review appraisals ugggh!

[444nutman]

If I see one more appraisal done in my market this year marked stable I am going to drive over the appraisers office and rub his nose in the market analysis. This guy is a certified general. I can not believe anyone who did an appraisal in the last month marking stable and using this for his market conditions.
Real estate activity in the subject's market area appears strong with conventional, FHA, and VA finacing readily available. Interest buydowns, loan discounts and concessions are uncommon and have no apparent impact upon the subject or it's market area. Market data suggests that there is a stabilization of values in most market segments with marketing time 3 to 6 months.
Really that is all you got? I fill up a whole addendum page analyzing the market back 2 years. Discuss trends shoot a in graph or two and I cant get nothing but review work when the lender knows they got 19 pages of junk. BTW this is obviously cloned from something in another county because his neighborhood boundaries are in Orange County and the subject is in POLK. Built in 2007 with a 10 year effective age. Thanks for not mentioning it was sold new fully furnished(with sheets, housewares,cleaning supplies,etc) and it might be a condo hotel. Since my phone call did not go to well(messed up and told them I was an appraiser then would not answer my questions) I am going to have to act like I want to buy one to see if they will rent my unit out.
I have a few clients that want honesty but the majority want tools like this one. Sorry for the rant but I get so frustrated sometimes. Is it too early to drink a Samuel Adams.

 

[Tudor]

I feel your pain. As far as too early for a Sam Adams, I know it is lunch or dinner time somewhere, never too early

 

[redfish]

Reviews.....

I have one where there are 46 competing active listings and only 3 sales in the last 6 months (reasonable substitutes). Stable is marked.

 

[Rufus]

There are some skippies that say this market is declining at the same rate as other markets and is therefore considered stable. :Eyecrazy:

 

[Wendy]

There are some skippies that say this market is declining at the same rate as other markets and is therefore considered stable. :Eyecrazy:

Now that is creative!

 

[Smokey Bear]

Someone needs to change their template. They've probably had that in there for years, like from the last time they did a residential appraisal.

 

[redfish]

There are some skippies that say this market is declining at the same rate as other markets and is therefore considered stable. :Eyecrazy:

That makes perfect sense. I will start doing that on all my reports.

Today has been one of those bad days for me. I came to the realization that the skippies out there, are and will always be, facilitated by the lenders. The big guys, Wells, BofA, and so on. This profession is quickly becoming a joke.......my job sucks.

Faster and cheaper is the american way.

 

[Tim Hicks (Texas)]

Overall, 80% of appraisers are idiots. At least 80% of the appraisals I see are performed by idiots who want to use ignorance as a defense.

Would you believe we only have pockets of markets around here that are declining or have declined. Most markets have been stable for two years with no increase or decrease. Of course, this is the land of cheap real estate and we did not experience great rises in our market over the past five years either. The ones that did are the ones that are suffering now.

Which leads me to believe that the market is correcting itself and maybe those "great" markets were influenced falsely by agents, buyers and appraisers alike and the market finally had enough.

It really ticks me off that lenders expect me to type a full page market conditions summary because you guys in other parts of the country are doing so. It is a summary appraisal report. If I have only one foreclosure sale in the subdivision in the past year and no foreclosure listings, why do I have to elaborate on the effect of foreclosure activity and its effect on the market. Or why do I have to explain that the market is stable when the sales show it is stable and all the market data shows it is stable. Are we in a catch the appraisers mode where no appraisers can be trusted with simple comments?

 

[G-man]

Suh-weet!

There are some skippies that say this market is declining at the same rate as other markets and is therefore considered stable. :Eyecrazy:

That gets me out of doing all this ickey market analysis. I'm slogging through an ERC in Monroe Michigan at the moment. Ya think the relo company will buy that argument? Nah, me either.

As to the O.P. question regaring Sammys before noon, think of it as a liquid breakfast, especially Stouts!

 

[Karl]

Just another thread that proves my point.