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ANYONE EVER NOT DONE THIS?

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Terry Russell

Thread Starter
Senior Member
Joined
Feb 24, 2002
Professional Status
Appraiser Trainee
State
Montana
YOU ARE DRIVING NEAR YOUR HOME AND SEE A BAG OF TRASH LYING ALONG THE SHOULDER.

YOU THINK, "GOSH I WISH SOMEBODY WOULD PICK THAT UP IT MAKES THE NEIGHBORHOOD LOOK BAD".

FOR A WEEK OR WHATEVER EVERY TIME YOU PASS BY THAT BAG OF TRASH YOU WONDER WHEN IS SOMEONE GOING TO CLEAN THAT UP!

THEN ONE DAY IT IS GONE.

DID THE PERSON THAT THREW IT OUT COME BACK AND PICK IT UP?

OF COURSE THEY DID. and I am the queen of england!
 

Terry Russell

Thread Starter
Senior Member
Joined
Feb 24, 2002
Professional Status
Appraiser Trainee
State
Montana
REGARDING MY POSTS "ANYONE EVER NOT DONE THIS"

I have done this. I am only trying to empasize a point. Which Pam, in the

top sticky, laid out clearly. Do something.

The bag of trash of trash analogy is "Who is going to clean it up, I did not

make this mess." I am not sure what it is but there appears to be a

overwhelming amount of appraisers out there that are very concerned

about making noise. Why is that? terry
 

Terrel L. Shields

Elite Member
Gold Supporting Member
Joined
May 2, 2002
Professional Status
Certified General Appraiser
State
Arkansas
The profession needs cleaned up alright. The biggest problem I see is that there are a large number of appraisers who absolutely are deaf to the potential of being sanctioned. They may recognize that inflating an appraisal is wrong, but "everybody is doing it" and " I would starve if I did not cave a little". ....Sorry, but once you get the reputation of inflating appraisals, you are going to only get clients who either don't know you or want inflated appraisals.

For years I did little for one local bank, then suddenly I was getting a lot of work from them. After a while I finally asked why. Seems that the appraiser they had used for years, even without being asked to, inflated appraisals. After they got a few of the properties back and had to cut the price WAY down below the appraisal to get rid of them and had some customers complain that they set their price on this appraisers estimates and were unable to sell the property without discounting 20-30%, they decided to use a wider range of appraisers.

I soon saw an example when an 800 acre ranch appraised for $1.2 m by the other appraiser in 1997 sold for $950,000 recently. He simply used the highest possible comps for comparables and ignored better sales of lower prices.

But the punch line is that these appraisals, while inflated, are huge 100 page documents with tons of documentation. The inflation is subtle, especially when dealing with an 800 ac. tract that has 7 or 8 parcels of various sizes. I doubt that a court or a board would ever sanction him for these reports...and for me to do it would be double dangerous as being accused of sour grapes.

Garbage it is, but I'll just drive on by.

Ter
 

Terry Russell

Thread Starter
Senior Member
Joined
Feb 24, 2002
Professional Status
Appraiser Trainee
State
Montana
Terrel.

I am speaking of one's own accountability, not taking the industry on.

The bag of trash analogy is that if it bothers you enough, it would seem

sensible to pick it up and get on with other things. Ain't no big deal.

Thanks for replying to my posts, it helps to know there are active minds

out there. Terry
 
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