Appraisal Reviewer

[Shirley Yukon]

I see there’s been quite a few replies since I last posted. Since I don’t have time to repond to everyone, I’m going to reference only 3 replies. Mike in California, Randy Beigh and Mary Adamson.

Mike, I couldn’t have said it any better. Our turnaround is 2 days. That’s why we get so much business is because of our fast turnaround. We don’t take 1-2 weeks to do an appraisal, as most of the appraisers on this forum seem to do. If your calling listing agents on all the comps you pull, trying to figure out what financing is favorable and beating yourself up to try and figure out why one house sold for 5k more, you are wasting your time.

Randy, I respect that you disagree with me but let me ask you this. Say I use 3 comps where comps 1 & 2 are basically model matches as the subject and say the lot size is 5000 sq. ft. Comp 3 is a model match as well except that the lot size is 3000 sq. ft. comps 1 & 2 sold for 400k, comp 3 sold for 405k. Now I told you that I know the area and bigger lot sizes are desirable. Having said that and I adjust up for lot size for comp 3. Now everybody in this forum starts going crazy because I adjust up and you say there is nothing to support this. You guys are telling me I shouldn’t adjust for lot size, right? So let say I don't make an adjustment and make a comment such as 'homes with less than 2000 sq. ft. have similar lot utility so no adjustment was warranted'.

Now a week later, I get a condition saying they need another comp to support my value. I bring in comp 4, another model match but the lot size is 7000 sq. ft. This one sold for 410k. Now, obviously this comp sold for higher because of the lot size. Going by what you are telling me, I would not or could not make an adjustment here because there was no adjustment made on comp 3. How can I say that now a bigger lot size is more desirable when I originally stated that bigger lot size has no effect on marketability?

And finally to Mary who seems to be a bit confused. Since everyone seems to be quoting me, I will quote Mary’s email word for word.
HUH? HUH WHAT? You're not a trainee, but you recently received your license? YES, THAT’S USUALLY WHAT HAPPENS WHEN YOU GET YOUR LICENSE, YOUR NOT A TRAINEE ANYMORE. License for what? ERRR.. FISHING. WHAT DO YOU THINK? And you stated in an earlier post that you've been appraising for a year? YES, I’VE BEEN APPRAISING FOR A LITTLE MORE THAN A YEAR. DOUBLE HUH??? WHAT? That's more than enough time for OREA to get you listed. UH, HELLO. ANYBODY HOME? OREA ONLY RECOGNIZES LICENSED APPRAISERS. IF I JUST GOT MY LICENSE AND THEY TAKE UP TO A MONTH OR SO TO REGISTER YOU ON THEIR WEBSITE, HOW COULD I BE ON IT IF I ONLY HAD IT FOR A WEEK AND A HALF. There's something strange going on here..... YES, INDEED. I THINK YOU FORGOT TO TAKE YOUR MEDICATION.

 

[Shirley Yukon]

Originally posted by Chris Colston@Dec 1 2003, 04:26 PM
Somebody less technical want to do the math?

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

Now I'm lying about the #'s, huh? Our values might be conservative but as far as our turnaround, not too many appraisers can hang with us. LO's want fast turnaround. We are all young and hungry and are capable of the #'s that I threw out earlier. You might think I'm full of crap but you can think that all you want. Maybe if I was 50+ years old like most appraisers on this forum, i might have a hard time handling such a work load, let alone getting up out of bed every morning. By the way, we've never ever ever had any appraisal cut or had any other problems with the OREA and my boss who is in his late 20's has been doing this for 7 years. Nice little track record, huh?

 

[Chris Colston]

Originally posted by Shirley Yukon@Dec 1 2003, 10:57 PM
Now I'm lying about the #'s, huh?

I have never accused you of lying about anything. I have questioned your appraisal methods and use of "soft adjustments". I have checked all of my reference books and have not found any term that is considered to be proper appraisal practice that even comes close to "soft adjustment". MARKET ADJUSTMENTS, those I can agree with.

BTW....I'm just barely 50, have been appraising for over 18 years in 3 different states. I have taught courses like FAIR LENDING and BASIC REVIEW SKILLS, participate with my state board and the Florida Quality Council (used to be called the GOVERNOR'S COUNCIL ON FRAUD PREVENTION) and I still send out my reports in 24 hours from inspection. I don't take 1 week to complete a report. I also manage to call Realtors, purchasers, builders and sometimes even lenders to verify the information that goes into my reports and the adjustments.

By having been in business for over 18 years I consider myself pretty successful at what I do. My clients think so, too. Also my being in business over 18 years I have a few more courses under my belt than you.... let's see, 30 hours every 2 years for the past 18 including 7 hours of USPAP every 2 years.....HMMMMM, now that's a lot of hours of USPAP... don't think I'll be violating that anytime soon. Can you say the same? BTW...ever find out what Standard Four was about?

 

[Scott Kibler]

This has turned out to be a pretty interesting topic. With all the talk about AMC's taking the business to the quickest and cheapest and so called sweatshops filled with trainees it seems we might have a live person who works in that kind of environment. I'd be interested in hearing how they spread the workflow, who inspects, who reviews, etc. Like it or not, this is the competition; at least in the bigger cities. I for one can imagine that someone working in that enivronment may have the best of intentions for providing a competant appraisal but you have to wonder about the quality of training that's going on and the quantity of shortcuts and bad habits that are being learned. I'm sure I'm not the only one that sees a lot of "newbie" reports signed off by a certified, filled with errors and odd adjustments but still within spitting distance of a realistic opinion of value. In the cookie cutter subdivisions it almost sort of works...kind of like a human AVM. In the non-cookie areas, or more unique properties, not so good. I think there will be many ex-newbie appraisers in deep doo doo over their shortcuts and bad habits, even those who don't think they push values.

