Revision request from Lender. -remove/replace the term "walking distance".

[Zoe]

Always focus on real property rights for subject property. Many institutions are in trouble at the moment. You can bank on it.

Ask Danny how many people they have laid off?

Who is buttering my bread? I don't focus on that? I focus on subject real property rights.

 

[Zoe]

I understand your position Dale, but you are focusing on wrong target.

Danny is employee.

It is like Congress should be doing things that Congress should be doing. That is not in my stratosphere. I focus on real property rights and have a license to do it.

Look for changes in mid term elections. History repeats itself many times. I can vote at the moment.

 

[Dale Floyd]

Cool it Zoe. I'm not being disrespectful.

Danny and I took classes together in 1991, when we were all getting licensed. Danny's firm did work for my bank back in the day. Danny worked for an AMC who contracted my group for appraisals in this area of the state. I've used his words in newsletters and quoted him at conferences. DW and I go way back, and I have a great amount of respect for his knowledge and our professional friendship. I can't speak for him, but that runs deeper than any of this for me.

But I also disagree with him about this, and a few other things we've spoken about. And I'm not saying anything that most other appraisers don't believe. In my heart, I actually think DW would be on this side preaching the same things I do, if he were still active in the appraisal profession.

 

[Zoe]

FYI Dale and I know you know Mike Orman:

https://www.dailyeffectiveprayer.org/the-serenity-prayer/

 

[Zoe]

Cool it Zoe. I'm not being disrespectful.

Danny and I took classes together in 1991, when we were all getting licensed. Danny's firm did work for my bank back in the day. Danny worked for an AMC who contracted my group for appraisals in this area of the state. I've used his words in newsletters and quoted him at conferences. DW and I go way back, and I have a great amount of respect for his knowledge and our professional friendship. I can't speak for him, but that runs deeper than any of this for me.

But I also disagree with him about this, and a few other things we've spoken about. And I'm not saying anything that most other appraisers don't believe. In my heart, I actually think DW would be on this side preaching the same things I do, if he were still active in the appraisal profession.

I agree. He is employee.

 

[Zoe]

Focus on subject real property rights. Forget the rest.

Vote your heart and conscience in elections.

Pray always.

 

[Zoe]

Everybody worships something. Pray to what you worship. You can vote or you would not have a license to practice real estate profession.

 

[Zoe]

I have to admit I have very experienced real estate professionals on commission that say you are smarter than I thought. It makes me laugh. They are on commission.

It is my hillbilly accent that throws them off the curb. LOL

Joan Trice, I need you right now on this forum. Why did you leave me baby?

 

[DWiley]

I'm unsure how you fail to see.

Allow me to elaborate - Whether an appraiser states "within walking distance" or "within 1-2 miles" will not result in any difference in the opinion of value nor will any reader be confounded and perplexed when reading the report. What investor, judge, or commission would ever question that and for what reason?

As I pointed out previously, its not just about the value. I assume you are aware of the appraisal report-related litigation risk that has existed for some time. Reports with subjective language increase that risk for all involved. And, while changing one's habits may be inconvenient, it is not hard - and it actually helps protect the appraiser as well. It only seems silly until you are the one hit with a complaint or a lawsuit based in part on the terminology in the report. Citations from actual reports have been used as evidence - I would think you have seen that. And they don't just sue the appraiser.

 

[TerryRohrer]

I fail to see how your comments address the concept that I posted about - the expectation of appraisers to perform objectively.

Since you brought up the term "average," I would say that is an excellent example of a word that is used very differently by different people. Suppose the subject property is one where maintenance has been neglected. The paint is peeling. The roof is near the end of its life. etc. If the majority of nearby homes are in similar condition, is the condition of the subject property "average" (as compared to the homes in the immediate area), or is the condition "fair" or "poor" (as compared to the whole housing stock)? I think we know appraisers in both camps. I am not sure that was the best example for you to use.

Also, for lenders appraisal reports are risk management tools (its not just about the value), and one of the risks is litigation risk related to the content in the appraisal report. You may have seen an article or two about such litigation over the past few years. Even if one thinks the litigation is frivolous, it is in a lender's (and appraiser's) best interest to avoid it. Using objective language, rather than subjective language, is not only consistent with the very definition of "appraiser," it reduces, to some degree, the litigation risk for all concerned (including the appraiser).

If this issue is so critical, why are the GSE definitions for quality and condition replete with undefined, subjective terms that are used very differently by different people? If you folks can't practice what you are preaching, it seems a completely hollow argument you are advancing.