How long does it take you to complete an appraisal report?

[Jordan Scott]

Mris

I was unaware that other states use several different sources of information to complete a report. My mris has all the information built into it such as short listings and tax records. Also, why do you think these apprasiers who do more then 2 appraisals day put out crap???. All, because an appraiser decides not to use as much descriptiive narrative doesn't mean that the appraisal isn't accurate. I think some appraisers are just more aggressive then others.

 

[Em Tee]

I think some appraisers are just more aggressive then others.

Yes, that's what I've been told by some MBs.

Jordan, you say you get all your data from mris (something in Maryland, I guess - I don't know what that is), but have you ever noticed on the URAR grid where it says Data Source, then the next line says Verification Source? That's 2 DIFFERENT sources.

 

[Murray Bloom]

The clerical, research and analysis phases, plus the actual time spent writing the report usually totals up to about four hours, assuming there are no surprises. To this, you add the field time.

I can work most efficiently doing two appraisals per day (on average), but this assumes that there are field days and office days. I've managed to complete as many as four appraisals in one day (including their inspections), but that was one verrrrrry long nightmare of a day and I was pretty well burnt out the following day. Won't even attempt that again.

 

[spittman]

It used to be one day after inspection, sometimes same day if it were a cookie-cutter and I had a previous appraisal I could use as a template. But now the more I keep getting undercut by skippy 'round here, the less motivated I am. Seems like over the past couple of years my clients (past & potential) have been wanting faster, quality AND cheap. I just don't understand the rationale in more work and less pay. I think a client tries to call my bluff when they tell me that they have appraisers willing to do an appraisal for $--- in less than --- days. What kinda person would do 4 to 6 full appraisals a day for $150-$200 a pop. I'm not a dang appraisal mill assembly line. I think it's time for me to take a break from this "profession" and wait until he S**T hits the fan.

 

[spittman]

... because an appraiser decides not to use as much descriptiive narrative doesn't mean that the appraisal isn't accurate....

True to some degree, but it's all fine and dandy when you have cookie-cutter homes, use "canned" comments and your client only looks at the page with the number on it. I remember as a trainee I was taught to just use "canned" comments all day long. I mean the same generic comments for every appraisal and the comments were so vague, they would fit. But as I became more aware of my actions & liability, I learned to look at each section of the report individually being ever so careful before commenting on the issues at hand and ironically it has hurt me in a way (perfectionism or should I say professionalism takes quality time). Most of the clients I deal with don't want a summary report anyways, they want a dang narrative but on a summary form. Addendum for this item, addendum for that. More detailed explaination on this, more explaining for that. More, more, more oh and by the way, they need faster turn time and cheaper fees. GTF outa heres!

 

[Lee Lansford]

One of the most common deficiencies that I see in appraisal reports is the inability--or, unwllingness--of appraisers to communicate the results of the assignment in a manner that is understandable by the intended user.

Standards Rule 2-1 "Each written...real property appraisal report must:
(b) contain sufficient information to enable the intended users of the appraisal to understand the report properly"

Many appraisals fail to meet this expectation.

 

[wyecoyote]

How long does it take you to complete on average a residential appraisal report??? Please share the time it takes and your tips/tricks along with the software, tools, and equipment used to complete your appraisals. I am curious to see each appraisers system.

Depends on what you mean by time and the property type and complexity. If you mean from receiving the request to sending the completed assignment or from having everything together and writing the report up? Does the time include down time from waiting for the borrower/agent/contact calling back to set the inspection. I have one that I have sitting on my desk received the request called to set the appointment only to find out that the owners will be on vacation for 2 weeks and will call back when they get back in town. On that one maybe 3 weeks. If you are talking total time spent on one appraisal that is relatively simple 5-7 hours total time. If you are talking about just the report writing when I have everything done in front of me and all I have to do is write the report about 1-1.5 hours (that means no calls to be made all data is gathered). Last time I tested my typing skills it was about 70 WPM. So I type quickly just a matter of spell checker. It also helps in my opinion to have as much canned comments as possible. I know that some don't like to hear that but, I figure why retype everytime a market area comments over and over again. I have specific market area comments for certain subdivsions, cities, and areas that I appraise in. A total somewhere around 50 comments. Talking about the house, comparables, site, improvements can be quick to discuss. I would also stack up my reports against most anyone else. There are a some that I would say do a better job than me from what I have seen and read in a few reviews. Did an SRA's review once that was very well written and informative. I incorporated some of her work into my reports. I have also reviewed many reports that do not go beyond just filling out the form. I mean come on describe the house and sales a little bit.