I am waiting for the phone to ring. I am a bad apparaiser!

[USPAP Compliant]

I finished a report today on a 4 year old, 1411 s/f ranch. Had pretty good comps., few adjustments and a final opinion of $102,000.

Here is the kicker. The same house appraised (by someone else for $102,000 ( the same amount as mine) 04/02/01 last year. Since then they have enclosed the 315 s/f carport into a nice, finished den.

Th OTHER appraiser uses a comp. on the same street (very similar 1149 s/f vs 1096 original s/f for subject) that was listed for $103,900 and sold for $115,900. RED FLAG!!!!!!!!!! A sales price $12,000 HIGHER than the listed price!

Well, I was very curious about this. To make a long story short, the comp. sold WITH A FULL ADDITIONAL ADJACENT BUILDING LOT. The MLS listing/sales sheet said nothing about the extra lot. I did some tax card research and found out what the deal was.

The appraiser had heavily weighted his value to this comp.. The other two comps.. were $101,339 and $100,300 (both were adjusted down to less than $98,500.)

In my opinion the value LAST YEAR was about $97,000. Now the people are expecting a big increase due to the carport conversion!

I guess I will have to tell them about the mistake on the dominate comp. and tell them to call THE OTHER appraiser. I sent him the data on the additional lot. Honest mistake, but he screwed up and now I AM THE BAD APPRAISER.



Do all North Carolina appraisers ( and all appraisers nationwide) a favor and sign the North Carolina Appraisers Petition..............at


http://www.appraiserspetition.com/nc/

 

[Tim Hicks (Texas)]

Post your phone number and we will all call you to tell you what a bad appraiser you are. That way when you get the real call, you will be numb and unable to take their abuse.

 

[USPAP Compliant]

I don't usually take much abuse from anyone! I am self-emplyed, independent and do not suffer fools gladly. I'll let the other appraiser take the abuse.

or--------you call all call me at BR-549

 

[BarbaraNJ]

Bob,

I am happy to join you on the "bad" list....had a similar situation about two weeks ago.

Inspected an older colonial, just routine (or so I thought).
Applicant got their copy of the report from the bank and went "nuts", claiming that I was wrong, wrong, wrong on the value. Gave the bank three other sales (all superior and more distant than the ones I selected, of course) but the best part was the GLA.

Seems applicant had appraisal done 2 yrs. ago and the GLA was 2,390 s.f. and MY report said the home was 1,950 s.f. Of course, since my measurement was Wrong, the rest of the report must be wrong also.

My client is very understanding, and gave me a chance to research and redeem myself.

I went to the Tax Office, and asked what the town had on their property card. By the way, no additions/expansions have occured in the past 15 yrs.
The town Tax Office measured the house at 1,930 s.f.

No one ever thinks its' the OTHER appraiser (like in your case).
Its a shame that people who don't belong in the business cause us to have to spend extra hours just defending what we do.

However, it is nice to know your work can and does stand up to scrutiny!!

Hope this is your only one this year !!!!

 

[USPAP Compliant]

Only one this year?????? I wish.

It seems I get 1 or 2 every WEEK where a previous HIGHER APPRAISAL shows that I am a BAD APPRAISER.

We all make mistakes. I make them frequently. However I refuse to be lambasted over a previous appraisl that is incorrect. My policy is to detail the mistakes or problems and send them to the lender and let THEM deal with expalining to the borrower why the other appraisl is off.

I will defend, explain or corect MY appraisals but I am done with trying to explain what some other appraiser did. Call him (or her) and let them expailn their report....and I will do the same.

 

[airphoto]

Bob, et al ..

You folks are amazingly tolerant .. the second phrase out of my mouth (following BullSheet!) is: "wonder what's wrong with that other appraisal?"

 

[Pat Butler]

I don't do free reviews for anyone. Just do your appraisal and let them complain. If they tell you about the prior appraisal then offer to review it for a fee. Why do it for free?