Across The Board Time Adjustments?

[timd354]

No , they can easily rise and the market will show it , generally if a market is crazy hot , someone will come up with the cash needed to increase the market in order to get their home. However, what generally happens is that some weak appraiser will come in and say hey let's just increase the market through adjustments..

So market values can only increase if cash buyers are willing to pay more than the last homes that sold or if appraisers are weak? Gimme a break.

 

[CindyR]

You just did...your justification was based on this appraiser going with a market trend that said the value was increasing . I told you his data was flawed. Do you guys even understand that historically listing were not even considered in an appraisal at all...it was soley based on closed sales. The listing part of the appraisal we write today was inspired by the crash. So people were actually not increasing their listing prices ...so you as an appraiser could not go back further in time to "good days" now I am looking at an appraisal that is speculating towards a future value and you guys are calling me "Real Estate Police" lmao!
Amazing!

Why do you keep saying this appraisal is 'speculating towards a future value'? Is this some kind of prospective appraisal estimating a value at some future specified date? If you are reviewing a current appraisal the effective date is the date of the appraisal - not some date in the future. And the effective date assumes it sold today following a reasonable exposure period that the appraiser has specified in the report. And if the market has been increasing (and you say you agree the market has been increasing) then it may be appropriate to make adjustments to all the sales affected by those increasing market conditions.

 

[BRCJR]

A reviewer must be competent to do the review. That is all I got to say about that.

 

[residentialguy]

Looks like OP has left the building. Hopefully he'll be back...or at least that he's learned something and tucked tail because he's felt the sting of being wrong. Difficult thing to swallow when you've been appraising since 2007 and just now realizing that you've been doing it wrong for 10 years. Pride is a determent when you can't take off the blinders.

 

[ucbruin]

Looks like OP has left the building. Hopefully he'll be back...or at least that he's learned something and tucked tail because he's felt the sting of being wrong. Difficult thing to swallow when you've been appraising since 2007 and just now realizing that you've been doing it wrong for 10 years. Pride is a determent when you can't take off the blinders.]

HAHAHAHAHA!!!!!

I'm not saying I agree with your post.....
I'm say....
I love you ResGuy!!!!!!

 

[residentialguy]

When you grow up, your parents made you eat greens. Probably didn't like the taste at first, but they made you stronger. Same holds true to eating crow.

 

[hastalavista]

When you grow up, your parents made you eat greens. Probably didn't like the taste at first, but they made you stronger. Same holds true to eating crow.

When I first started participating on this forum, like my 3rd or 4th post, I got into an argument with Steven Santora. The guy systematically deconstructed my position (and me along with it). Otis Keys reached out to me and gave me effectively the same advice as you are giving, Res, and I listened.

What this forum has taught me is that I cannot simply "state" appraisal positions without doing my research and homework first. That is a lesson I should have learned without the forum because that is what what I, as an appraiser, am supposed to do anyway. But, I did learn that lesson on this forum and am grateful for it. I now do my best to ensure I have my appraisal facts behind me before I stake out a position.
It doesn't mean I'm always right; I've had my mind changed from positions I've held, and in retrospect, the only reason I did hold onto those positions past the point where I should have is because I wasn't interested in understanding the issue and learning, I was interested in being right (or worried about being seen as "wrong").

It can get a little rough here sometimes, and I'm as guilty as anyone else of mixing it up. But once I accepted the fact that I have a lot more to learn (which is as true now as it has ever been) and I can learn by participating on this forum, I was then finally prepared to expand my competency and really become a better professional.

 

[BRCJR]

I have learned if I keep my mouth shut (keyboard idle) and my ears open (read a lot) on this forum I can (maybe, possibly, hopefully) learn a lot (or at least something).

A problem as I see it, the markets are so different due to the geographical area this forum encompasses, folks post from their own experiences, justifiably so, and are not quite as open to other opinions as they should be, me included.

I, actually, cannot think of another place, readily available, where the wealth of knowledge is as vast as this forum.

 

[Eli]

I am giving the OP some benefit of the doubt because I still am not sure what "across the board" means. Denis went there way back. I still don't know. Across the board makes me think of a set dollar amount or percentage. Like a concrete set amount. Like 1% or $5,000 period.

And, my advice to the OP would be to ask for more support since they believe the REO sale was relied upon so much.

 

[Gobears81]

I am giving the OP some benefit of the doubt because I still am not sure what "across the board" means.

Across the board means that you make an upward adjustment to all of your sales or a downward adjustment to all of your sales. Say that all four of your sales had a 10% (or $10,000 or $50,000) upward adjustment for location. That would be across the board and there are no sales from a locational standpoint that could bracket the subject by being either similar or superior in location.