Assemblage Sales

[Mickey Stevens]

I just had a conversation with a local manufactured home dealer. I explained to him as I have to a few others why we can't use assemblage sales. Included in the explanation was the fact that our state licensing board has something on their website saying it's a no-no. He said that all the other appraisers around here use them. I might just chalk that up to one of those things people say that maybe true or may not be. However, I have seen other reports with them and have heard from other dealers that other appraisers are using them. I have also had underwriters tell me it's okay to use them.

I'm not sure what the point of this post is other than to vent. It's frustrating that this appears to be a common practice. I can't help but wonder if all these appraisers are uninformed or are they just assuming there will be no consequences. I did hear someone say recently that the licensing board has a stack of these they are trying to decide what to do with. If they aren't going to do anything about it they might as well just say it's okay.

 

[Willie]

Fight the good fight and keep the faith and look at all the $100,000 totals that have been repo'd and now sell for $40,000, if you have second doubts.

 

[Big ole Boy]

From the halls of Archer, FL. ( very depressing day - loosing faith in my countrymen )

Reviewing an appraisal with six comparables. Five assemblage two of which appear to be complete phantoms and one resale with an under estimated distance from the subject.

Pretty pathetic.

Est. value $15,000 to $20,000 above market value on a great day

and $45,0o0 to $50,0o0 0o0o0oo0 most of the other time....

I'm rolling in o0o0o0o here, I think its somebody's IOU that I am talking about. We appraisers represent the paper logic of our financial system. Don't we?

Perhaps I am just a frustrated under-paid worker who is trying to offer something back to society - but, society does not seem to want this effort taken with any real degree of varacity.

 

[Tim Hicks (Texas)]

Originally posted by Mickey Stevens@Mar 29 2004, 11:13 AM
I just had a conversation with a local manufactured home dealer. I explained to him as I have to a few others why we can't use assemblage sales. Included in the explanation was the fact that our state licensing board has something on their website saying it's a no-no. He said that all the other appraisers around here use them. I might just chalk that up to one of those things people say that maybe true or may not be. However, I have seen other reports with them and have heard from other dealers that other appraisers are using them. I have also had underwriters tell me it's okay to use them.

I'm not sure what the point of this post is other than to vent. It's frustrating that this appears to be a common practice. I can't help but wonder if all these appraisers are uninformed or are they just assuming there will be no consequences. I did hear someone say recently that the licensing board has a stack of these they are trying to decide what to do with. If they aren't going to do anything about it they might as well just say it's okay.

That's how all the appraisers fall into the trap! Lets put it this way, there are a whole slew of appraisers that are not able to do appraisals sold to Fannie and Freddie anymore. How would you like to be in that group or tell your clients they can not sell their loans to Fannie or Freddie with your appraisal?

Keep in mind that old saying. If all your friends jump off a bridge, will you be willing to do so, too?

Right is right and wrong is wrong. It is that simple. What side do you want to choose?

 

[Tim Hicks (Texas)]

Originally posted by David R. Stevenson, SRA@Mar 29 2004, 05:36 PM
From the halls of Archer, FL. ( very depressing day - loosing faith in my countrymen )

Reviewing an appraisal with six comparables. Five assemblage two of which appear to be complete phantoms and one resale with an under estimated distance from the subject.

Pretty pathetic.

Est. value $15,000 to $20,000 above market value on a great day

and $45,0o0 to $50,0o0 0o0o0oo0 most of the other time....

I'm rolling in o0o0o0o here, I think its somebody's IOU that I am talking about. We appraisers represent the paper logic of our financial system. Don't we?

Perhaps I am just a frustrated under-paid worker who is trying to offer something back to society - but, society does not seem to want this effort taken with any real degree of varacity.

Thats just your first one. Let me know how you feel about the subject when you have reviewed over 100 like I have. They are all equally bad, some are comical, most are pathetic. The appraisers should be sued by the consumers, too!


David, check out their quoted distance to comparable sales. Fifteen miles is always +/-5 miles. Ten acre lots get a hefty $500 per acre adjustment over the one acre lots, when the market shows it should be $3-5,000 per acre. They never seem to mention the 1,200 Sf workshops on the comparable sales. The subject is always superior to the sales in quality, but the REO appraisals always tend to be bottom of the line models. Reviews are so much work, the appraisers literally stock pile the ammo against themselves.