Appraisal questions

[sputnam]

another appraiser's 'official form' review is a 3rd appraisal. plus it verifies which value might be more accurate. i'm assuming your issue is not wanting to over pay thousands for the house.

Not always. If there is no opinion of value... either directly or by concurrence... it's not an appraisal. Reviews are governed by Scope of Work in same way that Appraisals are. It's only when a Review includes an opinion of value that it must comply with SRs 1 and 2 as well as SRs 3 and 4.

 

[Tom D]

if you do a full review and nothing is wrong with the appraised value, then in fact you are saying the appraised value is correct. for you to affirm that, you have had to look at sales, etc, etc. if that appraisal value turns out to be wrong, either way, you are more liable for that value then the original appraiser. now i didn't say just a USPAP review only, that is not an appraisal. you are saying the value is correct in the report indirectly. but you had to do this, which is the definition of an appraisal. in poster need is 2 different values of which they think 1 is wrong.

and to check this block you had to do what?

 

[sputnam]

if you do a full review and nothing is wrong with the appraised value, then in fact you are saying the appraised value is correct. for you to affirm that, you have had to look at sales, etc, etc. if that appraisal value turns out to be wrong, either way, you are more liable for that value then the original appraiser. now i didn't say just a USPAP review only, that is not an appraisal. you are saying the value is correct in the report indirectly. but you had to do this, which is the definition of an appraisal. in poster need is 2 different values of which they think 1 is wrong.
View attachment 76681
and to check this block you had to do what?

Spend some time reading USPAP. An appraisal is defined as an opinion of value. A review does not have to include the reviewer's opinion of value. If there is no opinion of value, it's not an appraisal. That block doesn't say that you agree or disagree with the OA's value. It says that the OA utilized the best comparable sales data that were avaliable as of the date of the appraisal. An appraiser could (and I have seen it) use the best comparbles and then completely mess up the analysis. They aren't the same things.

 

[Terrel L. Shields]

Sounds like an inflated appraisal resulted right? I would think in Florida there would be better comps that to have to use all superior comps. I think the best advice is hire a 3rd appraiser. And I might consider sending any obviously inflated report to the state for the state board's take on it. I do not understand using all superior comps to value any home. And so I am assuming one report looks "ok" and one is much higher than expected?

 

[Tiffany Gibbons]

might consider hiring a 3rd appraiser to review both reports

A relocation company would hire a third appraiser in this situation, if that's what "buyout" means. But the spread between would have to be 10% (I think) difference in value.

 

[sputnam]

A relocation company would hire a third appraiser in this situation, if that's what "buyout" means. But the spread between would have to be 10% (I think) difference in value.

That's true... and they hate it when the 3rd appraiser comes in right in the middle between the other 2.

 

[Tiffany Gibbons]

Sounds like an inflated appraisal resulted right? I would think in Florida there would be better comps that to have to use all superior comps. I think the best advice is hire a 3rd appraiser. And I might consider sending any obviously inflated report to the state for the state board's take on it. I do not understand using all superior comps to value any home. And so I am assuming one report looks "ok" and one is much higher than expected?

Or is one done "subject to" and the other "as is"?

 

[Terrel L. Shields]

Or is one done "subject to" and the other "as is"?

If an estate appraisal is done "subject to" then it needs sent to the state. Estate appraisals are for a certain date and only "as is".

 

[Cob]

All three comps had no adjustment for condition although they were block vs wood construction, completely remodeled, each have more than 10 percent difference in square footage, lot size etc. This is for private use and potential buyout and I think it is inaccurate as such.

I'm going to take a WILD guess that you are the party (side) that wants an appraisal as low as possible???

 

[Overimprovement]

OR...this could be a divorce situation.

If you ordered and paid for both appraisals, contact the appraiser of the one you think is 'OFF', and voice your concerns. IF you ordered them YOU are the client and have every right to discuss the report(s) with the appraiser(s).