Appraisal Reviewer

[Tim Hicks (Texas)]

One last comment, Shirley. Anytime you make broad statements that go against common appraisal techniques you will have a line around the corner letting you know you are wrong. If I said, "it is ridiculous to adjust for a pool because they would add to no value, there would be appraiser barking at me all day long." Where this is true that pools add very little value up north in some states. Here in TX you you can't throw a rock without hitting a home with a pool and pools add to the value depending on the neighborhood. The same could be said for lot adjustments. I believe I showed one instance where a larger lot would get no adjustment because its front utility (pie shaped lot with very little front yard and no visitor parking) and may even be considered less desirable in this area.

None of us are immune to making statements that apply in our areas that simply do not apply in other parts of the country. I have beat this one to death, but once three years ago one our oldest, grandest posters actually stated that there was no difference between modular and manufactured homes in his area. Less than 24 hrs later he was wishing he never made that statement.

Live and learn. There is nothing wrong with making mistakes. It is wrong to refuse to learn from your mistakes.


Cheers

 

[Pamela Crowley (Florida)]

Originally posted by Shirley Yukon@Dec 2 2003, 01:39 AM
--- 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. --- 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. --- But I do respect your opinion and will not disrespect any member as long as they don't disrespect me first.

Source: WordNet ® 1.7
respect
n 1: (usually preceded by `in') a detail or point; "it differs in
that respect" [syn: regard]
2: the condition of being honored (esteemed or respected or
well regarded); "it is held in esteem"; "a man who has
earned high regard" [syn: esteem, regard] [ant: disesteem]
3: an attitude of admiration or esteem; "she lost all respect
for him" [syn: esteem, regard] [ant: disrespect]
4: an courteous expression (by word or deed) of esteem or
regard; "his deference to her wishes was very flattering";
"be sure to give my respects to the dean" [syn: deference]
5: behavior intended to please your parents; "their children
were never very strong on obedience"; "he went to law
school out of respect for his father's wishes" [syn: obedience]
6: a feeling of friendship and esteem; "she mistook his manly
regard for love"; "he inspires respect" [syn: regard]
7: courteous regard for people's feelings; "in deference to
your wishes"; "out of respect for his privacy" [syn: deference,
respectfulness]
v 1: regard highly; think much of [syn: esteem, value, prize,
prise] [ant: disrespect, disrespect]
2: show respect towards; "honor your parents!" [syn: honor, honour,
abide by, observe] [ant: disrespect]

Respect is not a right that is yours automatically. Respect of your peers is earned.

Do you really believe 3 comps are all that's necessary to determine adjustments? Do you really think that whatever 3 comps you choose to use are the only ones needed to determine any adjustments from?

Consider this: If you are completing your appraisals with the thought of keeping a reviewer from questioning anything and you still get reviewer questions, maybe you are doing something wrong.

Verifying information regarding the comparable sales with a party involved in that transaction, determining the correct adjustments from multiple sales, not just 3,
is part of what separates a REAL APPRAISER from a simpleton form filler or an AVM.

I'm 51 years old. I've been involved in Real Estate since I was 18 years old. I've been an appraiser since 1995. I still have a lot to learn about life and appraising and will only stop learning when I die.

It's obvious that so far your only goal in being an appraiser is turning them as fast as you can. One of my goals is to get rid of appraisers that don't pay any attention to the quality of their work. Your youth, inexperience and a large ego are showing. If you're not here to learn to do quality appraisals and help bring this so called profession UP, then why are you here? If you're here to teach the rest of us 'old timers' how to do things your way, we've already seen the messes your way makes, we already know what your doing and not doing. We see them in the reviews we do and paint targets on the backs of those not verifying the information or making unjustified adjustments.

I do understand how difficult it can be to find out you're doing something wrong. It's even harder to find out that doing it THE RIGHT WAY is going to take longer and you won't make as much money. Add on the loan officers, real estate agents and homeowners that get angry when you tell them the truth, withhold YOUR money just for doing your job correctly, and don't send any more orders - JUST FOR DOING YOUR JOB CORRECTLY.

Now please try to take a step back and look at it from the shoes of those of us that do our job correctly and get burned by those that are only thinking of 'how fast can I turn these appraisals' and 'what do I need to do to keep a reviewer from questioning what I didn't determine from my market data' and 'I'll do whatever it takes to keep the orders coming in'. THAT'S the attitude of the ones that call themselves an appraiser but are causing all appraisers to lose jobs to AVMs. Keep it up and the only appraisers left will be the old timers with ethics and experience that actually know how to appraiser the unique properties. That's probably going to happen anyway.

How many houses have you bought or sold for yourself?
How many buyers have you spent time with while they were looking for a house to buy for themselves?
Do you have any idea what a 'typical' buyer for the subject of your appraisal might be thinking as they walk through that house? Why they might choose your subject over one of your comps or why they might choose one of your comps over your subject?

You're right about one thing, Appraising ain't rocket science. It's a combination of statistical analysis and understanding the variances that drive the buyers. The statistics take time and effort to verify the information and determine the correct adjustments. The understanding of the forces that drive the buyers takes time and effort and EXPERIENCE.

Respect as an appraiser from your peers is a wonderful feeling and comes from doing your job with care and quality in mind plus being open to learning and correcting the bad habits that are too often leaned as a beginner appraiser. For the most part, all of us here on this forum have been quite nice to you considering what we are reading regarding what you do/don't do as an appraiser and your nasty responses. Having an appraisal license only means you passed a test and we've all seen way too many with that license that we have NO respect for. If you want respect from your peers, you'll find the way to earn it.

