Appraisal Rescue(tm)

Appraisal & BPO Reviews

Agents and Homeowners...Does a cruddy appraisal or BPO have your deal in a death grip?  If so, we're here to help. We offer an Appraisal Rescue program that helps agents and mortgage professionals respond back when inaccurate appraisals or out of line BPOs threaten their transaction.  Our professional appraisers will provide a thorough review and prepare a written response to the appraisal.  Our service is designed to help you obtain an accurate fair market value. And, our valuation review services come with a guarantee...if we determine that the value on the appraisal or BPO you submit is accurate, we refund you half of the review fee. 

Why have you developed this program?  We believe, and have experienced, that under new HVCC rules appraisers are often submitting undervalued appraisals that threaten otherwise legitimate, fair market value transactions. We believe that under valuing a property is as much of an economic threat to our industry as was overvaluing a few years ago. Accurate values are critical and inaccurate values threaten our transactions and our livelihood.

In two of our recent transactions the appraiser came in $100K under value on a $675K home in Anaheim Hills and $50K under value on a $470K home in Yorba Linda. In both cases appraiser mistakes nearly killed the deal.  We have an on-staff appraiser to help us address these inaccurate values and we are now offering it to other industry professionals. For more information on the under valuations as a result of HVCC and issues with HVCC see some of the following links FHAblogHVCC or NAMB on HVCC.

Do you prepare a written response?  Yes.  The appraisal is reviewed by an experienced AR certified appraiser and a written response is returned to you for submission to the appraiser. 

What types of issues do you see in inaccurate appraisals?  The types of issues can be extensive and range from poor comparable properties (too old, too far, wrong size, etc) to improper or missing adjustments (for condition, location, size, bedrooms, square footage).  We have seen many different types of issues which can lead the appraiser to prepare an opinion of value that is not anywhere near the true value of the property.  For example, we recently saw an appraisal which used a manufactured home as a comparable to a single family residence and at the same time ignored a comparable property that was in the same neighborhood and had just closed two weeks beforehand. 

What is the fee?  The fee is $200.  If the appraisal is found to be accurate, 50% is refunded to you.  If the value is inaccurate, we believe investing $200 to save a deal could be well worth it.

How can I take advantage of this service?  Its easy.  Email us a copy of the appraisal and then call us to arrange payment and we will do the rest.  

Is there any government entity that I could notify if I have a bad appraisal?  Yes.  You can contact the Office of Real Estate Appraisers ("OREA") at http://www.orea.ca.gov/ and file a complaint.  Due to the number of reports and limited resources, response times can take a long time (we've seen up to six months).  OREA encourages you to contact the appraiser to give him or her a chance to correct the appraisal prior to filing a report--our service will help you do just that. 

If I want to order an appraisal from you, can I?  Yes.  In addition to the appraisal review service, we offer a full suite of appraisal services.  If you are mortgage professional, please remember that your may be subject to HVCC rules.  If you a private party, attorney or other professional seeking an appraisal, we can certainly help.  Email Neal to order an appraisal or for more information.

Do you work with companies on a contract basis to review portfolios?  Yes, we can work with businesses to evaluate and review BPOs and appraisals and also offer updated portfolio valuation services.  Contact us for a quote.