Appraisal Reviewer

[Chris Colston]

Originally posted by Shirley Yukon@Dec 1 2003, 01:21 AM
Pamela, where did you ever see me write that I push value to hit numbers? I work for the most conservative appraiser in this planet. This topic isn't about me trying to push value. It was about making an adjustment on a lot size which I do when there is a significant difference in lot size even when the comps show it has no effect.

And your "conservative" appraiser that you "work" for (so you are a trainee, not a licensed appraiser?) accepts your explanation for the site adjustments? Your "conservative appraiser" that you "work" for doesn't question where in the market you were able to get those adjustments from? Just takes your word for it that the larger lots are more desireable and therefore require an adjustment???

Does the "conservative appraiser" that you "work" for frequent this forum, perhaps he/she should.

Well what do you know folks...Shirely's got it nailed down, just make adjustments based on YOUR opinion of "desireability". Don't use the market or matched pairs, that's too technical. Don't discount the larger lot if it's on a busy corner with traffic going by, it's larger, must be more desireable therefore worth more. Hmmmmm...perhaps I will change from my technical method (that has worked for over 18 years) to a more "in my gut, it's my professional feeling method". Think it will fly in court......NOT!!

 

[Bobby Bucks]

Tim as long as you don't leave a "proposition" at the end of a sentence with me in mind, we'll get along just fine.

I must wonder if the pseudo appraiser being discussed has ever seen a house in Connecticut. My brother in-law in Greenwich paid about 400K just to add a detached garage....that town rivals Dallas for lack of thrift. :lol:

 

[Tim Hicks (Texas)]

...and Bobby, I thought Syntax was something you paid in Vegas. :blink:


Shirley, let me ask you this. You have a small addition on a cul-de-sac. One same plan home sold for $400,000 on a rectangular 12,000 SF lot and the other same plan next door on the pie shaped lot with a tiny front yard, no visitor parking and a narrow drive, but is a 14,000 SF lot with a large odd shaped back yard will warrant an adjustment even though it sold for $400,000 too? What about the limited drive up appeal? Lack of visitor parking? In our area, that lot would cost the buyer a lot premium when bought new that just does not transfer on re-sale.


And FYI, cost and value is relative to location. A $200,000 home here would cost a buyer $400-500,000 there. So it depends how you want to look at it. Live there and have less house for more money or live here and have more house for less money. When people move here from California (oh yes they do) they tend to think they are stealing homes when they are actually paying top dollar.

 

[Sheikh Yerbouti]

Let's see............

shirley yu-kon.......(yu-jest would have been too obvious).

California OREA has never heard of you, "Shirley". Whoever you are, it's been very entertaining.

Dave

 

[Shirley Yukon]

If you read my other posts, you'll know I recently received my license. I'm not a trainee although I still work for someone.

Pamela - you wrote I make adjustments when I know they are not supported. I told you that I know for this area, bigger lot sizes are more desirable and I gave you enough examples to support it. Here is another example. I'm using 3 comps. Comps 1 & 2 have similar lot size. Comp 3 is 1500 sq feet smaller but sold for more. You claim that if I adjust up, its unsupported. BUT, if i decide to replace that comp with a comp that has bigger lot size and sold for more, then its supported.

I'm trying to say, don't get so technical because this is an imperfect market where by changing one comp, you can say different things about the market. If I stick with the original comp, am i going to say that smaller lot sizes increase the property value? NO. Why is so difficult to comprend that?

It's very common, in california, for two exact units in a condominium to have a sales prices of 405k, 415k, 425k for no reason at all. This is actually the norm.

Bottom line is this.. You can say what you want about my work or my employer but our team of four was pushing out 200 appraisals a month until about 2 months ago but we're still pushing about 125-150 AND we never try push value to meet numbers.

 

[Shirley Yukon]

You can attack me all you want, but I gotta go appraise some homes now. Have a nice day.

