I'll quote that in my Workfile.
Ok, you guys will enjoy this
I'm working on a review.
Comp 1 SP $90k Adjusted to $75.5k
Comp 2 SP $90k Adjusted to $38.5k
Comp 3 SP $95k Adjusted to $74.5k
Listings
Comp 4 Lst $100k Adjusted to $124.5k
Comp 5 Lst $94k Adjusted to $100.5k
Comp 6 Lst $134k Adjusted to $88 k
According to what we'll loosely refer to as the "reconciliation"...."All comparables were considered in the final estimate of value. "
I'll let you guess what the OMV was.
Hint: It was not any 1 of the adjusted values above, nor any of the SPs, nor was it the average of either data set. It was, however, 3k less than the contract price coincidentally.
On the bigger picture, the range of value on the UNADJUSTED comps was $44k. Using some of the most impressive appraising chops I've ever seen, the appraiser was able to INCREASE!!!!! the range to $86k. What would the mortgage lending industry do without this kind of insightful analysis to aid them in their lending decision.
If there were anything resembling wise oversight of this industry this appraiser would get suspended back to middle school where she could work her way back up to the high school diploma she needs to get accepted to the junior college where she can take an introduction to appraising course, so that maybe she could someday apply for a trainee license.
The AMC got their money's worth. Let me guess. The appraiser used "list" adjustments. The appraiser did not verify the sales with anyone. The appraiser stayed within one mile and 6 months of sale. The appraiser is a totally clueless idiot.
The AMC got their money's worth. Let me guess. The appraiser used "list" adjustments. The appraiser did not verify the sales with anyone. The appraiser stayed within one mile and 6 months of sale. The appraiser is a totally clueless idiot.
The AMC got their money's worth. Let me guess. The appraiser used "list" adjustments. The appraiser did not verify the sales with anyone. The appraiser stayed within one mile and 6 months of sale. The appraiser is a totally clueless idiot.
The "appraiser" did not understand that adjustments are based on market evidence and if you adjust and the range gets wider then they are obviously not performing due diligence.
What surprises me is that the "appraiser" actually had an opinion of value and I am guessing the reconciliation of value did not explain where that value came from.
What surprises me is that someone is actually stupid enough to order a review of this "appraisal". What a waste of money.
What AMC is dumb enough to employ this person? What "appraiser" is dumb enough to submit this report?
Look at tabs on bottom, 4 different worksheets...... are three comps enough? The last few reports I have completed are 6-8 comparables..