Did I make a huge mistake? Accessory unit?

[Tharax]

Thank you J, I will request the other appraisal on Monday when they open.

 

[Renee Healion]

I would not ask for the other guy's work when the problem is yours no matter what. The other appraisal has nothing to do with your error except that it caused someone to really look at your work. Expressing an opinion about the other appraisal could expose you to more trouble and it does not dovetail with your plan to be humble and accepting of your error.

 

[Tharax]

That makes sense, however out of curiosity I am very curious how he possibly arrived a a value so much lower than mine. That does make sense though, since I am planning on going hat in hand.

 

[J Grant]

Renee has a point...

My suggestion about other appraisal would be more for OP's knowledge to see what was done, but it could make things worse and be awkward or damaging, so perhaps R is right...do your own research and appraisal and see what value you come up with as a separate accessory unit, leave other appraisal out of it.

Do your own appraisal and see if the market declined as well, then go in the meeting with an open mind and try to stay positive.

See what value comes out now when you do the appraisal with the accessory unit and smaller living area of dwelling.

 

[Renee Healion]

Yeah, pick a position and go with it. Your error should have been picked up by the client but I guess rubbing THAT in now would be a bad move.

If you get the chance, underscore that your sketch and photos show you did not try to misrepresent the property, that it is a error of methodology which you now realize and greatly regret. Good luck.

I would not address value at that meeting. Ask them for the appraisal then if it seems to be their argument and just take it with you. That gets into you needing legal/insurance advice which is a bigger deal.

 

[Tharax]

Thank you so much Renee, that is exactly what I am looking for. The kind of strategy to use, since I've never been in this sort of situation and I am really stressed out about it. I'll do my research, do my best to try to explain my reasoning and definitely acknowledge my mistake and apologize in a non-confrontational way.

 

[Renee Healion]

You're welcome, but it is just my opinion. Don't go away--there will be people in here all weekend telling you different and/or far better! So, see what develops, weigh the responses and take the best of what turns up. Try not to stress out.

 

[Tharax]

Thank you, I will be checking back for sure. They said my meeting will be at the end of March, so I have a little while to prepare my defense.

 

[Renee Healion]

End of March??? I thought it was something informal scheduled for Monday. If they are taking that amount of time, maybe you need to talk to your E&O carrier soon. Let them guide you in any preparation. Besides, the advice you get from them will be specific to your situation.

 

[Tharax]

They said that was when they have the next disciplinary panel meeting. It is a large nationwide firm that deals with many appraisals. They told me over the phone today that on Monday I would be getting a detailed letter informing me of my probation and the meeting.