconsider the analysis and conclusions of his or her appraisal based on information that was not presented on the appraisal report, but was relevant to the appraisal and available to the appraiser in the normal course of business as of the effective date of the appraisal.” It is an update, because now the appraiser is opining to a current value. What do you do next? The lender may forego either type of review and obtain a new appraisal. I choose to be very selective. Use emotional language. I’ll have to “beg to differ” on that one Bill. Appraisal Inspection Procedures & Protocols, To Pay or Not To Pay, That is the Question, Appraisers Considered an Essential Business, Incorrect Comments in Multi-Family Report, You Are a FEE Appraiser Not a FREE Appraiser, Biden Claims on Racial Bias in Appraisals, COVID-19 & Interior Inspections Liabilities. I am from the Appalachian Mountains originally. These appraisers are helping influence the future of appraisals and pioneer tools that will help sustain a strong real estate economy. That is, if anybody was paying for our extra time in the first place, which they are not. At each of the past Summit/Expo’s I have attended (2017 & 2015), there have been seminars presented from the AMC’s perspective of how ‘we’ should interact with them. Picking a better distributor platform which does not charge appraisers tech fees is at least a good start. If we find that the supplied data is outside the market area or that the comparables are not significant, we will advise before processing to allow more time for research. The requirements of subsection (b) shall not be construed as prohibiting a mortgage lender, mortgage broker, mortgage banker, real Indicate what the value should be or how much it should be increased. I have found that those employed with the VA are actual appraisers and know what they’re talking about. If I’m having difficulty in justifying a contract price I simply let the lender know and put completion of the report off for 48 hours to allow the interested parties to provide support for the contract price. Many times I have and they still do not support the contract price. Appraisers can close the gap in this area by working with agents and having advisory sessions with local brokerages. You can also subscribe without commenting. Your email address will not be published. In addition, the appraiser should be compensated for his/her time. They rarely attempt to back me up. Mike I got the same request from this AMC(?). In compliance with the Dodd-Frank Wall Street Reform and Consumer Protection Act, is permitted to submit on your behalf, as an agent or consumer, and process the following reconsideration requests: 1. That’s what the checkboxes do.The biggest question to answer is whether or not one wants to do business with any AMC, especially those on fishing expeditions.