community for the discussion of real estate appraisal. Register a free account to be able to post and unlock additional forums and features.
That . . . "the report . . .indicated that office staff had pulled comparable properties" would IMO require either the signature of those individuals, or the extent of the involvement to be clearly identified in the report. Failure to do so (again IMHO) is a regulatory violation because the comparable selection process is a critical factor.
I thought it was implied that the staff selected the comps, altough a judicious "selection" of properties can reveal the exact comps that one should use.
No because the Private First Appraisal was not a sale so how could it be a comp ?
No thats not true and it does not fall under significant assistance that has to be disclosed. Also how would
I don't understand the big deal about the tax information. I'm assuming the appraiser you hired measured the house and got the relevant characteristics at the time of the appraisal. The tax information does not figure heavily as it is incorrect most of the time, as assessor employeesdont generally get interior access. My personal inspection is what I use to select comparable sales. Certain blanks like parcel number, site size, name of owner would need to be filled out on the form, if the site size somehow cannot be obtained by a survey provided or Plat on record. That would have to be provided to the appraiser. In our state the listing agreement would have a property condition disclosure report. Are you the original owner? If not, some of this information is available from before you owned the property. Assuming you pay taxes like everyone else, someone has the tax information. The house is not invisible, is it? Years ago, when I worked for the state, a select team from DPA would have to go to measure and get all the information correct every time a certain former Vice President added something to his compound (he was always very nice about it). Also, at the county I worked for, our aerial photography was supplied by Homeland Security. I was told by a former Naval Commander I worked with that we didn't have access to the same satellite images the military would have, just detailed enough for us to review GIS maps for reappraisal, but he said Homeland Security has imagery that they can see in your windows if they want to. I'm just curious. Will you sign the contract as the seller? Forgive me, I've done famous and infamous) people's homes and just not seen the level of concern expressed here. Maybe you are in a non disclosure state. Those are nightmares to do research in. I'm just really curious because we go to all these classes regarding confidentiality, yet for me, it just has not come up that often on just a run of the mill appraisal. I do not do "listing appraisals" though some appraisers love those.
Agreed. And thank you for the reference citation.
I'm picturing Batman's lair at this point. I've discovered so many hidden "safe rooms" security camera rooms, secret passages (that was a drug bust house) etc. over the years that one time the mansion owner was shocked I was able to deduce there was a hidden room, just based on my floor plan interior not lining up with outside walls, hidden bunkers, the bookcase that turns in. I was like hey, what's behind this wall and the guy just said how'd you know that? and pushed the wall open to reveal a whole room approximately how many square feet I thought it was be. I lived next door in an apartment to an actual castle while in college which had secret tunnels underneath leading to various other Mansions in the area. I love architecture.
I kinda remember reading Fountainhead as a young child, and then watching the movie. And when I appraised a SFR in a non-gated hillside PUD recently, the thought of planning the entire development was very thought-provoking.