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Old 11-13-2006, 12:43 AM
Adam Rodgers Adam Rodgers is offline
Join Date: May 2006
State: Utah
Professional Status: Certified Residential Appraiser
Posts: 13
Default Useful Appraisal Comments

I have been using a few comments from an appraisal website I found a few months ago that have been quite useful. The website is Does anyone have any other good comments they use in their appraisals or another collective database like this one? Here are a few comments that I use from the site I found. I don't use all of these I find many of them useful.

Cost Approach Comments
Because of the age of the subject's improvements, the cost approach is not a reliable indicator of value and is not applicable in this report.

The sales comparison approach is the most reliable approach to value and was given the most weight. The cost approach is necessary because the house is new (or almost new) and lends support to the sales comparison approach.

Income Approach Comments
Rental income is not a motivation to purchase in this neighborhood and the income approach is not applicable in this appraisal.

Intended Use Comments
The Intended User of this appraisal report is the Lender/Client. The Intended Use is to evaluate the property that is the subject of this appraisal for a mortgage finance transaction, subject to the stated Scope of Work, purpose of the appraisal, reporting requirements of this appraisal report form, and Definition of Market Value. No additional Intended Users are identified by the appraiser.

Typical Sales Contract Comments
The contract appears to be between a willing buyer and a willing seller meeting all the characteristics of a market value transaction.

Scope of Work Comments
The appraiser is not qualified to make a judgment about the condition relating to the foundation, roof, exterior walls, etc. A visual observation of the exterior surfaces from ground level was made. The reported conditions reflect only the apparent surface condition. If the client has concerns regarding the condition of these components, an inspection by a qualified party is recommended.

Sketch Comments
The appraiser has provided a sketch in this appraisal report to show the approximate dimensions of the improvements. The sketch is included only to assist the reader in visualizing the property and understanding the appraiser's determination of its size.

Flood Map Comments
The appraiser has examined the available flood maps that are provided by the Federal Emergency Management Agency (or other data sources) and has noted in this appraisal report whether any portion of the subject site is located in an identified Special Flood Hazard Area. Because the appraiser is not a surveyor, he or she makes no guarantees, express or implied, regarding this determination.
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Old 11-13-2006, 08:23 AM
leelansford leelansford is offline
Join Date: Mar 2002
State: Illinois
Professional Status: Certified Residential Appraiser
Posts: 13,694

Adam, take care in the use of "canned" comments.

Some such comments are OK to use...the comment regarding flood hazard zones is a good example.

However, I often see appraisals where the appraisers are using too obvious canned comments and it is apparent that the appraiser is clueless as to what he or she is stating.
Lee Lansford, IFA
"My opinions & my opinions only!"
Old 11-13-2006, 08:37 AM
Otis Key's Avatar
Otis Key Otis Key is offline
Join Date: May 2004
Location: Mile High
State: New Mexico
Professional Status: Certified Residential Appraiser
Posts: 15,970

Ditto Lee's statement. I just reviewed several reports, which are on their way to the state board, that had canned statements in them that had absolutely nothing to do with the subject property. Statements such as "subject to completion" on "as is" appraisal; "this high end market" in an "average quality and affordable price range" market.

The use of "canned" statements in some areas is fast and convenient, but can be hazardous to your career. One of the complaints to the state board against you could be "numbers errors of omission and/or commission in such a manner as to present an apparent misleading, not credible or misrepresentative appraisal."
Old 11-13-2006, 02:54 PM
ttaM kooC ttaM kooC is offline
Join Date: Apr 2002
Location: CA
State: California
Professional Status: Certified Residential Appraiser
Posts: 391

#1 & 2: I think I might have a problem asserting that either the cost or income approach is not applicable. They may be less reliable indicators than another approach or may not be necessary to develop a credible opinion of value, but I would hesitate to say they were not applicable in typical residential work.

#3: I hope everyone doing Fannie work has been using this since its development.

#4: I would not presume to be Karnac the Magnificent and have insight into the minds of the buyer and seller. Perhaps if I interviewed them I could comment on their motivations.

#5: Always a good idea to expand the SOW comments to clarify what it and isn't included, though I am not sure of the appraiser's qualifications to make a judgement about the condition of the "etc." Might be better to be more specific.

#6 & 7: The last two (Sketch and Flood Map comments) are taken straight from the Fannie forms' Statement of Assumptions and Limiting Conditions.

I am all for sharing comments and have both given and taken some here at this forum. There are probably a lot of good ones at the Georgia forum too.
Old 11-13-2006, 03:22 PM
Steve Owen's Avatar
Steve Owen Steve Owen is offline
Join Date: Jan 2002
Location: Joplin, Missouri
State: Missouri
Professional Status: Certified General Appraiser
Posts: 5,409

I agree with Matt.

Additionally, I generally don't like canned comments and usually don't use them. Each situation must be viewed on its own merit and then an appropriate comment can be written. I sometimes start with a comment that is "canned" in the since that I have used it before, but usually rewrite or edit to fit the current situation more specifically.
__________________ useless man is a shame, two is a law firm and three or more is a congress. - John Adams
Old 11-13-2006, 06:18 PM
john snyder john snyder is offline
Join Date: Jul 2002
Location: Flint, Michigan
State: Michigan
Professional Status: Certified General Appraiser
Posts: 1,190

Here is a comment that I find not only wrong but really shows how much the appraiser does not know - it is written in various forms like this:

"The house is of typical age and condition for the neighborhood and therefore there is no functional or economic obsolscence."

Why would the appraiser even say this? Especially on houses that are older. There has to be some functional obs. because there are better products and materials in todays houses. And just what does the age and condition possibly have to do with economic obs.????

Drives me crazy.

I did like a couple of the comments that were posted for this thread.

Old 11-13-2006, 06:41 PM
TC's Avatar
TC TC is offline
Join Date: Jan 2002
Location: Isle of Malta
State: Pennsylvania
Professional Status: Certified Residential Appraiser
Posts: 12,063

I recently copyrighted the phrase, These were the best comparables available.

Should make a million.

Alot does not exist as a word.
Old 11-13-2006, 07:00 PM
Claude From NY Claude From NY is offline
Join Date: Jan 2002
Location: NYC - Long Island
State: New York
Professional Status: Certified Residential Appraiser
Posts: 2,563

Feel free to use this one as seen in a recently reviewed report. There were no security bars on any window.
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File Type: jpg Statement.JPG (16.5 KB, 77 views)

Last edited by Claude From NY : 11-13-2006 at 07:20 PM.
Old 11-13-2006, 07:10 PM
Colorado Guy's Avatar
Colorado Guy Colorado Guy is offline
Join Date: Feb 2003
Location: Colorado Springs
State: Colorado
Professional Status: Certified Residential Appraiser
Posts: 736

Originally Posted by Claude From NY
Feel free to use this one. There were no security bars on any window.
That is of course unless there are some!
Old 11-13-2006, 08:02 PM
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DTB DTB is offline
Join Date: Jun 2004
State: Illinois
Professional Status: Certified Residential Appraiser
Posts: 7,946

Originally Posted by Claude From NY
Feel free to use this one as seen in a recently reviewed report. There were no security bars on any window.

Nor a spellchecker on his machine
Appraising, picking up nickels in front of a steamroller.
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