Market conditions

[c w d]

Why is a registered trainee doing reviews of work completed by real appraisers anyway?

What is a current, inactive trainee doing reviewing certified appraisers, indeed? Please let us know if the Sid Pachter listed at the DBPR is you or not.

I make no apology for my response to your request. Especially not after being cursed in a PM.

Sid said privately:

I am trying to compelte a desk review in a palce where there is limited market data and none of my 5 data sources has information for the area. Consequently as a last resort I reluctnatly utilized the AF for some help. Well at least I'm busy and have work as opposed to you who do not. Instead of being so F-----g critical, if you do not have anything constructive/positive to say then just be quiet.

Nope, no apology at all. Perhaps the reason you have work, Sid, is because you are utterly ignoring your responsibility under USPAP to be geographically competent. Could you review work any further away than Washington? Oh perhaps Alaska or Hawaii. Hell, why not Russia. No, Sid, a lot of us understand what it is to conform to the rules put in place, as questionable as they may be. This is what is required of us ethically! But, part of the problem in this industry is appraisers like you who ignore little inconveniences such as USPAP. According to your license status, if that is really you, you have no business reviewing certified appraisers' work and then rendering an opinion of such work. You don't have any business rendering opinions of value in appraisals at all. I don't really care if you've been in the business for 15 years or not.

 

[Mztk1]

Nope, no apology at all. Perhaps the reason you have work, Sid, is because you are utterly ignoring your responsibility under USPAP to be geographically competent. Could you review work any further away than Washington? Oh perhaps Alaska or Hawaii. Hell, why not Russia. No, Sid, a lot of us understand what it is to conform to the rules put in place, as questionable as they may be. This is what is required of us ethically! But, part of the problem in this industry is appraisers like you who ignore little inconveniences such as USPAP. According to your license status, if that is really you, you have no business reviewing certified appraisers' work and then rendering an opinion of such work. You don't have any business rendering opinions of value in appraisals at all. I don't really care if you've been in the business for 15 years or not.

I am certainly with you being against cursing people out in PMs, etc. We don't know who we are really meeting over the net and sometimes people can freak you out with what they say.

But as far as whether he has any business reviewing a certified appraiser's work, I'd think he could if the job is for a non-FRT or the FRT is less than $250,000, or am I wrong about that? It is not the appraiser we review but the report. I'd have to think that he is allowed to review 50 to 80% of the residential work out there. Plus, if his review does not involve coming up with an opinion of value, he has no problems whatsoever.

 

[DTB]

But as far as whether he has any business reviewing a certified appraiser's work, I'd think he could if the job is for a non-FRT or the FRT is less than $250,000, or am I wrong about that? It is not the appraiser we review but the report. I'd have to think that he is allowed to review 50 to 80% of the residential work out there. Plus, if his review does not involve coming up with an opinion of value, he has no problems whatsoever.

Allowable but certainly doesn't make it right or appropriate.

 

[Michigander]

I think one of the problems national lenders have is identifying individual appraisers who can do very complex retrospective work. Perhaps what Sid does is engage a local appraiser to do the field review and reconcile it with the data that he has? It can be very specialized work, and certainly not everyone can do it.

Sometimes an appraiser outside of the market might be able to see something that a local doesn't, rather like seeing the forest through the trees as it were.

Without knowing Sids job, I would suggest refraining from vitriolic commentary. We should be professional with one another, which means helping when asked for or otherwise holding our collective tongues.

 

[CANative]

CW... I'm no forum mod but I think you should edit your last post and remove the reference to the PM. Private messages are private.

 

[c w d]

Without knowing Sids job, I would suggest refraining from vitriolic commentary. We should be professional with one another, which means helping when asked for or otherwise holding our collective tongues.

He's doing desk review work, as he stated, apparently on a nationwide scale with a paltry 5 data sources. I use 4 for my area alone. What possibly could he see that a local appraiser cannot? I can tell you what he can't see: well defined market areas, external obsolescences, deferred maintenance which may or may not have been documented in the original appraisal, etc. From a nation away he could determine market conditions, median/average sale prices, marketing times, number of homes sold in the area in the part 12, 6, 3 months, absorption rates, quite easily IF he had the appropriate data sources. But, he does not. And he admits as much. So, what is it that he can see that a local appraiser cannot? I bet he is quite adept at utilizing nationally compiled statistics from off the shelf publications in his reviews.

 

[c w d]

CW... I'm no forum mod but I think you should edit your last post and remove the reference to the PM. Private messages are private.

No disrespect meant Greg, but I'll wait for the forum mods to require this of me. I did not solicit Sid's PM. Sid's PM is no way was offering me assistance with anything. It was not meant as a matter to initiate a private discussion of the matter. On the contrary Sid's purpose was to insult as a matter of statement. And I don't appreciate being told to sit down and shut up. So, therefore I have no rational reason to honor his private message. IMO.

 

[CANative]

It's a dirty trick and poor forum manners (I couldn't remeber how to spell etiquette because I have none).

 

[Michigander]

Larger patterns CWD. The same name turning up in deeds over and again, in particular related to foreclosures and lis pendens for one. I have seen local experts use sales that were all related to the same parties time and time again, not thinking that there might be something a little untoward going on. Saw one once where those sales were at least 50% higher than the market in general and the appraiser indicated they were the best sales for the subject which was being bought by the same buyer who bought all the high sales. They had huge undisclosed concessions which the appraiser was unaware of but were discovered on review.

In any case, I maintain we need to be professional with one another. It sets us apart from the fray if we can.

Cheers

 

[Mztk1]

I just did one like that Serena. I omitted a comp that was "public record only" because the buyer and seller, after doing some deeper research, had been involved with three other transaction in the past 3 months together, and the seller happened to own a property investment company. Nothing a little digging can't uncover.

I got the request for reconsideration of value today, and what comp do they want me to use?