Client asking for specific data on appraisal

[Tom D]

If you have very similar comps like i always have, in my easy big urban row house life, then i can do matched pairs just from the comps i used. Maybe besides all the pretty charts, regression, sensitivity charts i show that only having a couple, none big, adjustments has shielded me from stupid prove it stips.

But in my experience the biggest issue is appraisers pulling comps from the wrong side of the street, as they say.

 

[Sadie]

If the engagement letter didn't ask for those specifics, then you don't have to do them. It sounds like someone just got out of appraiser training and wants to show you they know how to do it better than you. But you might want to reply back and get a few specifics. Sometimes a phone call can resolve many problems that back and forth messaging does not. Of course notate your workfile with either an email summarizing your conversation or even just a written memo to file.

Also, you should have a basis for an adjustment, your starting point. Was it a market trend analysis, the paired sale of a dissimilar property with what ever odd amenity you have, was it regressions analysis? Sometime it is just paired sales or a market analysis or whatever you want to call it. All, or most, adjustments need the sensitivity analysis because not all properties are the same.

 

[Tiffany Gibbons]

It’s my understanding that these things are asked for when they see things like a $5000 bathroom adjustment and a $10,000 pool adjustment and a $2000 fireplace adjustment. And the standard $30 square foot GLA adjustment on every house. Those might’ve been the market base adjustments 25 years ago but not today.

$30?? WOW.