Had to share.

Discussion in 'General Appraisal Discussion' started by Greg Parker, Jun 21, 2011.

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  1. Greg Parker

    Greg Parker Member

    0
    Mar 20, 2005
    Professional Status:
    Certified Residential Appraiser
    State:
    Pennsylvania
    Did an appraisal on a rowhome back in 2006. Fairly straightforward, 1028 sq ft airlite, very common in Philadelphia. When I completed the appraisal, I had come in at $125k, citing an over supply of homes, and a medain range of 120k for the neighborhood.

    I guess mine was not good enough, never really heard anything back.

    Fast forward to 2011. Got a request to do a field review on Friday. They sent me the appraisal which was to be reviewed, the file was something like 45 pages though. I printed them all out, and lo and behold, there were two appraisals.

    The second appraisal was mine, which is with the file for some reason. The first appraisal on which they apparrently based the $159k sale was what was supposed to be reviewed. That appraiser apparently felt that the median range for the neighborhood was $160k, never mind the fact that in theprevious 12 months there were three sales exceeding $155k out of 108 total sales in a half mile radius of $100k-$200k. That appraisal was dated 9 days after mine. There was a listing or the subject which was mentioned in my report for $145k, 131 dom. The prior listing (withdrawn, relisted) was $134k 57 dom.

    Amazing that an appraisal 9 days after mine hit exactly the sales price, including the needed seller assist in a market like that, huh?
     
  2. Restrain

    Restrain Elite Member

    0
    Jan 22, 2002
    Professional Status:
    Certified General Appraiser
    State:
    Florida
    Other than to giggle out loud, I would contact the client and advise them that your appraisal is number two on the hit parade they sent out. Then see if they want you to do it.

    I've seen this numerous times, that there are two appraisals, one low, and one that hits the number, generally with the number hitter some week or two after the first.
     
  3. CANative

    CANative Elite Member

    30
    Jun 18, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    I'd withdraw from the assignment. There would be a perception of you not being able to remain objective with both of those reports included.
     
  4. HF Mudd

    HF Mudd Senior Member

    2
    Jul 31, 2005
    Professional Status:
    Certified Residential Appraiser
    State:
    New York
    An amazing coincidence?
     
  5. Greg Parker

    Greg Parker Member

    0
    Mar 20, 2005
    Professional Status:
    Certified Residential Appraiser
    State:
    Pennsylvania
    My bad. I forgot. I did call them as soon as I saw it. They asked me to review only the one, which I ended up declining. I just could not be unbiased, and felt it was best to let it go.... Mind you, I went through it as I watched TV last night...Just comparing the two reports.
     
  6. CANative

    CANative Elite Member

    30
    Jun 18, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    We're proud of you. :beer:
     
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