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Rejected by Reviewer
TOP 10 REASONS APPRAISALS ARE REJECTED
It is estimated that 50% or more of all submitted appraisals are returned to the appraiser for revision. This endless cycle of "submit-review-revise-submit again" is costing lenders, AMCs and appraisers millions of dollars every year.
MLS Photo Issues – The photos submitted are not original photos of all the properties. Be sure to take original photos of all properties even if you are unable to view from the street. Add an MLS image for the property if you are not able to view and add a comment explaining why you used the MLS photo.
Borrower/Owner Name Discrepancy – The borrower/owner name on the appraisal does not match the names on the appraisal order. Check public records and the appraisal to ensure all names are correct. Comment on any differences.
Tax Year – Avoid this revision request by verifying tax data in public records. Be sure the tax data is current and reflects the current tax year.
Reconciliation Statement – Appraisals are sent back for revision when the reconciliation comments are missing or insufficient. Provide sufficient comments to allow the intended user to understand your reasoning and methodology for the final value reconciliation.
Typos and Consistency – Appraisals are sent back for revision when the comments in the report are not consistent or contain spelling errors. This happens when using canned or pre-populated comments. Make sure all comments are relevant to the subject property. Always use the software's spell checker prior to submitting the report.
Photo Issues – To avoid receiving this revision request, make sure your photos do not include people and religious items. Be sure to take photos of deferred maintenance issues and all amenities.
Public Record Discrepancy – The information in your appraisal is being compared to the information in MLS and Public Records. When there are significant differences between MLS, Public Records and your appraisal, you need to comment on these discrepancies. Otherwise, you will be getting a revision requesting that you comment on the differences.
Across the Board Adjustments – This common revision is requested when appraisers do not bracket the significant characteristics of the subject with CLOSED comparables. If you are not able to provide closed comps that bracket, make sure you comment why they cannot be provided.
All Rejects Have Not Been Addressed – This is the second most common revision request received by appraisers. Not all previous revision requests have been addressed. This one is easily avoided by simply responding to all revision requests the first time. You're losing money with the first round of revision requests, don't compound that loss by having to open that appraisal for the third time.
Adjustments – This is the current top revision request for appraisers. Support your use of adjustments that are appropriate and consistent with the market.
How To Avoid These Common Revision Requests
You can avoid many of these revision requests by simply commenting in your report when you come across a discrepancy in the data. Four of the top 10 revision requests deal with discrepancies with public record data. So make searching public records and verifying the data a regular part of your analysis routine. To help you out in this regard, we have just released an Unlimited National Public Record Lookups data service that makes it easy to verify all the data you need for your appraisal.
Unlimited National Public Record Lookups – New Data Service
New Public Records Data Service. Unlimited lookups. Quickly confirm the sales history, the document dates and numbers, the tax and current tax year, the owner of record, legal description, the improvement characteristics, APN, census tract and census block group, plus much more. This new service even provides you with the AVM valuation for the property. Now you can see what the reviewer sees. Demonstrate to the reviewer and homeowner that you performed a thorough analysis of the market and considered all available data in your final value reconciliation.
New AppraisalWorld Silver Membership
Our new Silver Membership in AppraisalWorld.com provides members with unprecedented access to data. The first data service we've made available in the Silver Membership level is Public Records. AppraisalWorld members with a Silver Membership have unlimited access to a national database of public records. We will also be adding additional data services making the Silver membership even more valuable. Joining AppraisalWorld.com is free, but you do have to be an appraiser. Once you join, you can upgrade to the Silver membership level at any time. The Silver membership is a monthly service membership, with no yearly commitment. You can cancel at any time. The Silver membership is available for only $39 per month. That's $39 for unlimited national public record lookups including the AVM valuation of property. No other data provider offers this service – at any price.
Membership with Unlimited National Public Record Lookups –
15 Day Free Trial
We are offering all appraisers a FREE 15 Day trial to use the new public records data service and experience the value of AppraisalWorld and our new Silver Membership. There is no long-term commitment. You may cancel any time.
Join Today!
Visit BradfordSoftware.com Bradford Technologies, Inc.
302 Piercy Road, San Jose, CA 95138 | (800) 622-8727 | info@bradfordsoftware.com

 

        

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