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Calling all reviewers

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SPSDOT

Freshman Member
Joined
Jul 20, 2007
Professional Status
Certified Residential Appraiser
State
Wisconsin
I am currently reviewing an appraisal report for the DOT. The sales maps in the report are of such a poor quality that I would be unable to find the comps in the field without spending a day or so researching the sales myself (these are vacant land sales, so no addresses).

My question is: should a reviewer be able to find the comparable sales just through the data presented in the appraisal report, or do most of us have to do some degree of additional research?

Any comments would be appreciated.

Steve.
 

Tim Hicks (Texas)

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Texas
Well, you can only use what you can use. If the properties are listed on the MLS with no real address, then the best description is the legal description or the MLS listing format. I can see where an appraiser would list it exactly as listed on the MLS to avoid confusion if there is no legal address for the property.

Land appraisals can be very difficult for this very reason. Sometimes the lot is not vacant anymore and has a physical address it did not have at the time of sale.

I would worry more about the data and adjustments and comment on locating the comparables in the review. It is hard to blame an appraiser for poor physical descriptions of sales when there is no physical address to assign.
 

Randolph Kinney

Elite Member
Joined
Apr 7, 2005
Professional Status
Retired Appraiser
State
North Carolina
It would depend on the original appraiser-client's SOW. As long as the vacant land is identified by legal description, plat, etc., I would say that is sufficient.
 

CANative

Elite Member
Joined
Jun 18, 2003
Professional Status
Retired Appraiser
State
California
My area is very rural and even if you have a property address it is often difficult if not impossible to find the property. I consider myself a "nice guy" and lately I've been experimenting with adding directions to properties I've appraised for the benefit of reviewers or pre- or post-closing property inspectors when I believe there is no way to find a property without specific directions or sometimes even an escort from the property owner.

But that's just me.

For land appraisal I include the assessor parcel number for the comps.
 

Mountain Man

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified General Appraiser
State
Georgia
When we do work for the DOT, we build and write a Data Book before all of the appraisal reports are done. The appraisals are in a summary format. So with the report alone, no you couldn't pin point the sales. If you are reviewing for the owner, then I doubt the DOT will give you a copy of the Data Book, but you can ask.
 

Mike Boyd

Elite Member
Joined
Jan 18, 2002
Professional Status
Retired Appraiser
State
California
In most cases, new subdivisions are not mapped, so, you have to improvise. How many remember when you had to draw the map by hand? It was often included just under the sketch. I believe proper identification should be part of any report. AND, that identification should include the ability to find the property. If printed maps don't get the job done, then you have to augment the map with specific directions.
 

Terrel L. Shields

Elite Member
Gold Supporting Member
Joined
May 2, 2002
Professional Status
Certified General Appraiser
State
Arkansas
Dot must have trained them. I've never seen a DOT appraiser report that was over 5 pages and I've seen several that had only 2 comps...usually over 1 yr old.
 

Mike Kennedy

Elite Member
Joined
Sep 28, 2003
Professional Status
Certified Residential Appraiser
State
New York
should a reviewer be able to find the comparable sales just through the data presented in the appraisal report


should be duplicatible. review includes the quality of the data.

Standards Rule 2-1


Each written or oral real property appraisal report must:
(a)
clearly and accurately set forth the appraisal in a manner that will not be misleading;

(b)
contain sufficient information to enable the intended users of the appraisal to understand the report properly;
 

Kevin Mc

Elite Member
Joined
Jun 7, 2004
Professional Status
Certified Residential Appraiser
State
New York
It would depend on the original appraiser-client's SOW. As long as the vacant land is identified by legal description, plat, etc., I would say that is sufficient.

Ditto. Maps mean little especially it the map is encompassing a large area.
 
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