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"Miscalculated Home Value: Robert Bruss-Part XXIV

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airphoto

Senior Member
Joined
Jan 15, 2002
Professional Status
Retired Appraiser
State
Pennsylvania
Interesting ..

I wonder how come he doesn't question why there's "a shortage of appraisers"? Wonder how he could conclude that there's a shortage of appraisers. Wonder what his source is for that remark?
 
Joined
Jan 13, 2002
Professional Status
Retired Appraiser
State
Florida
I'm going to put together a reply. Just can't right now.

Now we know what part of his problem is. He handed a potential comp to an appraiser and that appraiser didn't use it. The 'question' came from a real estate agent for a refinance of her own condo and she handed the appraiser comps that weren't used.

How many of us are handed 'comps' by a HO or agent that are NOT COMPARABLE when there are newer, nearer, more similar ones available? How often are those 'comps' offered ABOVE the actual market value of the subject??????

I've even been handed comps that I already had and did use that when properly adjusted, brought it in under what an agent wanted; then the agent sends that same comp again for me to consider! They didn't even notice that I'd already used it!!!!
 

larryhaskell

Senior Member
Joined
Apr 23, 2002
Professional Status
Certified General Appraiser
State
Nevada
I always request a copy of the CMA or any appropriate potential comparable sales from anyone that is willing. By doing so, when they bit** later I let them know I considered every bit of the info they provided. I'm sure like with most of you, the info they provide generally leads me to the value they want, while ignoring the appropriateness of the info.
 

Julio E. Sune Jr. (FL)

Senior Member
Joined
Jan 16, 2002
Professional Status
Certified Residential Appraiser
State
Florida
Case Study--[From my Files]

Waterfront house in the Florida Keys. Listed 2-02 for $949,000. Reduced to $920,000. 8-02. Sells for $875,000. and closes 10-31-02.

"Re-sells" 12-06-02 for $1,150,000. --realtor calls it a "bargain"--I ask, "If it is a bargain, how come it has been on the market for almost a year"????---

Came in at $900,000. Realtor goes "bersek", faxes 4 "comps" 3 of which had lot sites of over 50,000 square feet (subject had 16,070 SF)**. 4th comp I already had (same street)--better view, plus I had appraised before.

[** No need to explain that there is a BIG difference between a 16K s/f and a 50K s/f open water view site in the Florida Keys]

Lender only cares about the mortgage--hires another appraiser that comes in at contract sales price.

Being a jumbo loan must likely the 2nd appraisal will be reviewed (and I hope so)
 
B

Bemis Pownall

Guest
Would be nice to hear the first appraisers side of the story!
 
B

Bemis Pownall

Guest
Julio

You should go knock on their door after they move in and explain it to the new homeowners!
Wonder how they would feel?

Been tempted to do just that many times...
 

Paul DelleDonne

Sophomore Member
Joined
Jan 17, 2002
Professional Status
Certified Residential Appraiser
State
Delaware
This very same article was in our Saturday newspaper real estate section. All his articles have little merit and are wriiten for sh&%#t out of his ***. It's obvious they are written for sensationalism and are recycled from days gone by, my neighbors know it also. The only thing the public enjoy's of his slop is the Jerry Springer aspect of kicking up dirt and stirring the pot. He is one lowsy scribe that won't return my respectfull e-mails to take him to task for his erroneous hyberbole.
 

John Hassler

Senior Member
Joined
Jul 23, 2002
Professional Status
Certified Residential Appraiser
State
California
Just curious how as to much that owner/agent condo owner cuts her commission for a "no brainer" sale?

John Hassler

BTW I always take any comp help I can get. Nobody ever had a less accurate estimated value because they had too much information!
 

Verne Hebert

Senior Member
Joined
Feb 25, 2002
Professional Status
Certified General Appraiser
State
Montana
Julio-

Thanks for the post on this bottom-feeding reptile............................and thanks for all your "current event" posts.

Keep up the contribution to awareness!
 
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