Date: January 31, 2008
TO: All NON ACI Appraisers
FR: George Vann, SRA
RE: TWO LISTINGS Placement
As many of you are aware, we invoked a two listings policy to be gridded for every appraisal nationally with the intent of assuring all appraisers are aware that most markets nationally are either in decline, or in danger of it. Moreover, since markets do not march in lockstep, there are soft pockets in most markets which may be in decline while others are not.
IF YOU ARE A NON ACI software appraiser, please note: UNTIL FURTHER NOTICE, do not use the "Additional Listings Page" from your library of forms. Normally this would be fine, but since our systems are ACI driven, that form is not being translated correctly and requires a manual work around process.
If you will kindly add your listings to your closed comp pages, and label them at the Sale Date Line as "ACTIVE LISTINGS" then this kind of technical glitch may be avoided with no additional work on your part.
We appreciate your help with this matter.
Some appraisers are loading listings, adjusting them, and still opining values
well above the listings. Without a specific explanation, we have to assume this is a mistake and possibly a training issue and will call to inquire why. REMEMBER, if you can buy the listing of equal quality, size and function down the street for less, why would you assume the subject is worth more? In a declining market, the competitive listing often IS the market value. Please review the Principle of Substitution and email me if you have a question. In some cases, there may be a reason, but this should be fully investigated and substantiated in your analysis.