I really do wish you well - with the condition that you learn to appraise with quality.

 

[Bobby Bucks]

A wise man should refrain from arguing with a fool because a passerby might mistake one for the other.

 

[Randy Beigh]

"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'."

Shirley

Nobody, including me has said you should not make an adjustment for lot size. All any of us said was you should not make that adjustment based on the "monster in the bedroom", better known as the reviewer. If you have evidence that adjustments should be made, then so be it. I have no problem with that, but you said you were making the adjustments based on your perception of reviewers expectations and that is what set everyone off.

Shirley, you can do near anything you want in appraising, except lie or make things up, but you need to explain what and why you are doing it and blaming the unknown reviewer for making an adjustment is unacceptable.

You have brought a lot of things into this thread. You started with the adjustment issue, then brought in your employer's business model, and now you appear to be on the age of your appraiser peers. You are all over the board and need to settle down. You can learn a lot from this and other types of appraisal forums, but you need to do some listening.

I have always thought that participation in these forums should be good for licensing hours for continuing education. You will learn more in here than any classroom, but you need to tone down the aggressive behavior, just a bit. Huh, the opposite of Emeril's kick it up a notch.

Good luck and I hope you do get rich.

 

[jeff samolinski]

Well now I cannot resist chiming in.

My story relates to one of the first posts I had on this forum. I was under the mistaken impression that PUD's were a zoning only term but with JO-Ann's professional responses(It took several) I finally had to admit that I was wrong. Fortunately she was able to correct me in a professional manner which I am grateful for but sometimes some of us on this forum are a little rougher.

Just remember that even though sometimes we can be rough on each other that appearing before a State Board will be even rougher so I for one am willing to accept critism or even some bashing from folks on this forum from time to time. I may be stubborn but I have not stopped learning!!!

 

[Shirley Yukon]

Okay, so now my objective is to produce unquality reports and to turn them around as fast as I can, huh? You guys sure have a way with twisting up someones comments.

[/QUOTE]Do you really believe 3 comps are all that's necessary to determine adjustments? Do you really think that whatever 3 comps you choose to use are the only ones needed to determine any adjustments from?

No I do not believe 3 comps are all that's necessary. That's why I said I would make the adjustment anyway. Pay attention.

That's alright. You guys just keep doing your 2-3 appraisals a week and keep producing your quality reports, while our office continues to do about 20-25 and produce inferior reports just to turn them around fast. (and never get questioned by the OREA, might I add). Wow, how can we be in business so long, produce crappy reports and still be in business? Those damn OREA people sure need to start monitoring some of these appraisals that are being submitted. Or those damn california reviewers must be idiots.

Do you have any idea what a 'typical' buyer for the subject of your appraisal might be thinking as they walk through that house? Why they might choose your subject over one of your comps or why they might choose one of your comps over your subject?

No I don't worry about what a typical buyer might be thinking or why they might choose. I don't assume anything about what they think. Are you a mind reader now? I don't appraise assuming what they think. I appraise based on what the market shows.

And quit writing about your matched pair analysis bs. Pool this, pool that. Blahhhh. You guys base all your appraisers strictly on paired analysis? House with a pool sells for 30k more so pools must be worth 30k? Go ahead, adjust 30k for it. Even though that's what the one comp shows, I'm not gonna adjust 30k for it. Oh no, here's a comp with a pool, but it sold for the 30k less. Now what? is worth -30k? Like I said, I'm still gonna grant value to the pool even if it sold for less cause I know pools are desirable in this area. BUT SHIRLEY, YOU BETTER BE ABLE TO SUPPORT IT.. yeah, okay.. whatever.

 

[Pamela Crowley (Florida)]

Originally posted by Bobby Bucks@Dec 2 2003, 09:50 AM
A wise man should refrain from arguing with a fool because a passerby might mistake one for the other.

OK Bobby

I give up! Wish I could say what I'm reading is funny.

 

[EDWARD BERRY]

VERY INTERESTING.

ME thinks that someone in many Cities could relate just what Shirley is saying but will not.

Of course, I think she is on a slippery course, BUT I know one or two in our area that is doing the same. It is not right but it IS fairly prevelant.

Thats the way it is, see very little to change it in the future, as a matter of fact I think it will get worse.

Seen it all in my 27 years of appraising. ed.

 

[Dan Leggett]

Originally posted by Shirley Yukon@Dec 2 2003, 09:26 AM
No I don't worry about what a typical buyer might be thinking or why they might choose. ....... I appraise based on what the market shows.

Umm, I guess I was mistaken in thinking the buyers were part of the market. Thank God (& Wayne) for the enlightenment I receive from this forum.

Reminds me of a review several years ago. When questioned by the underwriter about comp selection the former appraiser replied "I don't care what other properties are selling for, I'm citing Market Value." (I swear folks, I have that in writing!)

 

[Pine Tree]

I've been following this thread for a day or two.. And what just hits me between the eyes is the idea that it may be ok to do less than optimum work based on not getting caught..

Good grief.. if a tree falls in the woods and no one hears it, did it make a sound?.. ( or something like that)

Nor is longevity in the business a benchmark for quality.. Many number hitters are the darlings of the Real Estate Sales world.. reasons are obvious. What do real estate agents want? fast ! Certainly! and number hitters that never miss the target.. Of course..

25 report a week! Perhaps this reflects the efforts of an entire office and not just one appraiser. 25 inpsections in a week seems like a full time job, never mind producing a well researched, well executed opinion of value.

But, I am taking to heart Bobby's quote as I surely would not want to be mistaken.


Kind Regards.
Wendy