 

[Tim Hicks (Texas)]

Shirley,

It best not to assume anything in this profession. Never think you are more efficient, proficient or better than others. There is always someone wiser, smarter or quicker that will call you out. There are some appraisers on this forum that ride around in a van and crank-em-out quicker than your company. There are individual appraisers on this forum that probably match or beat your turn around times. Heck, I can turn one in 24 hrs right now if I wanted to do so. I will take your comments with a grain of salt, though. I know for a fact that borrowers simply will not cooperate 100% of the time and they will ruin your promises of turn time just because they can. I have four files on my desk right now that have not returned any of my phone calls in the last three working days, but I could have any one of them completed within 24 hrs if they would just call. I am a little short of your 50 average at 43, but I seriously doubt anybody at your "kiddie shop" works harder or smarter than I. But, I would not boldly state, "not too many appraisers can hang with me" or "maybe if I was 50+ like most appraisers on this forum, I would have trouble handling such a workload". Because the truth is, how would you know? You are new to the field. How could you possibly know anybody's turn time except your companies and your immediate competitors. You are not 50, yet, but you will be some day! Respect your elders.

Here is my advice that you may not take. This forum is a great learning tool and a great sounding board. You can participate and intelligently debate any issue on here and you will find it is impossible to not "step on toes". So, it pays to be civil, tread lightly and swallow your ego from time to time. I irritate people all the time. I also apologize for mis-stating, mis-implying and overstepping the boundaries. If you keep visiting you will learn more here than any CE course and you always be ahead of the curve on current issues. We can have fun kicking each other in the shins too, as long as we don't make it a personal issue. Try to overcome this one issue, let bygones be bygones and you will realize this forum has a wealth of knowledge for you absorb. You have been in this profession just a little over a year and you don't nearly know as much as you think you know. Ten years from now you will agree.

 

[Shirley Yukon]

Tim, you're right. I do respect my elders and do appreciate this forum because just in the few days, that I've been a member, I've learned quite a few things. But also, if someone shows me no respect, I won't give them any respect either. I make a few comments and all of a sudden you have all these people jumping all over me and attacking me. If you go back and read from the beginning who starts disrespecting who first, its clear who the people that are (Horton to Andrew and then everybody else chiming in). Go ahead, read it and tell me who starts ripping who first. Once they show me no respect, I won't show them any either. They want to tell me I do this and that, thats fine cause as long as the OREA says we're doing nothing wrong, that's all that matters. But I do respect your opinion and will not disrespect any member as long as they don't disrespect me first.

 

[Em Tee]

Originally posted by Shirley Yukon@Dec 1 2003, 07:43 PM
YES, I’VE BEEN APPRAISING FOR A LITTLE MORE THAN A YEAR. ... HOW COULD I BE ON IT [OREA] IF I ONLY HAD IT [THE LICENSE] FOR A WEEK AND A HALF.

You've been appraising for over a year, but you've only had your license for a week and a half? Pray tell how does that work?

 

[Ghost Rider]

Shirley, I'm 28, and been appraising for 5 years - I can do a hell of a lot MORE work than I do these days, but I choose to turn in quality reports, rather than just filling in the blanks on the forms and turning in crap......and I've reviewed far too many reports from underqualified appraisers who barely know what they are doing.

Now, I don't do every report worrying about a review appraiser looking over my report, but if thats how you do it, you should REALLY remember something important.......The people who review your reports may not be local appraisers - THOUSANDS of desk reviews are done on reports by appraisers in different states, more from a technical review standpoint, to check things out when loans get sold into the secondary market. Now, your statement of "Everybody knows X" may be true for your local appraisers - But you're gonna have problems explaining things to out of state appraisers who would review your report.

 

[Head Surfer]

Originally posted by Shirley Yukon@Dec 1 2003, 11:28 AM
You can attack me all you want, but I gotta go appraise some homes now. Have a nice day.

Shirley,

Please! Let me state a few things here. This forum has been operating over 5 years now. Some of our people have been with us most of that time, lots 2-3 years or more.

We have a great community here. Over the years people have come and gone. There have been a few that come here and immediately start trying to convince everyone that their way was the right (or only) way of doing things. Those people usually are either kicked out or drop out on their own because they aren't taken seriously.

In addition to that we have many appraisers who have 20 or 30 years experience. I am hoping you are here to learn. It is obvious that you are new in the profession, but you do not have to try to impress anyone with your knowledge. The more you defend your statements the more obvious it is you need to be here and learn from the wisdom that is here. This is not a slander, just an observation. There is nothing wrong with being new, we were all new once.

So ease up, no one is out to get you, they just offer honest criticism, which you ask for when you post.

If you want to become one of our long term forumites, take time to fit in and don't be so abrasive in your posts.

Wayne McKerley, Admin/Owner
AppraisersForum.com

 

[jeff samolinski]

Well said Mr. Head Surfer Dude!