Steve Gott
Junior Member
- Joined
- Jun 17, 2004
- Professional Status
- Licensed Appraiser
- State
- Nevada
Right before Christmas, I get an order for a 2055. I complete the report and the next day the same client sends over a field review order for the same property (for a larger fee than the 2055 I might add).
After receiving the order, I look over the original report (PDF of a fax) and according to Clark County Assessor records, a prior MLS listing, aerial plat map photo and Google Earth; it appeared as the original appraisal report incorrectly stated the subject property having the following improvements: covered patio/balcony, inground pool/spa, casita (guest house), courtyard entry with fireplace and front/rear lawn. The original appraisal report included photos of these improvements, but the images were hard to make out but they were labeled. The casita was even included in the sketch. The lot size was also incorrectly reported as being about 3,000SF larger.
Before putting pen to paper (ACI to PDF); I thought maybe the data I was using could be out of date. Since the subject was only a quarter mile away I had a plan to find out for sure. I drove to the house and put my camera over the wall and took a few pictures of the back yard.
The back yard did not have a covered patio/balcony, inground pool/spa, casita (guest house), courtyard entry with fireplace or rear lawn. It had a regular concrete patio and some weeds. I don't know what house some of the photos from the original report were taken at but it was not the subject!
Not even mentioning the incorrect data used in the report/sales approach; there was one strong comparable used in the original appraisal, the rest were cherry picked to hit maximum value. Three of the five comparables used were over 2 miles away in a superior community which incorporates a golf course. The last comp was in the same subdivision and was similar in appeal but was a dated sale. There was no lack of recent sales in the immediate subdivision with closer market appeal.
The original appraisal's estimated value was $1,350,000....which is 50% more than my opinion.
Think this one just might make it to the state for special review...
After receiving the order, I look over the original report (PDF of a fax) and according to Clark County Assessor records, a prior MLS listing, aerial plat map photo and Google Earth; it appeared as the original appraisal report incorrectly stated the subject property having the following improvements: covered patio/balcony, inground pool/spa, casita (guest house), courtyard entry with fireplace and front/rear lawn. The original appraisal report included photos of these improvements, but the images were hard to make out but they were labeled. The casita was even included in the sketch. The lot size was also incorrectly reported as being about 3,000SF larger.
Before putting pen to paper (ACI to PDF); I thought maybe the data I was using could be out of date. Since the subject was only a quarter mile away I had a plan to find out for sure. I drove to the house and put my camera over the wall and took a few pictures of the back yard.
The back yard did not have a covered patio/balcony, inground pool/spa, casita (guest house), courtyard entry with fireplace or rear lawn. It had a regular concrete patio and some weeds. I don't know what house some of the photos from the original report were taken at but it was not the subject!
Not even mentioning the incorrect data used in the report/sales approach; there was one strong comparable used in the original appraisal, the rest were cherry picked to hit maximum value. Three of the five comparables used were over 2 miles away in a superior community which incorporates a golf course. The last comp was in the same subdivision and was similar in appeal but was a dated sale. There was no lack of recent sales in the immediate subdivision with closer market appeal.
The original appraisal's estimated value was $1,350,000....which is 50% more than my opinion.
Think this one just might make it to the state for special review...
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