Pre-foreclosure

[GARY TRENT]

Webbed Feet,

I stand corrected and will strive to do better in the future.

 

[ZZGAMAZZ]

Perhaps the AF posting format (screen window) could be revised to prompt the poster to describe the intended use, intended user, and pertinent aspects of the SOW. Despite the nay-says, a form concept often leads to standardized protocol.

 

[Farm Gal]

Gary:

I am going to first commend you on your mild reply - then take most of the previous posters to task: This place is for folks to ask questions and :new_2gunsfiring_v1: it really does NOT matter what the inquirent license level is - NO ONE WAS BORN KNOWING ALL ABOUT APPRAISING - and some folks with licenses consider ourselves pretty dang knowledgeable.

The putative know-it-alls (particularly those who self-diagnose as omniscient) can ask for clarification in a MUCH pleasant and assisting manner - particularly to newbies, and could certainly show a little more respect to other posters who are veterans of this place. :new_ukliam2:

Now that said- Gary First start out with a real clear idea of intended use and user - Start of your Scope of Work definition.

Now clarified (however briefly), your inquiry should next turn to H&BU carefully defining subject... (Yeah, and I'll tell you how to suck eggs next, dear)! Is it a tear down, low-end habitable as-is, or a fixer-upper requiring an influx of cash to bring to marketability? Or perhaps will it compete with 'average' properties in the area? Maybe it is a little rough cosmetically, but had the expensive upgrades done prior to Daughter's pending default! What needs to be done to it to turn it into competition with various other classes of homes recently sold and presently on the market?

So now we turn to analysis of the market... again specific to YOUR SUBJECT.

Many markets with burgeoning foreclosures on the market bifurcate- a bunch of home-buyers would no more buy a pig-in-a-poke than fly to the moon... Some other wanna-be-investors (reasonably or not) consider that they are going to achieve bargain basement prices if they bid on repos! (Even when they are novices who overbid ) Those idiots can really skew your dataset.

The cost to cure anything is going up stupidly in the present environment - I just laid out nearly six hundred bucks to paint the exterior ONLY of a 1020 sf rental property and that has nothing to do with the labor cots!! be REAL sure you understand what materials and labor are being figured in real life today and in your market!

If the local market is tanking... it may get to a point where the great quantity of foreclosures on the market as a whole... set or get real close to being set BY what is available in the way of repos with no multi-level category of sale at all! I actively dispute preconception of where a property fits into the MARKET until I can clearly define buyers current habits and how my subject compares in that market as of my effective date!

Not sure if this helps but to summarize you would value ANY home based on: WHAT are the properties actually competing, and how would YOUR SUBJECT fit into probable buyer response?

You may want to use bracketing in your delivery of analysis for probable low end value, most probable (Market) and high end of value range.

Part of your SOW discussion should probably include asking: What dear ol dad doing with the place - bailing out dear daughter or thinking he is gonna become a real estate baron one house at a time? You would probably want to be real sure you do not raise unrealistic expectations of return on investment! Take a final step back and make sure you are not leading someone into stupidity.

 

[Webbed Feet]

<....... snip.......> This place is for folks to ask questions <..... snip......>

Cool! ...

Take a final step back and make sure you are not leading someone into stupidity.

Is this the voice of experience speaking?



By the way, when I posted "Licensed" I meant all appraisers. As in, being certified is a type of license too. I can see why however that you got up in arms about my use of the word "licensed" as you took it to mean I was solely picking on licensed and not certified. In case you have not noticed, I've been on the asses of certified appraisers for not informing us of their problem identification, intended use, type of user, SOW, etc., just as much if not more when they post. My point was either licensed or certified they are not trainees any longer. It's time to know when one asks questions one has to provide some basic information or the questions cannot be adequately answered.

Webbed.

 

[Farm Gal]

Webbed-

I don't take slangs at license level very personally - I know what I know - I just get real tired of folks tossing insults and 'you ain't qualified' at others - as if they got it all in ONE themselves! Presently reviewing a lot of General and MAI work and finding holes you can drive a truck through in both USPAP compliance and plain Jane commonsense!

What a poster is thinking when they make an inquiry here is usually the pressing part of their concern that they personally have not identified... and when they read what they wrote - it appears to address the concern!

My point is that instead fo throwing rocks all the time we could be a lot more to the point in just asking for the missing info -- that the OP usually has in their head!

 

[Webbed Feet]

Ms. Lee Ann,

We certainly disagree in one area at least. It is not an insult to tell fully licensed or certified real estate appraisers that they should be VERY well aware that most, if not all, specific questions they have cannot be properly answered when they don't communicate the problem, the intended use, the client by type at least, nor anything regarding what the SOW might be. It's not an insult, it's a fact. It's not a personal slander, it's a very reasonable professional expectation.

