phoebe33764
Sophomore Member
- Joined
- Sep 21, 2007
- Professional Status
- Certified Residential Appraiser
- State
- Florida
After receiving my report, the MB (whom I am known for many years) called me to ask me why I considered active listings in my estimate of market value and included them in my report.
m2:
At first I thought he was joking as we have a very good rapport. He used to be an appraiser long ago however, had never experienced a declining market as we are in primarily in Florida.
I explained that although there were sales comparable to the subject ranging from $80-114k, foreclosure and short sales were the majority, according to my research. Active listings in the immediate neighborhood were at $65-90k, some foreclosures, some short sale listings, and the rest normal actives with no mention of distress.
Then he says to me......
"No other appraisers consider active listings". I could not believe what I had just heard. How could an appraiser not consider active listings? Trying to explain to him the reasons why an appraiser is supposed to when they don't was near impossible. Yes, there are many appraisers out there who don't measure or supervisors who say that they inspected with a trainee when they didn't...et. al. I was just stunned to hear that there are appraisers who disregard a very important factor of value.
It is a shame I'll probably lose this client because it now appears that I am working out of the norm when I am only covering all bases including my @$$.
m2:
At first I thought he was joking as we have a very good rapport. He used to be an appraiser long ago however, had never experienced a declining market as we are in primarily in Florida.
I explained that although there were sales comparable to the subject ranging from $80-114k, foreclosure and short sales were the majority, according to my research. Active listings in the immediate neighborhood were at $65-90k, some foreclosures, some short sale listings, and the rest normal actives with no mention of distress.
Then he says to me......
"No other appraisers consider active listings". I could not believe what I had just heard. How could an appraiser not consider active listings? Trying to explain to him the reasons why an appraiser is supposed to when they don't was near impossible. Yes, there are many appraisers out there who don't measure or supervisors who say that they inspected with a trainee when they didn't...et. al. I was just stunned to hear that there are appraisers who disregard a very important factor of value.
It is a shame I'll probably lose this client because it now appears that I am working out of the norm when I am only covering all bases including my @$$.