Adjustments made but the same quality ratings for all comps

[ZZGAMAZZ]

Glenn slipped up and showed his age. Man, I thought I was one of the old ones here. I'm surprised he didn't make a Perry Mason legal quote.

I recently made a Design adjustment to one of the comps that I described as "Post-Beetlejuice."

 

[Dublin ohio]

The appraiser has the option of adding an upgrade line item in grid and making the adjustment there instead of the Q rating, line, imo doing so is less confusing. Either way we need to explain./comment

I agree. But I have many lenders (not AMCs) that do not want the separate line item adjustment. Want it on the Q line with explanation.

 

[sputnam]

The Q and C ratings reflect ranges and they are NOT objective. It's easily possible that the subject may be very solidly Q3 while a comparable just barely makes it to Q3 requires an adjustment. The ratings like to pretend to be objective... and maybe they are a little bit more objective than the fair, average, etc, that we used to use...however, they are still chosen by the individual appraiser based on his/her observations and interpretation of the definitions. Not objective.

 

[Cob]

I was given a prior appraisal on a property

Why? Was there a reason you were given this other appraisal? Just curious.

 

[Sadie]

I was given a prior appraisal on a property and the 3 closed sales are all Q3, but Comp 1 has a -$150,000 quality adjustment, Comp 2 has a +$50,000 quality adjustment and Comp 3 has no quality adjustment. The description says the adjustments reflect the superior or inferior quality finishes and workmanship. Isn't that the point of having the quality/condition ratings? Am I missing something?

The new quality ratings allow for a range within the same rate. A Q3 is a Q3 regardless if it is superior or inferior to the subject.

 

[Zoe]

I would be as much or more concerned they jumped the best (most similar) comps. Adjustments don't have to be quantitative. They can be qualitative.