Comment

Comment by Kevin - Greenville, SC on January 9, 2013 at 11:09am

Fee Appraiser Role
When appraisers receive a request from either the lender or VA the fee appraiser will:
• Record on the request the date the request was received. We ask that all such
requests be completed as quickly as possible and within 7 business days.
• Review the request and any supporting documentation.
• Prepare a written recommendation, with justification that would be considered
adequate and reasonable by professional appraisal standards.
o If the sales being considered are comparable sales, you must place these
sales on a market grid and properly adjust for differences to the subject.
o If the sales are not considered comparable, you may submit a narrative
detailing why these sales were not used and why they are not comparable
or better than the sales used in your original report.
• If the new data being considered results in a value change to your appraisal report,
please re-upload your entire new appraisal to e-Appraisals and indicate in your
narrative why the change was made.
• If analysis of additional data provided does not support an increase send your
narrative detailing the reasons why the data could not be used to support an
increase via e-mail to the Regional Loan Center and to the lender.
• The appraiser must prepare an updated report using one of the three reporting
options in USPAP AO-3. This new report can be generally restricted to analysis
of the new data and should reference the original URAR as noted in AO-3 under
“Reporting Requirements” paragraph 3.
• Refer to VA Circular 26-04-04 for further guidance.

Comment by Kevin - Greenville, SC on January 9, 2013 at 11:06am

Quality Control and Standards
All appraisal reports are reviewed for both work quality and timeliness purposes. Nonacceptable quality or timeliness findings in any appraisal will be classified as a negative
work quality or a negative timeliness finding. All negative work quality findings are further
categorized according to their significance into substantive or non-substantive findings.
A substantive negative work quality finding will generally be assessed where VA has
determined the fee appraiser made a serious error of fact or methodology that materially
impacts the appraised value or condition of the property. Examples include, but are not
limited to:
• Fraudulent reporting (misrepresentation of a material fact in the appraisal).
• Appraising the wrong property. 13
• Failing to require necessary MPR repairs that may negatively impact the veteran’s
purchase.
• Repeating or failing to correct non-substantive errors after notification by VA.
• Continued disregard for VA instructions or requirements after they have been called
to appraiser’s attention.
• Serious USPAP violations.
A non-substantive finding is generally one in which VA has determined that the fee
appraiser made a relatively minor error of fact or methodology that did not impact the final
value or the reported condition of the property. Examples include, but are not limited to:
• Failing to provide required information on the URAR (e.g., remaining economic life,
HOA dues, trending statement, etc.).
• Misreporting of distances between subject and comps.
• Inconsistency within the URAR.**
• Inconsistency in making line item value adjustments.**
• Failing to adequately describe reasoning in support of large adjustments.**
• Making unsupported time adjustments.**
• Indicating an increasing market and not making a time adjustment on dated comps or
not providing reasoning for not making time adjustment. **
• Making insupportable or “wrong-way” adjustments (plus instead of minus).**
• Not properly addressing sales/financing adjustments.**
**Could be considered to be of a substantive nature, depending on the degree to which it
impacts value.

Comment by Kevin - Greenville, SC on January 9, 2013 at 9:32am

Yep. Clear defiencies in the Appraisal is about the only way you'll get them to reconsider (i.e., square footage, bedrooms, etc.).

Comment by Jim McCormack on January 9, 2013 at 9:30am

I have successfully disputed one VA appraisal/NOV, but was not successful on another.  On the one I successfully disputed the original value was $227,000, which was done before I took over the file.  Once I learned of that valuation I dealt directly with the VA's Construction and Valuation Department in Atlanta.  I sent them new construction comps that were below $227,000.  The sent the comps to the appraiser who did the original appraisal and he lowered the value to $210,000.  However, that was still too high.  After going back and forth with the Construction and Valuation Department I learned that the original appraiser never even went inside the property because they claim the borrower did not respond to access requests.  The borrower said they were never contacted.  I pushed the issue and was able to get them agree to do a new appraisal because by this time the original appraisal was just over 120 days old.  The new appraisal came in at $195,000 and we were able to close the sale.

Comment by Jim McCormack on January 9, 2013 at 9:25am

VA Short Sales (aka VA Compromise Sales) need to net 88.13% of the VA's NOV (Notice of Value - their wording for Appraisal).  It is that clean cut and simple unless their NOV/Appraisal is way too high.

Comment by Kevin - Greenville, SC on January 9, 2013 at 9:25am

It's not a BPO.  It's a VA Liquidation Appraisal which like anything else can be disputed, but you'll have a tough time getting them to overturn.  They are valid for 180 days.

Comment by Tara Samney on January 9, 2013 at 9:24am

Camille - Also on mine they have cut closing costs...and attorney has cut fee to get us to the net or buyer accepted less assistance and all was fine.  Good luck!

Comment by Tara Samney on January 9, 2013 at 9:19am

Camille - Why yes VA sales are that easy :)  Who is the servicer on it? 

Comment by cat on January 9, 2013 at 8:59am

HELP!!!  This might be too good to be true.  I am working a VA Shortsale.  Submitted offer last week and spoke with negotiator today.  Basically she gave me a value that they must net which is 88.2% of the appraised value.  Can it really be that easy.  If I find things to cut to get us to that value, will they come back later and say oh no, they can't pay this or that or the other........I am very suspicious.  THANKS!!!

Comment by Victoria Frieberg on August 13, 2012 at 1:13pm

good to know!  thanks Wendy

• ‹ Previous
• 1
• …
• 10
• 11
• 12
• 13
• 14
• …
• 26
• Next ›
• Page