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Peer Review - Meeting Minutes

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Jason Barber

Junior Member
Joined
Feb 16, 2006
Professional Status
Certified Residential Appraiser
State
Michigan
Peer Review & Discussion

05/29/2008

Meeting Minutes


Present
Brian Kirksey, Jason Barber, Hglenbetts, Norma Clement, Tina Whitman, Jessica Schmidt, Paul Schmidt, Timothy Evans, Artemis Fowl, MARKETVALUENOW, Pete Petro, Charley Horse

Work File – What’s in yours?
Brian introduced this topic to the group for open discussion. People shared what was in their work files however, most agreed that there is no definitive answer to the question. Some work files contain hard copies of every document involved in support of the appraisal. Mr. Evans provided a sample of his work file that was very detailed and included an engagement letter, copy of the signed 1004, comparable listings, assessor cards, maps, sticky notes, hair samples of the homeowner, etc. Of course I’m j/k about the hair sample, but it goes to show how detailed Tim’s work files are. Others prefer to store their work files electronically. Most people probably do a combination of these two. We decided in the end to ask a State Board Member what constitutes a work file. See thread on AF entitled “workfile” started by Brian Kirksey.

Declining Market Analysis
This discussion mostly centered around what is considered to be the subject neighborhood. In the case where there is not enough data to perform an analysis on the subject neighborhood, the appraiser must expand the market area to capture relevant data and then discuss this in the addenda. Several different approaches were discussed in actually defining a declining market. The most important point driven home was to make sure you provide hard evidence in your report to support your market analysis. Some appraisers are inserting graphs and/or tables in their reports to display their data and support their market analysis. This was agreed as the preferred method for communicating a clear understanding of a declining market.

Other
There was a long discussion regarding AI and benefits of membership. Also, many appraisers commented on a software tool called "Snagit" to capture screen shots and incorporate them into your reports.

Hand outs
For those that participated, a critique was conducted by the peer group for any appraisal that was submitted earlier in the week.

At the end of our meeting Tim Evans handed out a very informative article detailing how to adjust for GLA based on tightening the range of adjusted sales on the grid. The adjustment factor that produces the lowest range should be considered for your GLA adjustment. This method is similar in concept to paired data analysis.
 
Last edited:

Mary Tiernan

Senior Member
Joined
Dec 16, 2003
Professional Status
Retired Appraiser
State
Michigan
Thank you so much.

Sounds a busy 2 hours.

I am glad everyone came away with a positive experience and hopefully this will lead to more gatherings.
 

Flatlander

Sophomore Member
Joined
Jan 10, 2007
Professional Status
Certified Residential Appraiser
State
Michigan
Good minutes J! Looks like you've got yourself a job :D
 

Wolverinefan

Member
Joined
Dec 7, 2004
Professional Status
Certified Residential Appraiser
State
Michigan
Are you serious about those names or did you make half them up? Charley Horse? Pete Petro? What kind of meeting was this?


Peer Review & Discussion

05/29/2008

Meeting Minutes


Present
Brian Kirksey, Jason Barber, Hglenbetts, Norma Clement, Tina Whitman, Jessica Schmidt, Paul Schmidt, Timothy Evans, Artemis Fowl, MARKETVALUENOW, Pete Petro, Charley Horse

Work File – What’s in yours?
Brian introduced this topic to the group for open discussion. People shared what was in their work files however, most agreed that there is no definitive answer to the question. Some work files contain hard copies of every document involved in support of the appraisal. Mr. Evans provided a sample of his work file that was very detailed and included an engagement letter, copy of the signed 1004, comparable listings, assessor cards, maps, sticky notes, hair samples of the homeowner, etc. Of course I’m j/k about the hair sample, but it goes to show how detailed Tim’s work files are. Others prefer to store their work files electronically. Most people probably do a combination of these two. We decided in the end to ask a State Board Member what constitutes a work file. See thread on AF entitled “workfile” started by Brian Kirksey.

Declining Market Analysis
This discussion mostly centered around what is considered to be the subject neighborhood. In the case where there is not enough data to perform an analysis on the subject neighborhood, the appraiser must expand the market area to capture relevant data and then discuss this in the addenda. Several different approaches were discussed in actually defining a declining market. The most important point driven home was to make sure you provide hard evidence in your report to support your market analysis. Some appraisers are inserting graphs and/or tables in their reports to display their data and support their market analysis. This was agreed as the preferred method for communicating a clear understanding of a declining market.

Other
There was a long discussion regarding AI and benefits of membership. Also, many appraisers commented on a software tool called "Snagit" to capture screen shots and incorporate them into your reports.

Hand outs
For those that participated, a critique was conducted by the peer group for any appraisal that was submitted earlier in the week.

At the end of our meeting Tim Evans handed out a very informative article detailing how to adjust for GLA based on tightening the range of adjusted sales on the grid. The adjustment factor that produces the lowest range should be considered for your GLA adjustment. This method is similar in concept to paired data analysis.
 

Kali the Boston Terrier

Senior Member
Joined
Jul 7, 2003
Professional Status
Certified General Appraiser
State
Michigan
Jason used their Appraisers Forum handles for ease of explanation on here. They do have real names, many do not use their names for various reasons. I on the other hand do not have an issue with mine.
 

hglenbetts

Senior Member
Joined
Dec 3, 2007
Professional Status
Certified Residential Appraiser
State
Michigan
Jason used their Appraisers Forum handles for ease of explanation on here. They do have real names, many do not use their names for various reasons. I on the other hand do not have an issue with mine.

I prefer my screen name for the anonymity.

Thanks

H. Glen Betts :new_llying:
 
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