Interesting personal thinking from an insider...

[Stephen J. Vertin MAI]

Again, I am not talking about the guy or gal out there hitting numbers. IMHO, using the three highest sales is an adjustment issue not a comparable selection issue. Further, I am not suggesting only three comparables be examined. I never said that. I am saying three comparables in a report is sufficient and if the appraiser has done their job correctly all other data will point towards the same or similar answer. If adding comparables changes value, the value was incorrect in the first place. Value is a constant under the scope and intent.

I would hallucinate when most of us add another comparable it simply supports the original indication, as it should. If Brad is making appraisers add more comparables to test honesty, integrity and competence, this is a different issue. Possibly he should ask for the work file. However, simply stating three comparables make not a crediable appraisal, is wrong.

I would rather have 3 good comparables within a report that have well supported adjustments than 20 comparables where little is known and adjustments are questionable at best.

Steve Vertin

 

[Austin]

Lee Ann:
You are at it again. Agreeing with every thing I say and then beating me over the head with my own ideas. I think your chief objective in life is denying or casting everything I say in a bad light for some reason then taking my ideas and recasting them in a different form to expunge my involvement. You started off in your last post babbling about we need some form of trend line that explains most probable price. Then you go off on a tangent and say: “Any system but the one Austin uses.”
I hate to tell you this but, it ain’t my invention. I learned it from a battered & oppressed woman that has been victimized all her life by rich country club Republican college boy types that turned her loan down once long ago and just to get even she proved them wrong by digging into math books and discovering that most probable price was derived by using a lease sum of the squares derived trend line. There, does that make the system more palatable? Hurrah for women and down with mean white men yada yada yada. Whatever it takes. Hillary in 2004!!!,whatever.

As to your comment about al la mode’s size adjustment program. I purchased the Wintotal program and am using it just to see what life is like for a residential appraisal. There size adjustment program is an excellent tool if you know what you are doing and terrible if you don’t know what you are doing. I know what I am doing and love the program. I use a running graphical analysis of before and after adjustments to insure I use the correct sequence of adjustments. Just finished doing a new 3,000 sf spec home at around $300,000 using only comps from this unique subdivision. There was an 800 square foot difference in one sale with no price variance meaning a size adjustment of $4 per square foot equalized the trend line making it = 0 which defines a perfectly adjusted sale. If I had used the size adjustment program without verifying results I would have made a $60,000 size adjustment to one of the sales that was not justified. I owe it all to that trend line that guides me every step of the way along with the correct sequence of adjustments that little oppressed woman taught me.

 

[Farm Gal]

Then you go off on a tangent and say: “Any system but the one Austin uses.”

AAAauuustin!
HUNH??? did NOT?!?! I was specifically wanting NOT to have anyone think I was throwing rocks at your trendline and anaylsis sytem.

As to your comment about al la mode’s size adjustment program. I purchased the Wintotal program and am using it just to see what life is like for a residential appraisal. There size adjustment program is an excellent tool if you know what you are doing and terrible if you don’t know what you are doing. I know what I am doing and love the program.

That you know what you are doing WRT statistics I sincerely beleive!

What I was talking about ((NOT the size adjustment feature)) is the final value weighting used by an appraiser I recently reviewed... wherein he took some VERY near new custom homes (which comp selection was highly inappropriate anyway) and used them to arrive at a value conclusion on the subject: a 30+ year old 'unique property' and got his market value AND overall value conclusion by using the 'weighted averages feature' on homes with a great number of disparate adjustments for 'other features'...

I suppose that using said weighted average might be 'sort of' reasonable, I would have taken the one comparable with the least adjustments (inappropriate though it was) and cited it as the one given the most weight rather than relying on some automated 'weighted average in a box' which I could not follow the arithmatical or statistical gyrations of!

thass alll I meant! really. now you hurted my feelings and made me feel bad, when I wuz going out of my way to try not to hurt yours... bawwww.

Hillary in 2004!!!

go hilary? :?