Opinion, Please - Request For Value Reduction

[Artemis Fowl]

There is no such thing as THE value, as we know , Assessed valuation I am not directly familiar enough with process so don't want to comment.

But as far as MV purpose assignments, there seems to be two schools of thought: A or B:

A) It's s just an opinion! Who knows if any number in a range is better than another...the value opinion can be any number in a range who am I to say....since we're not that good . So might as well pick a mid point for a value or if it's a purchase then at SC price when if it is reasonable, even if reasons are marginal. Does a similar mushy attitude go into picking the comps /reconciliation of them ?.

B) Appraiser is willing to stand behind their value opinion not because of an egotistical notion that it is THE value, but because their development led them to believe it to be the stronger supported value point among the range. The appraiser considered sales/listings with attention paid to the fact that comps are not interchangeable properties, some are more similar to subject in key characteristics and thus more reliable to base a value direction in the reconciliation. In B scenario an appraiser might choose to reconcile at a SC price, but there will be a preponderance of good support to do so besides the SC itself.

A) No idea where this is coming from. Are you reading what is actually written? (reference end of comment B below)
B) No argument here 'cept for the last sentence.

What is your point?

 

[J Grant]

My point is relating to my example of A nd B, that the A) mushy thinking with weak idea of why they arrived at value in the first place would change value to the 265k SC price, whereas B would not.

 

[Artemis Fowl]

But you said they both changed.
Sorry...you said B might. That would not be credibly supported IMO.

 

[J Grant]

But you said they both changed.
Sorry...you said B might. That would not be credibly supported IMO.

?? I said in my example, B Appraiser would not, or more likely would not change their value in OP scenario.

Who knows what OP decides to do, they know the subject and comps and situation around listing and sales contract...would you agree the listing history and sudden huge reduction to matching sales contract sounds a bit odd?

 

[Artemis Fowl]

Honestly...I have no idea if I agree or not.
I can reliably say that I agree 99% with what I said.

Odd? Maybe. It is what it is. I am not going to assume it is relevant to the problem until its been analyzed. An owner or agent thinking a property is worth more than is supportable isn't that odd.

 

[J Grant]

Appraisers analyze listing history and then reaction in contract in context of what is typical among other factors.

At some point appraiser has to draw a conclusion. Is subject listing price history typical, or unusual, and does it represent MV motivated activity, and why or why not? Ditto for contract.

An owner or agent may over price a property, happens all the time, but again it should be in context of the market. Particularly on a lender owned REO, why did the agent price it so extremely high relative to the market, then suddenly a drastic reduction where it immediately goes to contract? Strikes me as odd at least in my experience with these properties.

 

[Tom D]

Jtip hit one nail on the head though... I am stubborn. Sometimes obstinately so, and I might need to rethink that attitude.

that's too funny. stubborn is good if you are right, but only pays $.50 an hour.