Oy, vey!

[Alison Swain]

If the value range was between 220 & 228, then 230 would be a little high, wouldn't it.

228 is probably already a stretch :laugh:

Bingo. My old boss used to tell MB's that if we came within a couple thousand and were still under, then we probably already stretched to get where we got.

 

[AppraizinAZ]

So I expect to see you in Scottsdale on 12/14/07 at 5:00 pm, then - no? :icon_mrgreen:

I am going to try..not sure if I can get to that end of town, I have a appt in Carefree just before...

 

[lizhorvath]

Think of the children, waking up on Christmas morning, and the littlest one proclaiming "God bless us, every one, except that bee-ach appraiser that couldn't push a little harder just so the MB could make the payments on his Lexus, and we could get the latest X-Box and Wii, so we aren't ostracized at school becuase my Skeechers are so last month, and mom might not be able to pay the cell phone bill on my razor, and my i-tunes account is about to go into the red...."

THAT has to be one of the funniest things I've read yet.

 

[Patti Jury]

So there was a "predetermined value" on the order and you accepted it?

 

[Wendy]

So there was a "predetermined value" on the order and you accepted it?

Bet it was an "estimated value" which seems to be a-ok with the powers that be. If I had my way, that little box would be illegal to fill out.

 

[Alison Swain]

So there was a "predetermined value" on the order and you accepted it?

Yep, that's right. Like 98% of all appraisal orders sent, they had an "owner's estimate of value." They can put anything they want on the request, as long as it's not "Call first if it won't make value." I don't give it any consideration ---- the comps are what they are and the adjusted sales prices come out where they come out. It's nice if it works for them, unfortunate if it doesn't.

In this case, the MB complained about it coming in $2K short. Here's my reply:

I cannot appraise to a requested value, only to a value which I can justify and which was determined in compliance with USPAP and Florida state appraisal law.

The market area is currently showing an annual decline of about 6% --- very typical (and sometimes worse) for the larger Central Florida market. In fact, there are currently properties within the subject's development which have been on the market from 45 days to over 10 months which are listed between $209,000 to $235,000. These are currently only active listings --- not contracts pending.

What got us as close as we did was the mere fact that the comparable sales were sold without any sellers' concessions (closing costs) for the buyers . If those had been a factor, the appraised value would have been lower (by several thousand dollars).


We all know how the game works. Those holier-than-thou here who think everything with an estimate of value should be turned down as an "illegal" order......flame away.

 

[Wendy]

..... Those holier-than-thou here who think everything with an estimate of value should be turned down as an "illegal" order......flame away.

Let's see, how many orders come in with an estimate? Oh, I'd say 95% of them! I, like most decent appraisers, just ignore it.

It gall me that there is so much talk right now in government about eliminating pressure, but no one has put forth the simple solution of banning any "estimate of value" presented in conjunction with an order. Come on legislators - it's a no-brainer!

 

[Alison Swain]

I fantasize about the day that every appraisal request is "blind" (no reference to any estimate of value) --- the client just says, "Appraiser: go see this property and come back and tell me what it's worth." :new_smile-l:

 

[Nathan Slaman]

8/10 of 1% is well within a statistical margin of error. Round to the nearest $10K and get on with life. I don't think I'm good enough to pinpoint a value to within $2K, or anyone else for that matter.

Oh man your going to get killed for that comment but if the value falls in the middle of the range i completely agree.

 

[Nathan Slaman]

I am all for lenders sending me out to do a blind appraisal and paying me upfront but do you think this is realistic. Not going to happen.