Question from potential private customer re reconciliation at sale price.

[alebrewer]

And AI is wrong, as it often is - for apparisers, value is not an estimate; it is an opinion.

Incorrect again - it is both or either.

Definition of estimate:
"an approximate calculation or judgment of the value, number, quantity, or extent of something."

Definition of opinion:
"a view or judgment formed about something, not necessarily based on fact or knowledge."

The reason we use the term 'opinion' in practice is twofold: (1) the term 'opinion' acknowledges the subjective elements involved in the valuation process - which also supports the argument that point values don't exist; (2) 'opinion' avoids the precision implications of using the term 'estimate' (again pointing to the fact that value is not a point, but a range).

In practice, however, either term is correct when describing what we do.

In fact, based on your affinity for point value opinions, use of the term 'estimate' might be more accurate for you.

 

[J Grant]

Doesn't have to be from USPAP to be accurate.

USPAP are the standard we follow in appraislas - sources such as AI or what RE agents do, not so much -

 

[alebrewer]

USPAP are the standard we follow in appraislas - sources such as AI or what RE agents do, not so much -

USPAP and common sense (or not, as the case may be).

 

[J Grant]

Incorrect again - it is both or either.

Definition of estimate:
"an approximate calculation or judgment of the value, number, quantity, or extent of something."

Definition of opinion:
"a view or judgment formed about something, not necessarily based on fact or knowledge."

The reason we use the term 'opinion' in practice is twofold: (1) the term 'opinion' acknowledges the subjective elements involved in the valuation process - which also supports the argument that point values don't exist; (2) 'opinion' avoids the precision implications of using the term 'estimate' (again pointing to the fact that value is not a point, but a range).

In practice, however, either term is correct when describing what we do.

In fact, based on your affinity for point value opinions, use of the term 'estimate' might be more accurate for you.

The definons are for what applaies as an appariser (USPAP)
not definitions in a dictionary or AI meant for the general public.


Make the argument using USPAP as a source, or else the argument is not supported as applied to appraisals. My definitions come from USPAP or are reprinted here from the URAR form that we sign.

 

[NC Appraising]

What did the school teach you about refi appraisals....

???

Ok smarty let's go party.

......don't tell anyone..owners estimated value on the old order form...it was on every order back in the day...2004



He said the same thing. Ignore it. Any price, estimated value, etc. Will influence you...

 

[J Grant]

USPAP and common sense (or not, as the case may be).

Sorry but it is USPAP and professional standard when applied to appraisals- just as in the legal profession, the law might not follow "common sense" -a lawyer is expected to follow legal rules and precedents (or argue for a new precedent, usually by basing it on older ones). Which why people get so angry at certain legal outcomes, court judgements or value opinions.

Of course, an appariser is expected to understand markets, the anomlies of human behavior, etc. That goes without saying.

 

[J Grant]

Incorrect again - it is both or either.

Definition of estimate:
"an approximate calculation or judgment of the value, number, quantity, or extent of something."

Definition of opinion:
"a view or judgment formed about something, not necessarily based on fact or knowledge."

The reason we use the term 'opinion' in practice is twofold: (1) the term 'opinion' acknowledges the subjective elements involved in the valuation process - which also supports the argument that point values don't exist; (2) 'opinion' avoids the precision implications of using the term 'estimate' (again pointing to the fact that value is not a point, but a range).

In practice, however, either term is correct when describing what we do.

In fact, based on your affinity for point value opinions, use of the term 'estimate' might be more accurate for you.

You are using AI, which is not USPAP. That is just wasting my time now - I do have a report to write see ya later-

 

[alebrewer]

Delete.

 

[alebrewer]

Ok smarty let's go party.

Ok - I may have to borrow this one.

 

[ucbruin]

2004....
How about 1987....