$25,000 Adjustment for EV Charger

[Flakey]

Need to consider the percentage of potential buyers that would be motivated by a dedicated home EV charger.

 

[Tom D]

There was a hybrid car attached to the charger at time of inspection, which was included in the sale.

My question, did that adjustment bring up the value over the comps. And was the big house used to bracket the adjusted value range for this sale price to fit in.

 

[timd354]

That’s insane. Are you doing a review of this assignment? Would love to know how they derived that adjustment.

I am not doing a review appraisal. I am the chief appraiser at a mortgage insurer and one of my underwriters sent it to me for a second look. SInce the appraiser did not explain, we don't know how it was derived, but it appears that he just plugged in the number that was needed to hit the contract price.

 

[George Hatch]

That sux

 

[timd354]

There was a hybrid car attached to the charger at time of inspection, which was included in the sale.

My question, did that adjustment bring up the value over the comps. And was the big house used to bracket the adjusted value range for this sale price to fit in.

The adjustment brought the adjusted sale prices of three of the comps to right about the contract price of the sale of the subject property. I don't think that the larger house was included to bracket the adjsuted vaslue range, I think it was likely included solely to avoid an across the board adjustment for the EV charger.

 

[timd354]

That sux

It sux, but fortunately it was easy to detect.

 

[George Hatch]

I know you understand this, so this comment isn't directed at you.

So many appraisers have an adversarial relationship with reviewers without considering the position they have sometimes put those reviewers into. This appraiser didn't provide enough information to enable your reviewers and underwriters to agree with their opinion or defend their value conclusion. You guys have no choice but to note the obvious. You would be remiss if you didn't.

It is not in this appraiser's best long term interests for reviewers to let stuff like this slide. If they thought about it they would realize that there is no upside to allowing an inadequate appraisal report to circulate with their name on it.

 

[Fernando]

Reviewers should do their job and request how the adjustment came about. That's how the game works.

 

[chad hampton]

Wonder if they meant 2500? The tech bro crowd that lives in my city thinks those chargers are a big deal, but the market says otherwise.

Some appraisers use programs that just pump **** into the sales grid, and they don’t put any thought or judgement based on experience into what their internet machine spits out. Maybe that the case here. Or maybe he was independent and decided he needed it to hit the number. Bad look regardless.

Did it go through an AMC or any basic level of review before you got it?

 

[Fernando]

Wonder if they meant 2500? The tech bro crowd that lives in my city thinks those chargers are a big deal, but the market says otherwise.

Some appraisers use programs that just pump **** into the sales grid, and they don’t put any thought or judgement based on experience into what their internet machine spits out. Maybe that the case here. Or maybe he was independent and decided he needed it to hit the number. Bad look regardless.

Did it go through an AMC or any basic level of review before you got it?

You are good. Learned something from you.
To reviewer after getting called (caught) out - "Sorry, I meant $2,500".