Real Estate Appraisal Forum

appraisersforum.com logo
The Premiere Online Community for Real Estate Appraisers!
 Fastest Way to Find a Real Estate Appraiser Enter Zip Code:
 
 
Go Back   Appraisers Forum > Real Estate Appraisal Forums > Appraisal Review
Register Help Our Rules Calendar Archives Mark Forums Read


Closed Thread
 
Thread Tools
  #11  
Old 11-23-2010, 04:56 PM
zdfenton's Avatar
zdfenton zdfenton is offline
 
Join Date: Nov 2008
State: Wisconsin
Professional Status: Certified General Appraiser
Posts: 373
Default

I don't think they know what they're asking for. Standards Rule 1-6 (A) requires a reconciliation of the quality and quantity of data within approaches, but if you didn't perform an income approach you can hardly reconcile within that approach.

You may want to bring that to their attention and see what they're really asking.

By stating the approach was not applicable to me you've done your job from a USPAP perspective
Sponsored Links

  #12  
Old 11-23-2010, 05:02 PM
rowdydog rowdydog is offline
 
Join Date: Dec 2007
Location: Arizona
State: Arizona
Professional Status: Certified Residential Appraiser
Posts: 263
Default

remember this, you might be dealing with "wanta be appraiser",who has no idea of what he is asking for.
  #13  
Old 11-23-2010, 05:26 PM
JRS at OBX's Avatar
JRS at OBX JRS at OBX is offline
 
Join Date: Jun 2006
Location: Outer Banks of NC (OBX)
State: North Carolina
Professional Status: Certified Residential Appraiser
Posts: 5,311
Default

Quote:
Originally Posted by Michigan CG View Post
He must not be an appraiser.
Kinda like the Doc claiming to be USPAP certified.
  #14  
Old 11-23-2010, 05:47 PM
Terrel L. Shields's Avatar
Terrel L. Shields Terrel L. Shields is offline
 
Join Date: May 2002
Location: Springtown, AmeRica
State: Arkansas
Professional Status: Certified General Appraiser
Posts: 40,361
Default

Quote:
A reconciliation should tell the reader why you were at a certain value. Say your comparables adjust to $155,000-$170,000; why did you pick $155,000 or $160,000 or $170,000?

Which property gave you the best market evidence to go by? Which property is considered the least likely indicator of value.

Each approach should within its own section "Reconcile" the value and its reasoning. Then the final reconciliation should devote itself to arguing which approach is Applicable, applied, weighted, imho.

I don't think you need to rehash each approach in the final reconciliation.

as for reconciling the Income Approach. It is easy to dismiss it, but in many subdivisions now, I am seeing 30 - 50% renters.....sooo...it is applicable even if, like the cost approach it is not necessary to arrive at a market value conclusion. So maybe he is complaining that you didn't do it... otherwise, there is nothing more to reconcile that what you have done.
__________________
It does not rquire many words to speak the truth-Chief Joseph
  #15  
Old 11-24-2010, 01:58 AM
Laughing Heir's Avatar
Laughing Heir Laughing Heir is offline
 
Join Date: Oct 2007
Location: Steamtown
State: Pennsylvania
Professional Status: Certified Residential Appraiser
Posts: 1,337
Default

Quote:
Originally Posted by Terrel L. Shields View Post
Each approach should within its own section "Reconcile" the value and its reasoning. Then the final reconciliation should devote itself to arguing which approach is Applicable, applied, weighted, imho.

I don't think you need to rehash each approach in the final reconciliation.

as for reconciling the Income Approach. It is easy to dismiss it, but in many subdivisions now, I am seeing 30 - 50% renters.....sooo...it is applicable even if, like the cost approach it is not necessary to arrive at a market value conclusion. So maybe he is complaining that you didn't do it... otherwise, there is nothing more to reconcile that what you have done.
My bold.

That's how I see things too. I found it much easier to write a convincing SCA summary (and reconciliation) after I learned to use the active voice.

This is one I might use in my final reconciliation for a rural property:

I omitted the income approach from the development of this appraisal; homebuyers in this market area do not typically purchase single-family dwellings for their ability to generate income yada yada yada.

It's the same thing for whatever approach I did / did not employ throughout the process. I feel that the first person, active voice approach engages the reader and makes them want to read your appraisal.

YMMV

Mike
__________________
"If you think it's expensive to hire a professional to do the job, wait until you hire an amateur."
Sponsored Links

Closed Thread


Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Forum Jump




Copyright © 2000-, AppraisersForum.com, All Rights Reserved
     Terms of Use  Privacy Policy
AppraisersForum.com is proudly hosted by the folks at AppraiserSites.com

Fastest Way to Find a Real Estate Appraiser Enter Zip Code:
Partner Sites:
AppraiserUSA.com - National Appraiser Directory AllDomainsUSA.com - Domain Name Registration
DeadbeatListings.com - Deadbeat ListingsAppraiserSites.com - Web Hosting for the Professional Real Estate Appraiser
Find FHA Appraisers - FHA Appraiser Search Commercial Appraisers - Commercial Appraiser Search
Relocation Appraisal - Find Relocation Appraisers Domain Reseller - Business Opportunity
Home Security Buzz - Home Security Info Radon Testing - Radon Gas Info
My Medicare Forum - Medicare Info Stop Smoking Help - Help Quitting Smoking
CordlessPhoneStore.com - Great Cordless Phones AndroidTabletCity.com - Android Tablet Computers

Follow AppraisersForum.com:          Find us on Facebook            Follow us on Twitter


All times are GMT -5. The time now is 11:14 PM.

SiteMap: 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37, 38, 39, 40, 41, 42, 43, 44, 45, 46, 47, 48, 49, 50, 51, 52, 53, 54, 55, 56, 57, 58, 59, 60, 61, 62, 63, 64, 65, 66, 67, 68, 69, 70, 71, 72, 73, 74, 75, 76, 77, 78, 79, 80, 81, 82, 83, 84, 85, 86, 87, 88, 89, 90, 91, 92, 93