Class Appraisal Absurd Revision Requests

[Terrel L. Shields]

Misspell it so they don't catch it.

Skool
Choorch
Soupier
Inference

 

[Mile High Trout]

The term was used to describe employment opportunities throughout Orange County, 'CA. I'm presuming that the term was conditioned because "white" anything is considered to be discriminatory. I personally got nothing to apoloize about for being Caucasian. But yea, I gotta stop fighting windmills. Kinda wish the ACI software spellcheck could flag allegedly discriminatory verbiage to avoid after-the-facdt conditions. Thanks all.

You're actually wanting language censorship from your software? Alamode does that. I turned that nonsense off.

You're doing it wrong. 1. Taking AMC work. 2. Because you don't need to describe details like that. The people buying and selling in any given area know exactly where they are at. Employment opportunities or lack their of may drive market values but you don't need to mention that in the report. The only time anything of that nature would be relevant is something like major upheavals if a new mega employer showed up (justifying increases in values) or if one just left (justifying strict only most recent comps time frame selections and discarding other better ones as having occurred under different market conditions.) That sort of thing. The general price category of the housing basically says anything you need about lower middle or upper class anyways.

It's the same reason we don't need to talk if there are a lot of certain demographic peoples in any given area. Or crime. Or graffiti. Migrants or gangsters. Or nerdy band players marching everywhere. People know where they are at. The appraisers job is to analyze market values and mention any exceptional events which may influence market value in the future or recent past. If the neighbors house is some recently discovered mass murderer, you mention that. If they're just junky and playing loud music you don't. Again, days on market and other numerical based data tells that tale as well. If it's a scary *** neighborhood where people only move out and are afraid to buy, the dom's and exposure time figures will tell that tale for you. Those sorts of considerations.

The appraiser never forecasts or predicts. We do not recount demographic or similar data. We just deal with local MLS data and individual home conditions for mortgage insurability concerns. Give underwriters they data they need to check all their boxes. That's it. Newer appraisers should research GSE data for underwriters. Pretend you're an underwriter in training and review their processes and materials. You'll learn a lot about what is needed from appraisal reports, and what is not. Find the underwriters appraisal review checklists, read them. Very enlightening and you'll never think of appraisal development the same way again. Read your lenders own underwriting and origination guideline documents, they're often even longer then the selling guides but you'll find them easy to interpret and skim through, because half of it is just copied material from the selling guide.

Serious appraisers whom know how to analyze markets understand that we're dealing with sales and sales men. Rendering any excuse for working with AMC's to be unjustifiable. If you can't sell past them to land a direct lender client, rethink your entire career because you're in the wrong place.

 

[J Grant]

From a lending client today I was conditioned for use of the word "White Collar" that I used purposely to avoid the term "upscale" that previously had beeb conditioned. Trying to maintain m integrity in the past always coss 10% - 20% of my income, but at some point in time common sense must prevail. Anybody ssimply respond with a "**** off to censorship," ir us cebsirsguo biw banned ?????????????????????

That is beyond stupid to use that word.

 

[Tom D]

Wow, AMC plantation workers complaing here. Get off the complaing for your bad choices.

Using the word 'white' in your report is either too funny, or a mental disorder asking for pain.

This thread shows the decline and future death of this profession.
I have already transitioned to another business that i like. But will still do some appraisals for my non AMC clients.

 

[J Grant]

Take the CL out of Class and what are you left with?

 

[Tom D]

Take the CL out of Class and what are you left with?

Are you referring to the company, or their lackies who are the real **a*s. Or both having the same title.

 

[J Grant]

Are you referring to the company, or their lackies who are the real **a*s. Or both having the same title.

More the company -

 

[mp2277]

From a lending client today I was conditioned for use of the word "White Collar" that I used purposely to avoid the term "upscale" that previously had beeb conditioned. Trying to maintain m integrity in the past always coss 10% - 20% of my income, but at some point in time common sense must prevail. Anybody ssimply respond with a "**** off to censorship," ir us cebsirsguo biw banned ?????????????????????

Should never use that term for several reasons not the least of which is it has no influence on value whatsoever JMO

 

[Mejappz]

I was just sent a report on a rural property that had been done for them (Classless). The neighborhood boundaries were crafted to exclude sales in the small town 2 miles away, then, because there were no comparable sales in the neighborhood, the "market area" was expanded to include two adjacent counties and a non-adjacent county, all 6 to 200+ times the population of the subject county. The surrounding counties have been growing fairly steadily for 2 to 10+ decades while the subject county has mostly declined for 40 years prior to jumping 2.5% from 2021 to 2022...to 841 residents.

Every aspect you would typically adjust for in any residential assignment was described in the same format as follows:

"No location adjustment on each comparable due to this market does not recognize the difference in the condition. This is based on sensitivity analysis, matched paired sales, data analysis, quantitative analysis, and qualitative analysis used in this report." (how does all this work when you don't identify any data in the subject county?)

or

"Each comparable has a site adjustment and this is based on sensitivity analysis, matched paired sales, data analysis, quantitative analysis, and qualitative analysis, which are used in the appraisal report and other sales in the subject's same market area. The adjustments are warranted."

Sales were executive ranch style homes that were 4, 14, and 26 years old and the subject was a 112 year old, two story farm house. No age adjustment was made, no condition adjustments were made, and the sale rated Q2 was adjusted down. No mention of the subject's 100+ acres of pivot irrigated alfalfa until the AMC asked if the pivot was included in the value (to which the appraiser responded yes, but doesn't affect value). No mention of water rights which are shared with the adjoining property under the same ownership, nothing about the fact that the pump site was on that adjoining property, nor the fact the pivot crossed that adjoining property. No discussion in Highest and Best Use about the agricultural production, or the lack thereof of from the dryland sites under the sales represented as comps. Negative $280,000 site adjustment to the high sale has the wrong sign if you adjust appropriately. Two small grain bins were attributed a value of $150,000 and resulted in across the board. upward adjustments to all sales (though you have to wonder how grain bins have value if HBU is residential). Similarly, subject had a 5,000 sf shop the sales didn't have, and it was attributed a value of $150,000 with across the board adjustment to sales. Home was reported to have an effective age of 10 years and 15% for physical depreciation was deducted from the RCN in the cost approach (even for the 50 year old outbuildings), and site improvements added another $88,750. Site value was estimated at $987,029 based on three MLS numbers representing sales in other counties, none comparable to the subject (so dwelling accounted for about 13% of the total value). Sales adjusted to $1,156,958; $1,509,876; and $1,156,563. Conclusion of value was $1,509,000. The reconciliation was garbled garbage but appeared to state that none of the sales was superior to the others, but the first sale ($1,156,563) was weighted first? No mention of the fact that all photos of the sales were MLS photos cropped to remove the watermark. Marketing times reported as under 3 months, but exposure time estimated as 1 to 482 days. Probably concluded a value twice reality.

Was the user satisfied?

 

[chad hampton]

Class should have their AMC license revoked in all 50 states. There is so much dirt on those guys. It's them and Clear capital in a race to see who can destroy this profession more. Yet for some reason the GSE's love them. Knowing what I know about the players involved, I suspect a lot of kick backs.