Retrospective appraisal problems

[phoebega]

I dunno, maybe this is a one off for you but somebody who does not pay is known as a deadbeat -

Now it comes out he did provide some replies....keeps changing. Unless payment was made contingent to his answering every question you asked, you simply are not paying for the appraisal .Own it at least.

He eventually replied but did not answer my questions, as I said before.

I see you are a Florida based appraiser, like my poor choice for the retrospective appraisal. Is it something in the water?

 

[bnmappraisal]

What part of FL? (regional, don't need to be specific to city, etc) if you don't mind me asking

I'm in the Tampa Bay area, FWIW

 

[DTB]

Looking at market appreciation since the date of the appraisal, I do believe the appraisal is low.

A statement like this makes me suspect that the appraiser has answered your questions and you did not like the answer as you feel you are more knowledgeable than the appraiser and you are perturbed at having to deal with and pay the appraiser.

 

[phoebega]

let's look at it from a logical point of view. what possible benefit would the appraiser achieve for using, as you like to call it, a predetermined opinion value? why would the appraiser care at all what the value came in at?

No idea. Given there were no close comps available would it have simply been easier and to do it that way?

What part of FL? (regional, don't need to be specific to city, etc) if you don't mind me asking

I'm in the Tampa Bay area, FWIW

Northeast

 

[phoebega]

A statement like this makes me suspect that the appraiser has answered your questions and you did not like the answer as you feel you are more knowledgeable than the appraiser and you are perturbed at having to deal with and pay the appraiser.

uhhh... he did NOT answer which is a big part of why I asked for opinions here. Thanks for questioning my truthfulness and motives, though.

 

[phoebega]

Thanks again for all your comments, you've given me some good suggestions about how to proceed. And YES I'M GOING TO PAY HIM.

 

[DTB]

A statement like this makes me suspect that the appraiser has answered your questions and you did not like the answer as you feel you are more knowledgeable than the appraiser and you are perturbed at having to deal with and pay the appraiser.

I will stand by my observation.

Perhaps you can post the actual questions and the appraiser's response.
Perhaps you can disclose the agent's methodology since there is limited market activity for the agent to base their conclusion.

 

[bnmappraisal]

No idea. Given there were no close comps available would it have simply been easier and to do it that way?

No, it would not be "easier" to do it that way

We, as appraisers, are to be objective, independent and unbiased

So to us, there's no reason to call your property (for example) $300,000 or $325,000 or $350,000 ...

We are paid a flat fee (and I explain this to my private/non lending clients). So to be "high" or "low" makes no difference to us
We are supposed to give you our opinion based on the information/data available as of the date in question (in your case from 2018)

Agents on the other hand DO have a reason to call your property (and possibly SELL it for) $300,000 or $325,000 or ...... they get a commission/percentage of that price

 

[J Grant]

A few comments - OP said will pay , that shows integrity-
However, the appraiser is still not paid, and he expects the appraiser to devote hours of additional unpaid time to answer follow up questions, the questions are beyond the norm of a few questions a client may have- the appraiser has responded to a few and at this point stopped responding.

The OP may have no idea how much time it takes for an appraiser to answer a methodology question . Ask a RE agent a question, they rattle off a quick answer. Because they are not responsible for their answer. They can say anything and short of outright fraud has no ramifications. An appraiser, on other hand, when answering questions is often on the line about making additional value statements-

It takes maybe a minute to formulate a question that can take an appraiser hours to answer - which is why it is not the norm for clients to ask unlimited or probing questions about an appraisal methodology - exp when the appraisal has not been paid for , and it becomes a monetary loss for appraiser to devote additional hours to the questions.

 

[Michigander]

I do a lot of private work and a lot of retrospective as well. Payment is always due at time of appointment, and on the occasional forgot checkbook, has to clear before the report is released. Would NEVER work for someone who did not accept those terms and sign a contract for professional services. Often clients will not like the number, but they will certainly understand how the value opinion was concluded to.

Adjustments are based on the market reaction the appraiser is able to extract, or through ranking. Logically the value is going to be above inferior properties and below superior ones, so look to that in the report. If it is, then there should notbe many questions left (but questions are not a problem and should be answered professionally). View adjustments tend to be difficult to quantify and are likely addressed in a qualitative manner such as one sale had a better view, another similar and another inferior.

as for retrospective date, don’t use that for current pricing. Work with your agent and price based on recent sales and current competition. Pay the appraiser now. You are stealing someone’s time and services by withholding payment on what was already delivered.