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Bracketing GLA?

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numbercruncher

Thread Starter
Freshman Member
Joined
Jun 26, 2008
Professional Status
Appraiser Trainee
State
Texas
I have recently finished my appraisal education and cannot recall ever hearing this. Can someone please explain what Bracketing GLA means. Thanks..

:new_newbie:
 

Joyce Potts

Elite Member
Supporting Member
Joined
Feb 6, 2005
Professional Status
Certified Residential Appraiser
State
Florida
It means using at least one sale having lesser GLA and one having more GLA than your subject property??
 

CANative

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Joined
Jun 18, 2003
Professional Status
Retired Appraiser
State
California
Use sales of properties which have houses bigger than the subject and smaller than the subject and kinda/sorta similar to the subject.

C1 = 1850 sf
C2 = 2000 sf
Subject = 1970 sf
C3 = 2100 sf
C4 = 2150 sf

The subject's GLA is bracketed.
 

Mike Boyd

Elite Member
Joined
Jan 18, 2002
Professional Status
Retired Appraiser
State
California
"Bracketing" is a concept developed by those who are convinced that appraisal is more of a science than it is an art. In a perfect world, the idea is a good one. In reality, it can often get in the way of an honest report.
 

Metamorphic

Senior Member
Joined
Mar 15, 2008
Professional Status
Certified Residential Appraiser
State
California
Bracketing GLA (and any other adjustment factor) forces a mathematical discipline on the adjustment process. If you're bracketed, and your GLA adjustment reduces the range of adjusted prices in the comp grid its more likely a reasonable rate than one that causes the range of adjusted prices to increase. Adjustments are suposed to bring the range closer to some central value, if they dont, it suggests that the market based difference you're trying to accomodate may not be market based.
 

Walter Kirk

Senior Member
Joined
Jun 24, 2003
Professional Status
Licensed Appraiser
State
New Jersey
Bracketing is a nice method to use but it shouldn't preempt your own judgement about what comps are the best to use. In many cases I have found that clients
(AMC's) require bracketing, short sales times, impossible distance requirements, etc because they don't trust the appraisers judgement.
 

David Beasley

Senior Member
Joined
Dec 12, 2003
Professional Status
Certified Residential Appraiser
State
North Carolina
I am not bashing on you here, but I am somewhat surprised that you have completed your education and haven't heard of bracketing the GLA (and presumably, also, having comps with sales prices that eventually bracket your value finding). This was taught to me in the late 80s, so I would've assumed that they were still "preaching it" today.

I agree with Mr. Boyd though, it is one of those "scientific" aspects of appraising that some UWs sometimes hold too near and dear, when in fact it is not always possible. And when it isn't possible, it shouldn't be as apocalyptic to the process as they often make it sound. When I can't bracket the GLA, I have taken to devoting a lengthy comment to it in an effort to educate some of the newer UWs out there that think every home has a perfect set of bracketed comps available for it at all times. Sometimes it works, sometimes it doesn't. Sometimes I hate appraising...lol
 

Kevin A. Spellman

Senior Member
Joined
Aug 30, 2003
Professional Status
Certified Residential Appraiser
State
Massachusetts
A lender requires bracketing and is not a written or an accepted theory. Reliable indicators of value with or without bracketing is the best evidence an appraiser can provide.
 

Metamorphic

Senior Member
Joined
Mar 15, 2008
Professional Status
Certified Residential Appraiser
State
California
I am not bashing on you here, but I am somewhat surprised that you have completed your education and haven't heard of bracketing the GLA (and presumably, also, having comps with sales prices that eventually bracket your value finding). This was taught to me in the late 80s, so I would've assumed that they were still "preaching it" today.

Dont be surprised. I never heard the word mentioned during my school room instruction on appraising. Fact of the matter, I didn't even see a complete URAR (blank or filled out), just little snippets of sections of them in the text book and some hand waving about nearby, recent, comarable properties. Based on my experience there's almost nothing practical about the basic education that trainees recieve. Its all vocabulary, and the basic concepts and the math you need to pass the test...... and of course the totally usefull section/township thing. :Eyecrazy:

I agree with Mr. Boyd though, it is one of those "scientific" aspects of appraising that some UWs sometimes hold too near and dear, when in fact it is not always possible. And when it isn't possible, it shouldn't be as apocalyptic to the process as they often make it sound. When I can't bracket the GLA, I have taken to devoting a lengthy comment to it in an effort to educate some of the newer UWs out there that think every home has a perfect set of bracketed comps available for it at all times. Sometimes it works, sometimes it doesn't. Sometimes I hate appraising...lol

I dont know how lengthy the comment needs to be. I usually just write something to the effect of...

"A through search of the MLS and public record data base did not reveal any reasonably comarable properties that sold within the last (6, 12, 18, 24) months, within XX miles of the subject, that were reasonably comparable to the subject and could bracket the subject's (quality, condition, GLA, acerage, age, etc) on the low/high end. "
 

CindyR

Senior Member
Joined
Oct 26, 2003
Professional Status
Certified Residential Appraiser
State
Arizona
No one has mentioned the point of bracketing. Many times an inflated value is reported by the apprasier reporting/analyzing only superior properties or larger properties and applying minimal downward adjustments. It's best to use all identical properties but that is not always possible. if you must select larger comps you should also consider smaller ones as well.

I know that all you perfect appraiser's out there always pick the very best comps and are offended by these guidelines and restrictions. But I routinely review reports where the appraiser ignores a dozen model match sales and selects only larger homes and superior properties in order to report an obviously and blatantly inflated value.
 
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