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Here's Another Question. Does It Matter Who Qualifies The Data You Use?

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George Hatch

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Disclosure: I have never had a conversation about this topic with anyone, and i have explicitly never had a conversation with Danny Wiley about this topic.

We all use data sources in our work and most of us rely on the accuracy of these data sources so at least some extent. If we see a GLA or YrBlt cited in a public records entry we don't generally question its accuracy unless we have reason to think it might be inaccurate. Which depending on where you're working and how accurate that records database is, sometimes they are inaccurate.

Back when I first started appraising we had an additional data resource that was compiled from data collected by appraisers (California Market Data Collective). They published and mailed out their results in monthly and quarterly editions that many appraisers carried with them in their car. The results were reported by map page grid, so if I was looking for sales data in proximity to a location in one map grid - and depending on the neighborhood boundaries, I could flip open to the page in the book that reported the sales that occurred in that 1/2 mile squared area over the last month or the last quarter being covered in that publication. If the neighborhood or market area stretched across multiple map grids I'd search those, too.

Anyways, I illustrate the above for a point - whether we were justified or not in doing so we commonly operated off the assumption that appraiser-collected data was safe to use, especially if we were also citing MLS and public records data as well.
 

George Hatch

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The above was the windup. Now here is the pitch:

If you were working with a database that consisted of data that included quality and condition ratings that - in your own experience - you had come to have some confidence in, do you think you could use that data without going back to reinvent that wheel and repeating those steps personally?

If your client agreed to let you use a runner or a trainee to go collect your comp photos and ratings - so long as you fully disclosed who did what - do you think you could ever trust their work for use in your report?
 

Artemis Fowl

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IMO...once I sign my name I own it...right or wrong. Is it reasonable? Is it credible? Is it scrumptiously crunchable? I suppose I need to satisfy that for myself before signing.

If I trusted the trainee/runner...yes.
 

Terrel L. Shields

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do you think you could ever trust their work for use in your report?
Trust or not doesn't USPAP say we must state our opinion and verify our sources? If an unknown inspector without a license (no skin in the game) provides a completely fabricated report yet not inconsistent with what we (blindly) expect then transmit in a report, who gets the blame? USPAP seems to explicitly require OUR OPINION on such things as condition, quality, and other subjective determinations. I have no quarrel with factual data even if flawed and undisclosed you have somewhat of an out. But can I trust those more subjective determinations? And if not, will I be challenged by the client over it? How much time will be wasted in post-report defending our opinions?

Over 26 years I can figure out who can be trusted and who lies like a dog. There are two brokers I wouldn't trust as far as I could throw them. Most of the older ones here I trust. But will I know which one or one of their agents will be inspecting before accepting the assignment?
 

Meandering

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Okay,

I’ll play Andy Rooney.

“Did you ever wonder why......”
 

Meandering

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The above was the windup. Now here is the pitch:

If you were working with a database that consisted of data that included quality and condition ratings that - in your own experience - you had come to have some confidence in, do you think you could use that data without going back to reinvent that wheel and repeating those steps personally?

If your client agreed to let you use a runner or a trainee to go collect your comp photos and ratings - so long as you fully disclosed who did what - do you think you could ever trust their work for use in your report?
So George,

Why are you pretending to tell appraisers what data is “reliable” and doesn’t need to be verified, in markets you’ve never been to, and don’t know the local major players?

Just cause you have houses in California too does not mean what does or does not need verification in your market is the same across the country. Heck there are people that could say the sky is blue, and everyone who knows them, would look out the window to make sure. And that has nothing to do with licenses or not. Wasn’t it “highly qualified “ climate scientists that could not sail out to prove global warming , because the sea ice was too thick?

.

But why George?

.
 
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George Hatch

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The question occurred to me while writing one of the posts near the end of the other thread I was in. That's the "why", if you're so paranoid about it.

I don't pretend to tell appraisers anything. Appraisers demonstrate what they think of their data sources by how they use them. If you don't use your datasources that way then that would be why you would disagree with my observation - at which point I invite you to comment and expand on your reasoning. That's why I opened the discussion.

As for making assumptions about the quantity/quality of what everyone across the nation has to work with, I didn't do that. I specifically qualified my comments


"If we see a GLA or YrBlt cited in a public records entry we don't generally question its accuracy unless we have reason to think it might be inaccurate. Which depending on where you're working and how accurate that records database is, sometimes they are inaccurate. "
 

George Hatch

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And FTR, I've been running into examples in my own region of public records info and MLS listing info and subscription database info being questionable or inaccurate, so I do bump up my inquiries in those situations.

I'll also note that the AI had their own data collective going for the commercial data for a while, so if you're planning on blaming the concept on Cthulhu and the Trilateral Commission then good luck with that.
 

Meandering

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I’m not blaming anyone for anything.

I was just wondering why you keep coming up with more inventive ways of telling appraisers they are just putting too much work into their due diligence, and their reports in general.

"Better" reports does not mean rely on something because George said it's all good.

.
.
 

Artemis Fowl

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On Cthulhu: (interesting reference there George)
When the stars have come right for the Great Old Ones, "some force from outside must serve to liberate their bodies. The spells that preserved Them intact likewise prevented them from making an initial move.
 
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