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65076507

Thread Starter
Junior Member
Joined
Jan 1, 2008
Professional Status
Certified Residential Appraiser
State
Maryland
I read an appraisal from 2 years ago that my friend got done when he dropped MI. I seen another one of the appraiser's reports on a very similar property (same street and same GLA and both IOG TH's) during the same month. Interesting to note appraiser adjusted $4,000 on the comps for full bathrooms and the other appraisal he used $7,000 for each bathroom. ALso, one had $1000 for deck and other had $3000. Assume both properties are the exact same for the sake of this argument. Is not being consistent going to lead to problems later on? I can see if time of market is different or different quality of improvements. But same everything except amounts for adjustments? Shouldn't we stay consistent?
 

Riick

Elite Member
Joined
Aug 14, 2007
Professional Status
Certified Residential Appraiser
State
Delaware
Yup.... so consistent that I never have upped those $3/ft GLA adjustments for the $50,000 house days. <joke>

Realistically, we get into ruts.
Example: You work out a figure for full bath adjustment, and stick with it until you realize that since gas costs $3.50 now, maybe the adjustment isn't valid anymore ???
 

leelansford

Elite Member
Joined
Mar 29, 2002
Professional Status
Certified Residential Appraiser
State
Illinois
The appraisal with the larger positive adjustments probably needed a higher opinion of value to "make the loan".
 

Elliott

Elite Member
Joined
Apr 23, 2002
Professional Status
Certified General Appraiser
State
Oregon
6507 x 2,
Since your a newbie, can we ask you something? Do you see
reports and does your mentor support the concept of making
the 'deal' or estimated value work, just for business purposes?
Many of us have lost touch with appraisers starting out and
wonder what mentors are mentoring now a days.
 

65076507

Thread Starter
Junior Member
Joined
Jan 1, 2008
Professional Status
Certified Residential Appraiser
State
Maryland
no my mentor is by the book and loses deals because of that.....He always tells me to stay consistent but I noticed others don't seem to do this....It sucks because he is honest and as you guys know loses business for being honest.....it's sad!!!!!
 

David B

Junior Member
Joined
May 15, 2006
Professional Status
Certified Residential Appraiser
State
Maryland
65,

Where did you obtain your got done educational hours?
 
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