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  #1  
Old 06-21-2011, 02:09 PM
Greg Parker's Avatar
Greg Parker Greg Parker is offline
 
Join Date: Mar 2005
Location: Philadelphia, PA Suburbs
State: Pennsylvania
Professional Status: Certified Residential Appraiser
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Default Had to share.

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 The prior listing (withdrawn, relisted) was $134k 57 dom.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?
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  #2  
Old 06-21-2011, 04:54 PM
Restrain Restrain is online now
 
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Location: Port Charlotte, FL
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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  
Old 06-21-2011, 05:03 PM
CANative's Avatar
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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.
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  #4  
Old 06-21-2011, 05:06 PM
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HF Mudd HF Mudd is offline
 
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Location: Queens County
State: New York
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An amazing coincidence?
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  #5  
Old 06-21-2011, 05:08 PM
Greg Parker's Avatar
Greg Parker Greg Parker is offline
 
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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.
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Old 06-21-2011, 05:42 PM
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