The interior/exterior condition is just one of the many tedious and pointless clicking I am doing. I am in the middle of the sales comparison approach and currently I think I have LESS input on the outcome of this process instead of more. Maybe this will change by the end of this report but I currently feel like I am not really developing an opinion of value instead just filling out forms with drop downs and check boxes.
You won't be able to see the forest for the trees. A good appraiser can group all of the like things together and single out the value differentiators pretty fast. So forcing the appraiser to document every detail just invites many avenues of attack from the potential aggressor (whoever that might be) - and will likely obscure the features that impact value. This is especially true of secondary bedrooms, bathrooms, and certain other kinds of rooms, which are individually typically not so important. You always focus on the kitchen, master and secondary bathroom and bedrooms, probably grouping most of the other rooms together if they are in the same ballpark of C/Q.
Since I have been doing property data collection for a few months, I notice the "Unit Interior" section comes straight from that. Adding each level of the dwelling and each room one by one then individual updates per room/level.
All of this division, again, it opens the appraiser to attack on specifics, without adding to value. Condition and Quality for the entire property can be accurately measured by the residual, provide you have a good regression R2 or 70-80%. Then the math says you are free to break that down anyway you want into parts and there will be no impact on value. But, FM/FM will have you go in the opposite direction, break everything up into dozens of components, estimate them subjectively and combine the subjective values into a. total adjustment to the net sale price - AND NO THAT WILL NOT BE ACCURATE!!
Also this must be a glitch with TOTAL but once I add a photo, it disappears. It's still in the report but is no longer visible to me.
It was working just fine before, and this is the cost of making changes, stupid changes at that.
Other things I hate- the opinion of site value is one of the first things this form asks you to do when it should be towards the end.
Why? It shouldn't matter one way or the. other - unless you are trying to hit some value and are hoping the site will save you in the end!
Going through this I am legitimately wondering if there is any chance that this entire thing can be scrapped.
Well, if. you don't you might (and I do mean "might") regret it. I don't know;
Appraisers as a whole will hate this with a burning passion.
Well as long as they get paid for their time, which they probably won't.
This has made the entire process longer while seemingly allowing the appraiser to do his/her job less.
Yep. The knotheads over at FM/FM are genuine knotheads. Always have been. I like the word "knot heads" - it suits them well.
Older appraisers are going to have a miserable time adapting and will leave the business..
Honestly, they should have left long ago.
I am known to hate change. I thought I was screwed with UAD showed up but I adapted quickly... So maybe after a few I'll be calm... but this blows.
Be concerned about your NET INCOME and retirement. We are now seeing many baby boomers retiring with no savings. I see it. They spend most of their lives dreaming that it will all work out and in the end wind up living in self storage units - if they are lucky. That is a story in itself. And time slowly, so slowly, creeps upon them, and, oddly, they just keep dreaming it isn't. But the time will come if they don't have any savings. And with a little bad luck, really bad things can happen.
