Significant Appraisal Assistance (1004p)

[Mr Rex]

Best most honest post in the thread.

and obviously the most helpful?

 

[Michigan CG]

But our reporting of our measurements should be to as accurate as possible and should follow some accepted standard. NC does not require a specific standard but recommends ANSI or the NC RE Commission Yellow book aka Residential Square Footage Guidelines, which is almost a verbatim copy of ANSI standards.

I agree with you. What I don't agree with is appraisers making adjustments down to the dollar when they KNOW that the data they are comparing against does not measure to that degree. Another reason why I don't think any adjustment should not be rounded to the nearest $1,000.

 

[Terrel L. Shields]

they KNOW that the data they are comparing against does not measure to that degree

same with any measurement...False accuracy. Precision Bias . a Wiki definition

Precision bias is a form of cognitive bias in which an evaluator of information commits a logical fallacy as the result of confusing accuracy and precision. More particularly, in assessing the merits of an argument, a measurement, or a report, an observer or assessor falls prey to precision bias when he or she believes that greater precision implies greater accuracy (i.e., that simply because a statement is precise, it is also true); the observer or assessor are said to provide false precision.​

 

[Eli]

I agree with you. What I don't agree with is appraisers making adjustments down to the dollar when they KNOW that the data they are comparing against does not measure to that degree. Another reason why I don't think any adjustment should not be rounded to the nearest $1,000.

It's irrelative in the reconciliations with independent adjustments within each approach. The adjustments to a dollar point actually indicate a recognized methodology being employed. The reconciliations within each approach and the final reconciliation is where rounding is important.

You know I round on measurements to the nearest tenth in my reports. I actually have inches and 1/8 inches memorized in my mind so I know the feet and inches to the 1/8 inch in decimals memorized in my mind. My sketch program rounds to the nearest 10th of inch. I input even closer. I don't let my sketch program round to the nearest hundredth. Is it that accurate? No. Because the house is not that square. But it is pretty close. Many times it is perfect to the nearest 10th inch.

 

[Non Sequitur]

It is a "piece of paper acknowledging" you took 2-two 7 Hour CE classes and also a test for the Third Cost to become a Home Measurement Specialist
The 2 specific CE classes are ON: ANSI Standards 7 Hours & the other: Public Records 7 Hours.

Like it or not, that’s more than most appraisers have.

 

[Carnivore]

They are, fundamentally, no different (though you do not agree with that). Both are cases of data collection. Period. Whether it is the subject or a comp is not germane. I fully understand that you do not like that, but it is what it is. If you want that changed, then I suggest you contact the ASB with your comments.

I think jgrants point is that the particular FAQ should be removed or re-written.

 

[chad hampton]

Only 'appraisers' that aren't really appraisers anymore think that all you do at a subject property is data collection. Take off the suits, cancel one of the many BS conferences you attend, and get out in the field.

 

[George Hatch]

You know Danny isn't the only appraiser in this thread who thinks an inspection (by itself) is about collecting the data, right?

So what else besides measuring and taking pix do you do in a conventional 1004 that you will not do in a 1004P?

Or to phrase it in the reverse, what steps can you possibly skip in the 1004P that you are incapable of skipping in a conventional 1004?

 

[chad hampton]

You being serious? That's all you do at a house is measure and take photos?

Hopefully this idiotic debate ends soon. While my sample size is small, the bank execs I've talked to over the past 3-6 months have indicated these hybrids have been a complete failure as far as they were concerned. Nightmare was one word that was used.

 

[George Hatch]

Fine, so answer the question. Besides the measuring and pix and objective observations, what will you be doing in a 1004 that you *cannot* do in a 1004P?



And sure, the 1004P itself might very well fail if they intend to use them exactly the same way they'd use a conventional 1004. But that speaks more to what they do/don't need for those certain types of usages, not to whether an appraisal must have an inspection by the appraiser in order to be an appraisal.