Ghost Rider
Senior Member
- Joined
- Apr 27, 2003
- Professional Status
- Banking/Mortgage Industry
- State
- Connecticut
So, from all the number hitter discussions that have been floating around lately, I'm curious about just how far someone has to go to be considered one.......I know we are all supposed to be disinterested third parties, and are to give a totally unbiased person to give our expert opinion of value......But what do we all consider to be a "number hitter"??
Does the person have to make every value happen to be a number hitter?? For example, he/she ignores 10 good sales that closed within 3 months of the effective date of the appraisal, all within 1/2 of a mile from the subject??
What about if the sales price is $150,000. There are 4 good comps, with sales prices of $152,000; $150,000; $145,000; and $140,000. He ignores the low sale, and makes a couple adjustments that are slightly questionable (perhaps a large GLA adjustment, or makes a subjective quality adjustment on the low sale to bring it up, and brings it in for $150K?? Does it matter if it is a sale at $150K, or if it is a refi where the deal dies if it comes in under $150K?? Does an extra $1,000 make a huge difference in the big scheme of things??
I've done enough reviews, and worked with enough people to be able to spot an obviously pushed appraisal, they are easy to see, and even the most raw of trainees SHOULD be able to see it. But where do you all draw the line?? Will you say NO to a loan officer or a good client when that extra $1,500 dollars (which could be added to the appraisal with a slightly different adjustment than the one you made) kills a deal, and upsets a LOT of people?????? How ethical do you have to be to be able to sleep at night??
Does the person have to make every value happen to be a number hitter?? For example, he/she ignores 10 good sales that closed within 3 months of the effective date of the appraisal, all within 1/2 of a mile from the subject??
What about if the sales price is $150,000. There are 4 good comps, with sales prices of $152,000; $150,000; $145,000; and $140,000. He ignores the low sale, and makes a couple adjustments that are slightly questionable (perhaps a large GLA adjustment, or makes a subjective quality adjustment on the low sale to bring it up, and brings it in for $150K?? Does it matter if it is a sale at $150K, or if it is a refi where the deal dies if it comes in under $150K?? Does an extra $1,000 make a huge difference in the big scheme of things??
I've done enough reviews, and worked with enough people to be able to spot an obviously pushed appraisal, they are easy to see, and even the most raw of trainees SHOULD be able to see it. But where do you all draw the line?? Will you say NO to a loan officer or a good client when that extra $1,500 dollars (which could be added to the appraisal with a slightly different adjustment than the one you made) kills a deal, and upsets a LOT of people?????? How ethical do you have to be to be able to sleep at night??