- Jan 15, 2002
- Professional Status
- Certified Residential Appraiser
I just received another field review assignment. My fee is $325. I am getting these reviews because I report factual and concise data while pointing our USPAP problems and poor appraisal practice. Today's is a doozy. Well, it is just like the others. Manufactured home on 1.5 acres built in 1983. All three comps are 4-5 miles away (one year old homes) with the only verification source being a mortgage company. Now, I can not prove it, but I would bet that the one year old homes are really refinances of existing contract for deeds or owner financing. There are no verification phone numbers of names to verify the sales price on these homes. One of the sales is 2,077 SF and the subject is 1,400 SF. When I did a comp check of the MLS, I discovered five sales within two miles that are built between 1980-1990 and are actually verifiable. The sales range on the MLS sales is between $45-65,000. The appraised value is $100,000. This field review will take longer than a typical appraisal, but $325 was the best I could negotiate. This is the third review on this paricular appraiser. Every report has the same MO. The appraiser was formerly a chapter president of a major appraisal organization. This has no bearing on the review, but I just wanted to eliminate the "trainee doing unsupervised work" angle. So many people on this forum refuse to believe that there are many "bad apples" in our profession. I realize I am getting these reviews because they had red flags, but it really makes you wonder how many fly under the radar. Even if 1% of the appraisals done annually are done fraudulently, do you realize how many bad appraisals that is? We need to clean up our own profession or the AVM's will win by default. Just my $.02.