Retrospective appraisal problems

[J Grant]

I am not a "deadbeat", thank you very much. I would have paid him right away if he had the courtesy to respond to my questions without my having to poke him repeatedly with emails, asking the same questions multiple times. The replies he eventually provided were deflections and he still hasn't answered the questions. I am back in my home state (do not live in FL) therefore emails vs meeting in person.

I dunno, maybe this is a one off for you but somebody who does not pay is known as a deadbeat -

Now it comes out he did provide some replies....keeps changing. Unless payment was made contingent to his answering every question you asked, you simply are not paying for the appraisal .Own it at least.

 

[Artemis Fowl]

Please understand the skepticism of some of us was paved by a long line of clients before you. There are issues here that don't add up and they are being illuminated as we progress. I am fully open to the possibility that you have a deficient appraisal. Until you provide better support for your contentions, I will default to defense of the appraiser.

His replies were deflections? Please elaborate...

 

[Artemis Fowl]

Unless payment was made contingent to his answering every question you asked, you simply are not paying for the appraisal .Own it at least.

OMG I am agreeing with JGrant! I shall drink another coffee to commemorate the occasion!

 

[phoebega]

Pho,

What I don't understand is that you requested a retro appraisal for Income Tax purpose, yet you seem to expect it to be a current marketing appraisal. Perhaps you could explain.

Since you said,

I'm curious why making a larger adjustment would benefit your position as a fiduciary in minimizing Income Tax? Especially since you have experience as a financial analyst.

No, I don't expect it to be a current marketing appraisal, or to use it for that purpose. Therefore my reliance on a realtor's recommended listing price rather than the appraiser's opinion of value in Sept. 2018.

Yes, I understand a larger adjustment for preserve view reduces the value of a comp. The preserve view adjustment was a red flag that market data was not used, and made me look more closely at the other adjustments. Which seem to be inconsistent among the comps in some instances where they should not be. Like I said, is it common in retrospective appraisals for comps to be backed into to arrive at a predetermined opinion of value?

Looking at market appreciation since the date of the appraisal, I do believe the appraisal is low. So depending on the selling price of the house I'll need to decide at the time whether to revisit the retrospective appraisal issue. If the appraiser was inclined to be more open with me about his methodology, that would help with the decision.

The fact I feel the appraisal is low has nothing to do with my not paying for the report before now, that's strictly because he hasn't answered my questions about his assumptions and methodology. Also I admit I was irritated he told me the report would be done in 10 working days but it took him 20 (and I had to nag him about it after 10 but it still took him 10 more).

And for those of you still going on about my not having paid for the appraisal yet, the invoice was dated Nov 30. It's not like I've gone months without paying him. Yes, I'm going to pay him. But for me to have been asking him the same questions over and over for a month and still not have gotten answers, in my opinion is just not right.

 

[Peter LeQuire]

.

 

[graindart]

But for me to have been asking him the same questions over and over for a month and still not have gotten answers, in my opinion is just not right.

Copy / paste the questions here?

Copy / paste the market data that supports a $25k view adjustment?

Without seeing either, I'd just be guessing at what my crystal ball says. Skimming through this thread tells me that there are very few similar type properties in this area. Was the $5k adjustment from the appraiser pulled out of thin air? Maybe. Was the $25k realtor adjustment pulled out of thin air? Most likely. If there are no sales of similar properties backing the same or similar preserve, why would the appraisal have any view adjustment?

 

[Artemis Fowl]

Like I said, is it common in retrospective appraisals for comps to be backed into to arrive at a predetermined opinion of value?

Where is this coming from? Why do you think this is happening?

The fact that you have so many questions is an issue IMO. You should be able to understand the report. We are only getting one side of the story tho which is why I keep asking about actual responses rather than how you feel about his responses.

 

[TRESinc]

Like I said, is it common in retrospective appraisals for comps to be backed into to arrive at a predetermined opinion of value?

let's look at it from a logical point of view. what possible benefit would the appraiser achieve for using, as you like to call it, a predetermined opinion value? why would the appraiser care at all what the value came in at?

 

[Elliott]

Pho,

Why would you think he "backed" into a value? How about some numbers. What did he appraise it for. What is your opinion of what it was worth at the date of death?

How is the $20K difference affecting Income Tax (really curious about appraisals that are done for Income Tax purposes).

I've said this before, many times, there is no way appraisers who are not in your market, knowing your property, knowing the comparables can truly opine with any credibility since we are severely limited in our knowledge of your market. I'm assuming here, but if the appraiser thought there were comparables near the subject that would have competed appropriately with your mother's house, then that is what he probably did. He might have figured out that there is nothing he can say to you about your $25,000 view of trees adjustment. He might be concluding that purchasers in the market, back in 2018, are concerned about living area, age, condition, and marketability (some older houses lose appeal competing with newer homes).

 

[jay trotta]

Hi, I'm trustee for my late mother's trust and recently ordered a retrospective appraisal of her residence for tax purposes, in anticipation of selling. I have some issues with both the appraiser and the appraisal and would greatly appreciate hearing the opinion of some other appraisers.

The house is in a secluded upscale subdivision, next to a forest preserve (Duval Co. FL). All lots are 1+ acre. There is no other housing in the area on 1+ acres with the exception of a few scattered houses on the opposite side of the preserve. Also, within the subdivision (42 houses) only 13 houses actually back up to the preserve, including my mother's. There are no close comparables, turnover in the neighborhood is very low. I knew this when I started talking to realtors in preparation for listing the house, and the appraiser also indicated this in his report. I met with a number of realtors and their recommendations regarding listing price varied by nearly $100,000.

R) Dates are missing (Retro) very important information and did he also provide a second report for Current MV ??

The appraiser assured me he would have the report done in 10 working days. On a Friday after 15 working days had passed I still hadn't heard from him, so asked for an update. He replied he thought he could finish up by Monday. It actually took another 5 working days for him to finish, so 20 working days total. I then had a question about his methodology, which he ignored. I had to poke him with requests multiple times to get him to answer, and his answers didn't directly address my question. I've gone through 3 rounds of trying to get a straight answer from him. At this point after his delay and evasive answers I don't have a lot of faith in the accuracy of the appraisal. I haven't paid him yet which I'm sure is the only reason he's still continuing to respond (although in a delayed and evasive manner) to my questions.

R) for a Retro report 10-20 days does not appear out, It Depends on the research required and complexity involved;
the work you requested, appears to have been completed, so why would you not provide payment ??
Are you a Certified/Licensed appraiser in Florida ??

My main issue is with his adjustment for the preserve view location, $5000. Based on my research regarding appraisal adjustments in Florida, R) Is that from the Big Book of adjustments in Florida ?? and also discussion with the realtor who listed the house when my parents bought it and has continued to focus for 35 years on the limited geographic area around the preserve, it seems in this price range the preserve view adjustment should be $25,000. R) I would assume you have support for that theory ($25,000 adjustment)
For a couple of different reasons I also strongly suspect the appraiser decided on value, then manipulated adjustments to back the comparables into it. I have a background in corporate financial analysis and planning and understand how financial projections can be manipulated. (<^^<interesting) Maybe backing into a predetermined appraisal value is something that's commonly done, I don't know. But does not seem ethical to me.

Thank you in advance for comments.

IMO; (My Bold) & ( R )