TN Pro
Senior Member
- Joined
- Oct 16, 2003
- Professional Status
- Certified Residential Appraiser
- State
- Tennessee
I used to do a lot of Field Reviews, but quit after the last one. It was from a fairly well known appraiser who appraised a manufactured home as a site built house. The "trailer" had an addition, then the whole thing was stuccoed. It was the ugliest piece of crap i have ever seen. My field review was 50k, the original appraisal was 165k.
Anyway, recently, i guess because borrowers know that the market is in the toilet in several areas, homeowners have been handing me previous appraisals when i go to do my site visit.
When i get them home and go through them, they are garbage.(generally)
For example, did one 2 weeks ago, many comps within blocks. Previous apprasial goes up to 3 miles for superior locations.
Then the last one, the appraiser stated that the home was actually a duplex, but because he couldnt find duplex comps, he appraised it as a single family. Keep in mind, this is in the 37917 zip code. The tax card and the zoning was for single family. It possibly had been used years ago for two families, but present day use, layout and zoning is single family. (one level house, one front door. (The attic was poorly finished, ceiling height around 6 feet high, appraiser calls it a 2 story home).
So, for those of you who do reviews, what do you do with the bad ones?
Do you report them to the State, or just shrug your head in disgust and move on?
Again, for those who review, would you say there are more good reports than bad, or vice versa.
Im all about helping to clean this business up and getting the bad guys out, but who has time to sit and thoroughly review every bad report you see, them complete a formal complaint to send to the state.
Dean
Anyway, recently, i guess because borrowers know that the market is in the toilet in several areas, homeowners have been handing me previous appraisals when i go to do my site visit.
When i get them home and go through them, they are garbage.(generally)
For example, did one 2 weeks ago, many comps within blocks. Previous apprasial goes up to 3 miles for superior locations.
Then the last one, the appraiser stated that the home was actually a duplex, but because he couldnt find duplex comps, he appraised it as a single family. Keep in mind, this is in the 37917 zip code. The tax card and the zoning was for single family. It possibly had been used years ago for two families, but present day use, layout and zoning is single family. (one level house, one front door. (The attic was poorly finished, ceiling height around 6 feet high, appraiser calls it a 2 story home).
So, for those of you who do reviews, what do you do with the bad ones?
Do you report them to the State, or just shrug your head in disgust and move on?
Again, for those who review, would you say there are more good reports than bad, or vice versa.
Im all about helping to clean this business up and getting the bad guys out, but who has time to sit and thoroughly review every bad report you see, them complete a formal complaint to send to the state.
Dean