Do people that do reviews >>>>>>

[Ray Miller]

Do people that do field reviews go out and drive and measure the subject and all the sales selected in the report as comparables?

 

[Michigan CG]

Sometimes....and the reason you ask?

 

[The Warrior Monk]

Do people that do field reviews go out and drive and measure the subject and all the sales selected in the report as comparables?

It depends on the SOW, and the quality of the report should be measured against that SOW. Problems arise when one says one thing and does another, or simply doesn't state what they did.

 

[CURT VAN HOOSER]

My typical field review consists of a drive-by of the subject, original comparables, and, if necessary, additional comparables. I have never had a field review in which a measurement was part of the SOW. I have, on a few occasions, asked for an upgrade when it was obvious the GLA listed in the report was not accurate.

 

[Scott Kibler]

I measure if SOW calls for an interior; sometimes they do. Otherwise GLA comes from most credible data source. Often that would be the report under review.

 

[Amy Perkins]

A field review is a drive-by of the subject and comparable sales and possibly a replacement of the sales.

 

[Ray Miller]

Sometimes....and the reason you ask?

Just thinking on a Sunday between church this morning, retirement party in the afternoon and an evening cookout with a Gospel Sing.

One of my long ago mentors required me to measure the exterior of the subject under review, do front, back and street photos as well as outbuildings. Do photos of the comparable sales, on all field reviews.

I still do it today.

I was just trying to figure out how appraisers can do field reviews for so little money. For me it takes more time then a regular appraisal. Then if I have to drive new sales for comparables way more time.

I also attented a CE Class on field reviews the instroctor said the same thing. She also said the cost of field reviews should at least be double that of a standard appraisal. There were about 50 of us in the class last year, all seem to be in agreement with her.

 

[CURT VAN HOOSER]

Just thinking on a Sunday between church this morning, retirement party in the afternoon and an evening cookout with a Gospel Sing.

One of my long ago mentors required me to measure the exterior of the subject under review, do front, back and street photos as well as outbuildings. Do photos of the comparable sales, on all field reviews.

I still do it today.

I was just trying to figure out how appraisers can do field reviews for so little money. For me it takes more time then a regular appraisal. Then if I have to drive new sales for comparables way more time.

I also attented a CE Class on field reviews the instroctor said the same thing. She also said the cost of field reviews should at least be double that of a standard appraisal. There were about 50 of us in the class last year, all seem to be in agreement with her.

I don't see how you can get an accurate measurement from just the exterior. Seems you'd at least have to measure the interior of the garage to get the depth and maybe look inside the house to make sure there is not an atrium or, in the case of a 2-story, an open area.

I agree with the fee though. It's twice the work...it should be twice the fee. It would be cheaper all around if the lender just ordered a 2nd appraisal.

 

[Restrain]

We're back to fees, again. The fee is what you agree to accept the job for. If a company is offering zzz and you don't want to do it for that, it's your decision. You can ask if they will pay more (distances to the sales, problem with market research, etc) and perhaps you can reach an understanding that satisfies both parties.

No one is making you accept a fee for a review. It's your business and it's the clients' business. You agree or you don't agree. There is no national fee, no "all appraisers are charging this" fee, or any other fee structure. The market is what it is.

Yes, the argument is that reviews should command higher fees than an appraisal. But that leads us back around to what to charge for an appraisal. If you're charging $100 for an appraisal, is $200 for a review acceptable? Are you charging $500 for an appraisal and want $1000 for a review?

Whatever you charge, you are not setting your rates in a vacuum. There is competition (yes, even in nowhere WI). You have the option of setting your rates based on your business model and your competition. That's what every other business does that is not government-regulated...and we're not.

Have a great week, Ray.

 

[hastalavista]

I measure if SOW calls for an interior; sometimes they do. Otherwise GLA comes from most credible data source. Often that would be the report under review.

(my bold)

Ditto.
And sometimes that doesn't mean I re-measure the entire improvement; just enough to verify that the original report reasonably reflects what exists (if there are significant differences- the entire improvement gets re-measured).