Yup, and there is where the problem lies. Great language, but being that they never really read the report, nor care; we are powerless. It’s truly sad. FNMA also has language stating we can charge them a minimum fee if the sales don’t change anything, but try sending an invoice for that. It won’t get paid.

Appreciated!

Ethan you must also remember that as the appraiser you set a large part of the Scope of Work. So as a result if you choose to review the sales or not it is part of your defined Scope of Work.

In the event you get some fruit thrown back at you, keep in mind that although individual properties do contribute in assisting to establish overall market trends, singular properties by themselves will be compared to the greater collection of data for the subjects given market area. Singular properties should be weighted accordingly, and should thus often times have limited to no impact in moving the subjects final market value.

Seek the truth.

Scott Mangum In my experience, most lenders will only send 3 these days. ROVs don’t happen to me often, though, thankfully. If I did get 10 sales I would bargain with them and say “send me your 3 best.”

As far as them having to give reasons why the 3 they do send are better, good luck.

Ethan Yukna I agree; however, if you can “draw the line at examining 3 sales”, you should be able to ‘draw the line’ elsewhere as well, no?

Lee Lansford I rarely get ROVs, but when I do, even if I know the sales they send me are crap, there is nothing I can do about it.

(I will draw the line at examining 3 sales, though.)

My point is that when we an accept an order we don’t have any standing to impose these types of conditions upon the lender or AMC. I’m glad this has worked out for the author. But the way the article was written and the way the introduction on this page was phrased, it made it seem like as long as you have this language in your report than you have protected yourself against having to examine any alternative sales that you know are junk.

The author states that the lender MUST follow his ROV rules, the lender must give reasons behind these new sales, and that these sales must be submitted no more than 9 business days after the report is submitted.

I agree with his rules 100% and have been fighting junk ROVs with crap sales for over 20 years, but the lender never agreed to these ROV conditions.

So, unless you have some sort of contract with the lender that they will abide by your ROV rules, you have no standing. I could state in my general text addendum that I am to be awarded $100 every time an underwriter asks me to include an item in my report that is already there. That does mean I have any ability to enforce that stipulation because the lender never agreed to it beforehand.

Lee Lansford why thank you!!!

Donna Halfpenny Your final sentence in your post is a pearl of wisdom.

Ethan Yukna But, then again, I will judge what is a reasonable request and what is not. For the very infrequent times I do receive a request for a ROV, I first tell the client that there are 3 possible outcomes: no change, an increase, and, finally, a decrease. Next, yes, I will set a limit…three it is…of the number that I will further consider; more than that and I know that they really don’t have anything and are merely hoping that something might stick.

Ethan Yukna agree. OUR professional rules need to change to protect the appraiser. we also need to work with better clients. Get rid of the crappy ones.