[Richard Coake]

Realtor Magazine referred in the second half of 2004, or in 2005, to an online source for the values of appraisal adjustments used in completing a CMA. For example, the value of a fourth bedroom versus having just 3 bedrooms; the approximate value of a 3-season enclosed porch, etc. Does anyone have the online source for these values? Realtor Magazine's archive search doesn't locate it for me.

[Smokey Bear]

The "list" is only shared amongst appraisers who know the secret handshake. The rest of you poor slobs have to used paired sales analysis to find out what these features are worth.

[Pamela Crowley (Florida)]

Richard,

First, Welcome!!!!!
Are you a Realtor or involved in real estate in any way as a professional?

Now for a serious answer to your question.

Even though NAR came up with a 'list' of adjustments, it's just a huge pile of horse-puckies and has NO relationship with the real world and no legitimate appraiser would use such a list. For anybody that would attempt to consider themselves a 'real estate professional' and use a 'list' like that is just not realistic and it's a sick joke on the real estate community.

Each appraisal has adjustment determined for it according to the market data researched for that particular property. Different neighborhoods will be found to have different adjustments for the same items because there are differences in style, age, size, quality, etc... etc... etc...

THERE IS NO LIST THAT WORKS !!!

ANYBODY THAT PRODUCES ONE IS DOING A HUGE DISSERVICE TO EVERYBODY.

[Tina]

Welcome Richard!

Pardon Cynthia, I'm sure she didn't realize your not an appraiser!

To answer your question, no, I don't know where to find the article about the "list". To explain a bit more, adjustments are derived from a specific local market using local market data.

As an example, a fireplace in Florida probably would not have the same market reaction as it would in say Michigan.

An appraiser must look into the local market in an attempt to quantify adjustments for various disparities.

I'm sure others will chime in with more feedback to your question.

TB

[Smokey Bear]

Oops, I DIDN'T realize you're not an appraiser! Pam and Tina are right, appraisers do not have a "list", or shouldn't.

[Denis DeSaix]

Originally Posted by Cynthia Hamilton

Oops, I DIDN'T realize you're not an appraiser! Pam and Tina are right, appraisers do not have a "list", or shouldn't.

Richard-

Cynthia shared a little "appraiser humor" there assuming you were an appraiser (yes, I know, we should all keep our day jobs!).

Your question, unfortunately, is one that is asked from time to time by appraisers (typically (and hopefully), those that are just new into our profession); therefore Cynthia's response makes perfect sense to a regular on this forum, with the assumption that your post reflected a question from a "new appraiser".

As the others said, there is no such thing as an "on-line" adjustment or reference for "acceptable" dollar amount adjustments. There are on-line valuation services that provide an estimate of market value (these are not technically an appraisal, however) and make adjustments to the data they are evaluating to conclude a value indication, but I don't think that is what you are referring to.

The appraisal process requires the appraiser to look to the market in order to "extract" an appropriate adjustment for any given amenity. Needless to say, it is rare that one has enough data to determine an exact dollar amount for any given market, so what usually happens is that there is an acceptable (acceptable in that it can be supported by the market evidence) range of for an adjustment. Two appraisers, side-by-side, can look at the same house and conclude a different adjustment amount for the same amenity/configuration difference (let's say one appraiser adjusts $10k for a bedroom and one appraiser adjusts $15k for the same bedroom; chances are, both are right).

Lastly, sometimes it is not possible to conclude any market supported adjustment for a particular difference. For example, in a neighborhood where no pools exist, how much more valuable is the home where the first pool is installed? Good question- very little data to support a specific market adjustment. So, in such cases, the appraiser may "fall back" either on his/her own best judgment (experience) or, as I tend to do, state that no market reaction can be concluded for the difference at this time, and give it no specific adjustment but consider it in the overall final value reconciliation.

Others will chime in here also to answer your question. If there is anything specific you can add, please do, and the answers will be more specific.

Welcome to the forum!

[Smokey Bear]

Originally Posted by Denis DeSaix

Cynthia shared a little "appraiser humor" there assuming you were an appraiser (yes, I know, we should all keep our day jobs!).

Denis - are you maligning my sense of humor? Since my "day job" ain't paying much these days, I thought stand up would be a good second source of income. Looks like you think I wouldn't make it.

Some board buddy you are!

[Bobby Bucks]

It's too late for Cynthia now. Everyone affiliated with the federal reserve has read the thread by now. They monitor the forum 24/7 ever since word leaked out about the "bubble" preceding the decline of the dollar and end of mankind.

[Tim Hicks (Texas)]

Even I know the "ask an appraiser" section is for outsiders to ask informational questions for experts in the appraisal field. It is a poor reflection of our profession to treat others inappropriately in this section of the forum. I think that Cynthia should send Richard flowers and a gift card for her poor behavior.

I only post this as a reminder because obviously not everybody understands the "ask an appraiser" section of the forum.

Is "informational" a word? I would like to ask an appraiser.

[Smokey Bear]

Hey Duckboy, have you ever noticed the "new posts" link near the top of the page? It shows all new posts, you don't have to go into a particular forum to read the posts, hence not noticing it was in the "Ask an Appraiser" forum. Of course Duckboy may not be smart enough to use the "new posts" link, and has to go to each forum individually to see what's new. Goes with being "flipped out", huh?