I certainly tolerate the general public not knowing any of this. But when one of them calls asking the price of an appraisal, but can't or won't tell me what they intend to use the appraisal for, they have no purpose, I can't quote them any fee. You speak of common sense. There is professional common sense also. The SOW Rule is not exactly fresh off the presses. Nor is the concept of intended use and problem identification. More than this, we are supposed to, more or less, be qualified to write reports without forcing every reader to be a mindreader. My expectation would be that if these posters show a similar level of Standard Two reporting, as they do initial posting here on the forum lacking all the needed information in order to answer them, it is no damn wonder you keep finding a lot of General and MAI work with holes a truck can be driven through in both USPAP compliance and common sense!

My thoughts are that if they can't present questions to other appraisers, showing in the process they understand the basic information it takes to define a problem per our Standards, then they have much bigger and far more serious issues than the answers to those questions. So you tell me. Is this a question forum or a learning forum? Because if it is the later, I just have different priorities for them than you do as to what they need to learn first before moving on to the next thing to learn.

If this is only a question forum then I have one for you. How long do you want to go on seeing an industry operating at the performance level of those who produced the reports you are reviewing and complaining about? Think that over before you answer me back that we should not be on the asses of appraisers that can't stop and think about the information they should be providing. Because I bet a few of those General and MAI appraisers "thought" what they wrote addessed all the concerns that were needed too!

Webbed.

 

[Farm Gal]

Webbed:

I guess my primary complaint is the folks here who are unnecessarily scathing about others query, and the following 5-15 'mee-toos' who respond to inform the Orig. Poster what they missed in their original question over and over and over again!

The other tack most folks set sail on is speculative answering - (guilty as charged) or overly wordy take it from scratch responses.... which at LEAST start to educate the uninitiated, or under trained or ignorant!

After they read 300-400 posts of that nature they start to get a clue?!?!?

Sadly some folks lecture - some berate - and it really would be more productive to civil discourse if the mee-toos would just stay off the thread until the OP gets back with the 'rest of the story'.m2:

Yes I do tire of reading 'professional' reports of a type I am trying to understand and cannot follow the logic... however when you take and art/science product you are gonna get both right and left brain responses to the often under-defined problem... and the central cortex can get pretty scrambled!

Again - civility and D3P responses do this place and the readers more good than rants of all types!

<rant mode off>:blush:

 

[Webbed Feet]

Ms. Lee Ann,

You may not realize how much I actually agree with you. Look, I've tried. I've found an original post lacking all the needed information and keep my reply back to a very short “the needed information is missing in your post, please provide it” answer. My post was soon followed by numerous posts making wild *** guesses regarding what the answers should be without waiting for the original poster to fill in the blanks first. Sometimes I see this constant assumption that it is always a mortgage related matter be true, sometimes not. But very often the original poster never bothers to fill in the blanks and we end up with a 65 post thread full of guesses and speculation.

Imagine the pandemonium if the ASB took horribly worded questions, that missed required information in order to answer them, and then provided ten completely wrong answers, thirty half correct answers, and five 100% correct answers in the FAQs for us. We have to pick out which answer we want to run with! I may at times be critical of some ASB answers, but it is expressly due to the way they only answer what appear to me to be carefully truncated questions. Questions that seem to leave out all sorts of other implications needing to be answered in order to put the answer into real life use without it getting parsed into fifty variations of distortion as everybody seems fit to do. Most of their answers do fit the questions however. Many of their answers and questions are all very good.

So maybe the mee-too peer pressure you don't like is far more appropriate than all sorts of incorrect answers that lurkers proceed to apply inappropriately to who knows what. All because none of us got the information we should have had before answering. That said, I agree with your mee-too comment. It would be more productive if forum members would withhold answers until the original poster stepped up to the plate with all of the needed basic information!

I believe ZZGAMAZZ in post 12 has one heck of a great idea! I for one would love to see that. I bet the quality of the forum answers would go up many, many, notches and a lot of time would be saved. In the meanwhile, this is not a verbal form of communication. Posters certainly have all the time they want to take to read over what they are about to post, ask themselves if they have provided all the needed information, and if they have communicated clearly. They can edit within moments after reading their own posts to add clarity if they left it out. If they fail to do any of this, I fail to see how we are to blame for bonking them when they are supposedly professionals who make their livings via written communications under a set of standards requiring basic knowledge. It's exactly like having to bonk them in a review for the exact same thing. I just think that getting bonked here is far better than getting bonked over an appraisal report with your name on it.

Webbed.

 

[RSW]

Webbed and Lee Ann,

I will use MS Word to create my thread if I know it is going to be a long opening. I can check for clarity, spelling, and for missing information. Then I just copy and paiste it into the thread. It is hard to type in this little white box late at night.

 

[Bella Crocheron]

start a new thread!

This sure sounds like a whole new topic to me.....start a new thread!