• 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.

Outsmart reviewer

Dublin ohio

Senior Member
Joined
Mar 20, 2008
Professional Status
Licensed Appraiser
State
Ohio
No, not if you get the right criteria to make it relevant. Has to be smart and efficient.
Only 2 scenarios where it woud not be misleading. 1) Properties are similar and use same set of comparables. 2) You do not have enough comparables for either property and you use the general data with suffecient explanation. Has nothing to do with smart or effecient. Has to do with quantity and quality of data.
 

Fernando

Thread Starter
Senior Member
Joined
Nov 7, 2016
Professional Status
Certified Residential Appraiser
State
California
Only 2 scenarios where it woud not be misleading. 1) Properties are similar and use same set of comparables. 2) You do not have enough comparables for either property and you use the general data with suffecient explanation. Has nothing to do with smart or effecient. Has to do with quantity and quality of data.
Currently there are not enough sales to get a good data sample so it's reasonable to get a larger set of data to do a good analysis.
More data numbers better determination in seeing the general trend.
 

Fernando

Thread Starter
Senior Member
Joined
Nov 7, 2016
Professional Status
Certified Residential Appraiser
State
California
You are doing 2 model match homes in the same tract or project.
Otherwise that crow don't caw.
It doesn't have to be exact. It could be "bit" bigger or smaller. Usually have latitude in choosing criteria for 1004MC.
How often you been criticized for choosing the criteria? Never, ever.
 

ramrcdk

Senior Member
Joined
Jan 15, 2008
Professional Status
Certified Residential Appraiser
State
North Carolina
Only 2 scenarios where it would not be misleading. 1) Properties are similar and use same set of comparables. 2) You do not have enough comparables for either property and you use the general data with sufficient explanation. Has nothing to do with smart or efficient. Has to do with quantity and quality of data.
:mad2:
He must be trying to explain: referencing a boundary area defined on Page 1 Neighborhood Section or "market sale area" that is extremely stable, sales rarely occur, further limited by sales which would be of subject comparable consideration, & results of the MC Addendum analysis would contain the same-exact data over a period of time.

Where around here in my practice, a new addendum is completed "every time" whether or not ... period. Never do I receive a Service Assignment where data does not change
daily or IN the least be completed each-time for the specific Report.

Here's A TIP : To " Out-Fox" a Reviewer "equals" a big waste of time & brain cells.
Just DO your J-O-B, diligently "Review-Read-Review" your report before you then After-Delivery Waste More Time by ... Out Foxing Yourself.
 
Last edited:

Fernando

Thread Starter
Senior Member
Joined
Nov 7, 2016
Professional Status
Certified Residential Appraiser
State
California
I get reviews and I step back and my attitude is don't fight them. If they have an issue and I can correct it, I correct it to their liking even though I could make comments on why I did what I did.
As long as the changes don't affect the value, I can let them have it their way. It's faster.
 

Tom D

Senior Member
Gold Supporting Member
Joined
May 22, 2015
Professional Status
Certified Residential Appraiser
State
Pennsylvania
i don't get reviews. in what year of your many years of experience should you not be getting reviews anymore? maybe there should be 2 categories of certification. certification no review expected, and certification expecting review questions.
rural appraisers are excluded, i do big city easy appraisals only.
 

Fernando

Thread Starter
Senior Member
Joined
Nov 7, 2016
Professional Status
Certified Residential Appraiser
State
California
I don't mind reviews if it helps correct any mistakes I overlook in the report. I want my reports to be error free as possible.
I take pride in my reports. My goal is to correct any misunderstanding as fast as possible which is our common aim.
 

Carnivore

Elite Member
Supporting Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
North Carolina
i don't get reviews. in what year of your many years of experience should you not be getting reviews anymore? maybe there should be 2 categories of certification. certification no review expected, and certification expecting review questions.
rural appraisers are excluded, i do big city easy appraisals only.

Fernando comment above prompted me to respond; First i think we need to define what is a Review and what is not a review. Its possible that Fernando is being proof read by an AMC checker Dude using a checklist. This is NOT a REVIEW. Checker Dudes Don't use USPAP Standard Three or Four. OTOH their Checklist may have certain Standard 2 elements within it.

What I see in review assignments is a mixture of; Random Sample Quality Control; Something caught the eye of the UW Review; Big Box Bank Random Sample between their different Divisions/locations AND Direct Assignment Lenders!! they are not using an AMC-Phone Monkey. The last one makes perfect sense. The direct communication between the Appraiser and the REAL Client is no doubt the best system. Its not good for Volume Lenders. It is good especially for Large Mortgage Bankers.

Review Triggers can be a New Subdivision/New Developer/Builder or a New Construction IN-Fill.(outside a cookie cutter s/d.; Lender/Client is sampling the New AMC is another. New Appraiser to the Lender or AMC is another. There seems to be no pattern.

Finally(my last comment this thread) I have learned that I am not as smart as I think I am. There are a lot of really good Appraisers out there competing with me. I also have learned that with few exceptions the Vast Majority of the Appraisers are doing their best. The Need for Speed is the only Drawback. The volume model is just that, its how Henry Ford became so wealthy. None of us are going to get wealthy using that model in the Appraisal Business. Ours is more like "You make Hay when you can and as fast as you can. Winter is coming fast..
 

Fernando

Thread Starter
Senior Member
Joined
Nov 7, 2016
Professional Status
Certified Residential Appraiser
State
California
Fernando comment above prompted me to respond; First i think we need to define what is a Review and what is not a review. Its possible that Fernando is being proof read by an AMC checker Dude using a checklist. This is NOT a REVIEW. Checker Dudes Don't use USPAP Standard Three or Four. OTOH their Checklist may have certain Standard 2 elements within it.

What I see in review assignments is a mixture of; Random Sample Quality Control; Something caught the eye of the UW Review; Big Box Bank Random Sample between their different Divisions/locations AND Direct Assignment Lenders!! they are not using an AMC-Phone Monkey. The last one makes perfect sense. The direct communication between the Appraiser and the REAL Client is no doubt the best system. Its not good for Volume Lenders. It is good especially for Large Mortgage Bankers.

Review Triggers can be a New Subdivision/New Developer/Builder or a New Construction IN-Fill.(outside a cookie cutter s/d.; Lender/Client is sampling the New AMC is another. New Appraiser to the Lender or AMC is another. There seems to be no pattern.

Finally(my last comment this thread) I have learned that I am not as smart as I think I am. There are a lot of really good Appraisers out there competing with me. I also have learned that with few exceptions the Vast Majority of the Appraisers are doing their best. The Need for Speed is the only Drawback. The volume model is just that, its how Henry Ford became so wealthy. None of us are going to get wealthy using that model in the Appraisal Business. Ours is more like "You make Hay when you can and as fast as you can. Winter is coming fast..
You make a good point. My favorite AMCs are the ones just proofing read my report. They're easy to correct.
However, there are some lenders who use real reviewers and pick my report with a fine tooth comb. They may be technically correct and interesting to know but there's a point to stop nicky picky.
The way I do appraisals and getting fees are different from 12 years ago. What worked back then doesn't work now. As you know, I'm no ordinary appraiser. For the moment, I have kind of figure out how to maximize my profit based on knowing the client. Some fees I'm able to get, I feel slightly guilty. I shouldn't since they accepted my fees. Never had that feeling in the past.
 
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