Is it just me?

[glenn walker]

My favorite funny appraiser was a guy who couldn't be fired because all the Underwriters and processors loved that he was so easy to work with.

After we took over review department
we would send him a "stip" like Fred your $20.00 GLA and $1 per Sq.Ft. lot size adjustments seem really low for the year 2018 please advise.

A few minutes later he would E Mail saying that's what his mentor in 1990 told him to use. We E Mail him back and say Fred please try to update your old stale adjustments ! He responds back can you guys please make me a list of acceptable adjustments and I will just use those and revise the report. You can't make this **** up.

 

[NC Appraising]

In all seriousness, there is nothing wrong with having a list of adjustments..
You just gotta up date it every other century....I mean every quarter would be idea.

The SRA and chief appraiser/accessor for the county was my instructor.

When he had his on firm he would take on trainees and their only job was to maintain and update the list. I loved the concept.


Appraising is like playing golf. I've been appraising for 30 years. Yeah, you've been playing golf for thirty years also but you still shoot in the 100's.

 

[Fernando]

In all seriousness, there is nothing wrong with having a list of adjustments..
You just gotta up date it every other century....I mean every quarter would be idea.

The SRA and chief appraiser/accessor for the county was my instructor.

When he had his on firm he would take on trainees and their only job was to maintain and update the list. I loved the concept.


Appraising is like playing golf. I've been appraising for 30 years. Yeah, you've been playing golf for thirty years also but you still shoot in the 100's.

As I mentioned before I clone my old reports and depending on the old date, I adjust my new current report accordingly to how much the market real estate prices increase since then.
It's all relative.

 

[glenn walker]

We all have a mental list but know when it doesn't apply. Some actually are using adjustments from 25 years ago. You don't realize it until about your 300th review and your like did these guys all have the same mentor. Lol

 

[jay trotta]

I am sure most of you have seen this revision request.

Perfectly acceptable- "Per UCDP findings the condition adjustment for comp 2 is smaller than peer and model adjustments, please advise"
Never been acceptable appraisal practice- "Hey Joe! Wadda ya give for a condition adjustment?"

Can they provide the supported data they used to support their findings? IE: smaller than "peer and model adjustments"?

What does all this mean without supportive information? NADA

 

[Tom4value]

Dear Slipshod AMC,

"The condition adjustments applied within the sales comparison approach were developed using paired sales analysis. Specifically, comparable sales with similar characteristics, differing primarily in the feature being adjusted, were identified and analyzed to quantify the market's reaction to that specific attribute. In instances where direct paired sales were limited or required further validation, the analysis was further refined and supported by the findings of a market survey, which provided insights into local buyer preferences and market trends regarding condition of the comparables utilized in this report. This integrated approach ensures the adjustments are well-supported by both direct market transactions and a broader understanding of buyer behavior within the subject's market."

Absolutely fantastic!

 

[Tom4value]

Can they provide the supported data they used to support their findings? IE: smaller than "peer and model adjustments"?

What does all this mean without supportive information? NADA

That’s my point! They can’t!

 

[Tom4value]

I never used the term matched pairs. The reason why is most have seen only a few real matched pairs in their career and when challenged they choke.

Always use terms and labels that are hard to be challenged like "sensitivity analysis " or proprietary regression analysis and get me confused enough as the reviewer to just say F it. I place the appraisers bull**** in the file and move on. Rule #1 never get yourself into a corner.

I get your point for most adjustments. Most are from grouped sales, (baths, GLA, garages, etc.) which is why I always apply them first. I then look at quality, location and condition adjustments. Those I do use with matched pairs. Of course, you never get an exact dollar but a range. Then you talk about reconciliation.

 

[glenn walker]

That’s my point! They can’t!

Actually Fannies Reviewers can. The lender won't because they are not allowed to tell the appraisers what adjustments they have to make as the appraisers would scream they were pressured to change adjustments to meet the lender GSE standards used in their data base.

But the GSEs data base may be showing 300 other's in that same market area that averaged $75 to $85 on GLA when the subjects report is using say $40.00 a square foot.

The issue is are your reports in line with all the others working that area or are yours substantially higher or lower than say 300 other appraisers ?

The GSEs massive data base in a certain market or neighborhood is the equivalent of a Proven Peer Review based on real appraisals on closed loans held in their portfolios.

 

[sputnam]

I am sure most of you have seen this revision request.

Perfectly acceptable- "Per UCDP findings the condition adjustment for comp 2 is smaller than peer and model adjustments, please advise"
Never been acceptable appraisal practice- "Hey Joe! Wadda ya give for a condition adjustment?"

Cured by actually including comments about the data and method that you used to derive your adjustment.