Verifying Sales

[Joe Flacco]

I don't think the reason some appraisers choose to write detailed reports is primarily to defend the appraisal should the need arise. The main reason is demand for such appraisal reports exist and they pay a lot.

 

[Eli]

The writing is not what takes me so long although that is definitely a factor especially with the new reporting requirements. Data selection & collection both inside and outside my office, verification, analysis, application & reconciliation is what takes me so long. I can't read this market like we could in 2005. I feel like I need xray vision sometimes. These foreclosures/short sells/below market sales & above mkt sales for other financial reasons, along with other abnormal transactions and other market conditions (lack of many arm's length land/lot sales has been a nightmare) have made a mess that has made market analysis from beginning to end take much longer. Another factor in general is that the number of properties that must be analyzed is generally greater and cover a wider geographical area than before the collapse.

 

[Lost Cause]

I have strong work files, strong reports with comments on adjustments and everything pertinent to the appraisal.

That's nice, but if your verification process missed something vital, it isn't going to be in your workfile, either.

 

[Chandler]

That's nice, but if your verification process missed something vital, it isn't going to be in your workfile, either.

No, it's not actually.

MLS/Tax Records > Realtor bimbo lies on the phone

 

[Michigan CG]

.........MLS/Tax Records > Realtor bimbo lies on the phone

That is one of the most ignorant statements I have read on this forum, in more ways than one.

 

[Eli]

The realtors I know have a license and also have liability. And sometimes after studying the data and the market, the MLS sheet will not look like it is giving accurate info and I will call the realtor and they will tell me something totally different, that the MLS is wrong for some mistake reason and then it will make sense. I then send a note to the MLS.

 

[Chandler]

Well I've been a realtor for more than a dozen years and I have supervised realtors in the past, I know a little bit about them.

 

[Eli]

Just sayin the MLS is not always right, similar to realtors not always telling the truth, but realtors do have liability which makes them more accountable. When the market tells me something is wrong, I listen and dig deeper. The last class I took on sales comparison analysis said personal interviews was a recognized method for adjusting qualitatively and quantitatively in some circumstances. Not necessarily the best method, but it is recognized.

 

[CANative]

Well I've been a realtor for more than a dozen years and I have supervised realtors in the past, I know a little bit about them.

Well my mom and dad got their RE licenses in '67, dad got his broker license in '70 or there abouts. I had an RE license for a couple of years, my brother for 15 years. Dad, my brother and I are appraisers, dad since the '70's.

Talking to Realtors® is almost never a waste of time and sometimes it's probably career saving.

Don't know what your problem is but I don't want to insult you again so I won't.

 

[Eli]

I couldn't make it without them because they give info I can't get anywhere else. Don't even think about doing most commercial appraisal work without them although I can't even imagine residential without them.