Appraisal Reviewer

[Randy Beigh]

"If there is a pretty significant difference in lot size, I would make an adjustment no matter what just so the lender doesn't come back at you asking why no adjustments were made. If it doesn't really effect value, make a soft adjustment."

"Why? I'll tell you why. Because a reviewer will notice a difference in lot size and want to know why no adjustments were warranted. A difference between a 3k lot and a 5k lot might not be anything in a particular area, but by not making an adjustment is a red flag to the reviewer."

"if you are truly a reviewer and you saw a significant difference in lot size, that went unadjusted, you'd be a fool not to question it."

Hadn't been reading this thread and don't normally expect to see Pamela going off the deep end. After reading Shirley's post, I see where the problem is.

Shirley, while I emplathize with your position, I must say, you are wrong.

I do not make an adjustment, merely, because there is a size difference. There must be more to it than that.

I do not worry about a reviewer. In fact, if you explain your position, you will be in a better position with the reviewer than if you are trying to second guess the reviewer.

I am a reviewer and I would be much more concerned with the lack of sxplanation than with someone trying to beat me at my own game. And it won't work.

Bottom line, Shirley, is to learn your job the best you can by doing a good job and not trying to do the job so that a reviewer doesn't ask questions. That is not the correct way to think.

I will accept the premise that a small adjustment on a $400,000 property is small, more like petty, so that most people wouldn't pay any attention to it, but it raises the question of why you made it in the first place.

Funny thing with this thread. I, so often, go a different direction from the other people, but this time I have to agree.

 

[EDWARD BERRY]

A GOOD phrase is:

eq value--then explaine. lake lots sell by lot and not size here.

ed

 

[Carnivore]

Originally posted by Randy Beigh@Dec 1 2003, 12:35 PM

Funny thing with this thread. I, so often, go a different direction from the other people, but this time I have to agree.

I agree with what you said to Shirley.

Good to see you on the correct side of the fence this time. I am sure most of the other people have similar feelings.

Welcome Home!

 

[Mike Garrett RAA]

Awwww, give poor Shirley a break, she is a CALIFORNIA appraiser...you know cutting edge and all! :rofl: I second the motion...stop with the BS or find another place to post your tripe.

 

[Pamela Crowley (Florida)]

I'll give Shirley a break. It's highly possible that she has been misguided and is simply ignorant of true correct appraisal techniques and forgot what was taught in the fist appraisal classes.

There are huge numbers of newbies and newer certifieds in that category. In this case, ignorance is bliss for just so long and is not a good excuse for using improper techniques. Enforcement, for so long behind in their cases, can't catch up soon enough for me.

 

[BenLuby]

Well, Pamela, ignorance may be considered bliss, but, according to the law, it is no excuse.

House prices vary, even very similar. As far as a house classed as 'excellent' versus two that are considered average, and the 'excellent' sold for less, who classed it as excellent?
Did you actually previously inspect that property and know full well that it is excellent?
Or is it another appraisers opinion? In a neighborhood, as you say, that is full of 400k houses, I would be hard pressed to think most of them were similar in finish and quality.
Unless I personally knew the appraiser that did it and trusted his/her opinion, I would not take their estimate of condition without some sort of verifiable proof. Said property could have been classified as 'excellent' by an out of area appraiser, when in reality it was typical for the neighborhood.
If I can't find validation for an adjustment, then, that is the validation. 'The market does not warrant x adjustment. The one that had a smaller lot and sold for more? Could be the work of a number hitter pushing the value, or it could be the work of someone who simply paid top dollar for the house and didn't care about the lot size.

An adjustment without verification is not warranted. As an appraiser, our opinions carry weight, but if you have no justification, that is personal opinion, not professional. Personal opinion is, I don't really care if my lot is 1,000 sf larger or smaller than my neighbors.
I want the house. If it ain't able to be proved, it shouldn't oughta be on there. Cuz any fresh outta school lawyer could talk to any one of the reviewers on here and have himself a field day and a pocket full of your cash.
Bad spelling and grammer added for Bobby's enjoyment. I may be what you consider a rookie, but Pam and the others that know me will tell you that I do understand the rules and I also have been at this more than two years.
Only reason I don't have my license is simple. Too dang busy to find time to take the test and I make a good check anyway. Currently pushing about 3,800 hours time. Just need to find a day or so to study, then I am off to the test.

 

[Chris Colston]

Originally posted by Pamela Crowley (Florida)@Dec 1 2003, 03:44 PM
I'll give Shirley a break. It's highly possible that she has been misguided and is simply ignorant of true correct appraisal techniques and forgot what was taught in the first appraisal classes.

How much of a break? What really scares me is this comment:

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.

Somebody less technical want to do the math?

Conservative appraisers that I know are not "pushing" appraisals out the door.

Perhaps it's just that Shirley doesn't adequately know how to express herself in such a technical arena. This ***umption on her part that larger lots are more desirable appears to me to be her unsupported OPINION. Maybe she actually does have data that supports her opinion and just doesn't know how to tell us where it came from. Maybe she went and knocked on the doors of all of the recent sales of larger lots and asked if they purchased the property based on the larger lot size. Or maybe she drove around and located all of the larger lot sales and also noticed that some had sloped yards so the utility was the same as a smaller lot, or some were busy corners, or maybe some were pie shaped and again the utility was compromised. Do any of these more desirable larger lots back up to schools or shopping centers? What about a car dealership where the PA system keeps calling for sales people and the service department?

I could have a comp on an acre lot in an area of 1/4 acre lots and if any of the above existed the site would not be MORE desirable just because it was bigger.

SHIRLEY....LARGER LOTS DO NOT ALWAYS EQUATE TO MORE DESIRABILITY!!
Statements like that NEED to be, MUST be proven with supportable data taken from the market!! And if you are not doing THAT, your brand new license will be a bigger liability than you are currently aware of.

By the way USPAP 2004 is available and being delivered to those who have pre-ordered it. I suggest, Shirley, you get yourself a copy and start really reading. If you think 99.9% of appraisers violate USPAP on a regular basis you might want to start a poll here and ask the participants of this forum. I think you'll find the answers surprising.

 

[Em Tee]

Originally posted by Shirley Yukon@Dec 1 2003, 07:27 AM
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.

HUH? You're not a trainee, but you recently received your license? License for what? And you stated in an earlier post that you've been appraising for a year? DOUBLE HUH??? :question: :question: That's more than enough time for OREA to get you listed. There's something strange going on here.....

 

[TC]

With all due respect Ms Y, 99% of all appraisers violate USPAP? Did you make that up along with the term "soft adjustment"?

TC

 

[Mike Boyd]

I agree with Shirley. In the real world you don't do a matcahed pairs analysis for each adjustment. If you did, you'd be lucky to complete 1 report a week and because you were so slow you'd be lucky to get one assignment a month!

That said, when an adjustment IS made, you'd better be able to back it up with some type of logic or matched pairs analysis.

Andrew from Charlotte, I would love to have the opportunity to do a rebuttal on one of your reviews.

Mike