Appraisers will appreciate this: Bracketing square footage

The last conversation I had with an appraiser he said to me"this is a really hard time to be an appriaser." 

Wow, the underwritter must have had a long day and got dizzy.

The underwriter has a bucket list of things he needs done - they don't have to make sense.  Nothing like top down management of an industry.

I always warn my home buying clients about the underwriter process.  I swear underwriters sit around laughing and making this stuff up.

The underwriter really determines the fate of the transaction, so whatever they use, want or need to close the deal, the agent must respond, however, how many times does that occur? I'm with Lenn, #6, give them what they want to secure the close.

This is the reason I rarely submitted more than 3 comps.  When I had more, I felt it best to keep them for later submission if needed.  Besides, being an ethical, USPAP abiding appraiser, the first three are the best available comparables.

The pitfall of altering the square footage of two of the comps by 1 square foot to bracket is that you would stand to lose your license or defend against a lawsuit simply to meet this ridiculous request.

While we love agents who will just do whatever it takes to get a loan closed, I LOVE your response even more!  It just needed to be addressed and you certainly did that to a 'T' :)  Not that I'm sticking up for Underwriters, but sometimes it has to be addressed for FUTURE 'checklist reviewers'.  In most cases your appraisal will be reviewed two more times in the secondary market - and God help us if the loan defaults - your appraisal will be picked apart after the fact.  And a simple omission, even like this 'duh' omission, can cause a buy back for the lender.   Unfortunately, it's CYA time here in the mortgage industry.... 

Isn't it interesting that the brouhaha over influencing appraisers by buyers, sellers and their respective agents a few years ago during the inflated market only resulted in stupid regulations? Why are underwriters allowed to pressure appraisers into changing bona fide appraisals to the underwriter's pre-conceived ideas of value?

I applaud you for the totally logical additional comment on your report. Lucky you to have 7 comps! I only do BPOs, but the dearth of sales activity within the prescribed area often presents difficulties. I stopped accepting BPO orders for companies who have my reports reviewed by some fellow in India!

It seems to me that an appraiser's job is becoming more difficult and time consuming at the same time that your fees are being split with that 3rd party. Not right.

Hi Alisa, good for you!  Rules are made to be broken.  I hope the bureaucrat who is reading your appraisal agrees! lol

Most days I am not happy with many appraisers because I just do not understand the reasoning behind their choices, outside of "CYA".

On the flip side, the last three transactions, that I was ABSOLUTELY POSITIVE WOULD NOT Appraise (and in two cases HOPED THEY DID NOT......

ALL THREE DID APPRAISE!!

So I ask myself, is it me, its it them, is it the market and GOD BLESS ALL OF US For the last three deals that gave Buyers instant equity(even though two sellers are not as happy as they could be). 

Regardless - I DO NOT UNDERSTAND the reasoning, but then in defense of appraisers, I am not educated as one either (hence the reason - I just don't understand why appraisals do not work out these days, but FOR YEARS...they were just fine or close!   Lost, I remain,         Joy

Hey Alisa~I love your comment number 3-priceless!

Have an AWESOME evening!

Hi Alisa, thanks for the entertainment, always fun when a clients hires you and then tells you how to do your job wrong. I am also impressed that you could find so many good comps close enough to fit on the same aerial photo, we are lucky to find anything remotely similar in the same town.

Quite often I think in my area, the Underwriter has the upper hand. Someone who sits in front of the computer and has not stepped foot in one home that he is "suggesting" to be added to the appraisal. 

Wow....I'd sure love to find 7 sales like that...matched pairs could finally be matched pairs... heck, I'd just like to see 7 sales...LOL...I work in a rural lake area...

You very eloquantly said 'duh' without saying 'duh' - kudos!

Well, I do have some odd hours, but I am Pacific Time Zone, so it wasn't nearly as late as you!