 

[Caterina Platt]

Originally posted by Tim (Texas)@Dec 1 2003, 09:00 AM
...and Bobby, I thought Syntax was something you paid in Vegas. :blink:


Shirley, let me ask you this. You have a small addition on a cul-de-sac. One same plan home sold for $400,000 on a rectangular 12,000 SF lot and the other same plan next door on the pie shaped lot with a tiny front yard, no visitor parking and a narrow drive, but is a 14,000 SF lot with a large odd shaped back yard will warrant an adjustment even though it sold for $400,000 too? What about the limited drive up appeal? Lack of visitor parking? In our area, that lot would cost the buyer a lot premium when bought new that just does not transfer on re-sale.


And FYI, cost and value is relative to location. A $200,000 home here would cost a buyer $400-500,000 there. So it depends how you want to look at it. Live there and have less house for more money or live here and have more house for less money. When people move here from California (oh yes they do) they tend to think they are stealing homes when they are actually paying top dollar.

Good point, Tim. The builder premiums charged may or may not have anything to do with resale in many markets. My own subdivision has 'mountain view' lots and 'valley view' lots. The builder charged a $3000 premium for both. Appears that the market could give a rats behind about the supposed 'mountain view' lots as the mountains are near enough to see from just about any site in the development. The true 'valley view' lots will knock your socks off and the market does recognize them. Lesson learned - some builders will charge a premium for any friggin' thing they can conjure.

Shirley,

I can understand your defense of your current MO and your supervisor, as at times it's really hard to swallow the news when you hear you are doing something incorrectly. That ability to keep an open mind (and ear) about your methods and learn something new every day is just a part of our profession. Each day, all of us learn something new on this Forum from each other. It also is incredibly helpful to have a thick skin and take shots with a grain of salt. (kinda like tequila ) One however must always keep in mind that what is posted here is not always cross checked with any text, USPAP, or accepted methodology. The best of our participants (many whom have chimed in on this thread) will nearly always be able to back up their claims. Read with caution, just as you would a newspaper.

Your method of adjusting to quiet the potential reviewer's questions, in all fairness, is absolutely wrong. I appraise in a rather mixed up and terribly imperfect market area. It takes guts to make those comments that no adjustment is warranted regardless of what appears to be. It takes market research and data to back them up, which I have. Were I to make an adjustment without supporting data to 'correct imperfections in my market', I am not only being misleading, I've quit reporting the market and begun painting my own.

I hope that you'll stick around, as this place is really worthwhile. The folks here are knowledgeable and helpful, and I've found many items of cutting edge and breaking news here that I'd never see elsewhere.

Best regards,

Caterina Platt

 

[Ghost Rider]

::trying hard to bite my tongue:: Nope, not gonna work.....

Shirley, since you admit you JUST got your license, and you are just starting out, what of your "experience" can even be relied upon?? Condos are never identical - there could be condition differences that you don't know about since you were never in them - you could have a motivated seller who got out of the properly for $10,000 less that is was worth since they had a contract on a home and needed out - maybe a seller was highly motivated since they sold their place and needed something quick, and came in with a quick offer on it, and offered more than it was worth ......you are supposed to investigate that by calling the Listing agent and sales agents involved to learn about the transaction....Do you do that?? I doubt it.....

 

[Shirley Yukon]

what the hell are you talking about, I was never in them. Your ignorance is astounding.

I gotta go, I'll be back later tonight to rear the rest of your stupidity.

 

[Pamela Crowley (Florida)]

Originally posted by Shirley Yukon@Dec 1 2003, 11:01 AM
what the hell are you talking about, I was never in them. Your ignorance is astounding.

I gotta go, I'll be back later tonight to rear the rest of your stupidity.

It's called 'verifying the sale'.

It's in all beginners appraisal courses.

It's part of the Due Diligence an appraiser is charged with doing when completed a competent appraisal and report.

It's what a real appraiser is supposed to do.

**************

You are bordering on being banned from this forum. That really would be too bad because you really do have much to learn.