• Welcome to AppraisersForum.com, the premier online  community for the discussion of real estate appraisal. Register a free account to be able to post and unlock additional forums and features.

Motto's To Live By

Status
Not open for further replies.

reviewbe

Sophomore Member
Joined
Oct 4, 2016
Professional Status
Certified General Appraiser
State
California
Another thread referenced the motto; It is what it is. Got me thinking about other appraiser motto's.

The guy I initially worked for had been appraising since the 1950's. Two motto's defined his practice; a) 'if you are going to miss, miss big', and b) 'you have a buyer that wants to pay that amount, and a seller who wants to accept that amount, what makes you so smart?' Words to live by unless you are such a good appraiser that you know for sure that the MV is $249,500 and not $250,000 that the buyer/seller agreed to, for example.

He'd also say that c) 'you don't have to take every job that walks in the door.'

Been helpful advice on almost every job taken or not taken over the last 30 years. Probably not taught in appraisal classes.
 

EddieB

Elite Member
Joined
Feb 17, 2005
Professional Status
Certified Residential Appraiser
State
North Carolina
He'd also say that c) 'you don't have to take every job that walks in the door.'

Best advice ^^^

But about b) .... I've seen some ill informed buyers in my years along with some "creative" deals that I wouldn't touch with anybody's license.
 

J Grant

Elite Member
Joined
Dec 9, 2003
Professional Status
Certified Residential Appraiser
State
Florida
Another thread referenced the motto; It is what it is. Got me thinking about other appraiser motto's.

The guy I initially worked for had been appraising since the 1950's. Two motto's defined his practice; a) 'if you are going to miss, miss big', and b) 'you have a buyer that wants to pay that amount, and a seller who wants to accept that amount, what makes you so smart?' Words to live by unless you are such a good appraiser that you know for sure that the MV is $249,500 and not $250,000 that the buyer/seller agreed to, for example.

He'd also say that c) 'you don't have to take every job that walks in the door.'

Been helpful advice on almost every job taken or not taken over the last 30 years. Probably not taught in appraisal classes.

I dislike the first two, old fashioned number hitting advice imo, the last, don';t have to take every job that walks in is good advice.
 

Meandering

Elite Member
Joined
Feb 26, 2006
Professional Status
Real Estate Agent or Broker
State
Pennsylvania
Run Forest, Run!

That and,

"The fee is $zzz plus a secretarial charge of $75 for every phone call or email you send me before the agreed upon due date."

.
 

J Grant

Elite Member
Joined
Dec 9, 2003
Professional Status
Certified Residential Appraiser
State
Florida
Another thread referenced the motto; It is what it is. Got me thinking about other appraiser motto's.

The guy I initially worked for had been appraising since the 1950's. Two motto's defined his practice; a) 'if you are going to miss, miss big', and b) 'you have a buyer that wants to pay that amount, and a seller who wants to accept that amount, what makes you so smart?' Words to live by unless you are such a good appraiser that you know for sure that the MV is $249,500 and not $250,000 that the buyer/seller agreed to, for example.

Probably not taught in appraisal classes.

Not taught in appraisal class because it is BS number hitting. If you are going to "miss" implies we had a predetermined value or Sales price to "hit or miss, " which is wrong. Then he follows up with if you are going to "miss" ( the predetermined desired number) miss big. ?? We are not supposed to have a target to miss or hit. Second of all, the example of 249,500 and 250k is absurd, and not the point...if the SC price 250k is deemed a reliable indicator for a reconciliation point virtually no appraiser would opine 249,500. But this nonsense about you can only miss "big", might mean an appraiser who believes 245k , or 247k is the best supported value might no longer feel confident since it is not enough of a "big miss"

Then the second about what makes you so smart is a means of mocking appraisers as a subtle way to endorse number hitting. The example you gave of a sliver of value is such an extreme it serves to ridicule the serious possible issues behind the sentiment expressed. I hope what came from this old timer is taken in context and not followed literally.
 
Last edited:

Elliott

Elite Member
Joined
Apr 23, 2002
Professional Status
Certified General Appraiser
State
Oregon
"Adequate is sufficient" --Thorstein Veblen
 

Davy

Sophomore Member
Joined
Oct 3, 2016
Professional Status
Certified Residential Appraiser
State
North Carolina
"What is tomorrow but yesterday's today?" -- Eugene Krabs
 
Last edited:

reviewbe

Sophomore Member
Joined
Oct 4, 2016
Professional Status
Certified General Appraiser
State
California
Not taught in appraisal class because it is BS number hitting. If you are going to "miss" implies we had a predetermined value or Sales price to "hit or miss, " which is wrong. Then he follows up with if you are going to "miss" ( the predetermined desired number) miss big. ?? We are not supposed to have a target to miss or hit. Second of all, the example of 249,500 and 250k is absurd, and not the point...if the SC price 250k is deemed a reliable indicator for a reconciliation point virtually no appraiser would opine 249,500. But this nonsense about you can only miss "big", might mean an appraiser who believes 245k , or 247k is the best supported value might no longer feel confident since it is not enough of a "big miss"

Then the second about what makes you so smart is a means of mocking appraisers as a subtle way to endorse number hitting. The example you gave of a sliver of value is such an extreme it serves to ridicule the serious possible issues behind the sentiment expressed. I hope what came from this old timer is taken in context and not followed literally.

These were words from an old timer who never had to deal with USPAP. In more modern vernacular we would probably word things differently. But conceptually, still good advice, IMO.

BS number hitting? Maybe. You argue that few appraisers would opine $249,500 if the contract was at $250,000. But at $245,000 or $247,000, maybe? Kinda supporting the point, aren't you? If that's not number hitting, I don't know what is. And missing big instead of small.

Sorry, I don't have an easy answer for the question 'how big is big?'.

As far as what makes you so smart, well, presumably it's your training and experience that enable you to conclude that the sale price is consistent with the market or not. Contract price can be a pretty good piece of information. If you are concluding to something else, probably ought to have some good support for your conclusion.

At least we all agree on c).
 
Status
Not open for further replies.
Find a Real Estate Appraiser - Enter Zip Code

Copyright © 2000-, AppraisersForum.com, All Rights Reserved
AppraisersForum.com is proudly hosted by the folks at
AppraiserSites.com
Top

AdBlock Detected

We get it, advertisements are annoying!

Sure, ad-blocking software does a great job at blocking ads, but it also blocks useful features of our website. For the best site experience please disable your AdBlocker.

I've Disabled AdBlock
No Thanks