Revision Requests -having To Explain Peer Appraiser's Data In My Reports?

[Eli]

No response>

That's a very defensive response after giving a very offensive position. Like I said, I thought I knew the answer and I did pretty much.

 

[Meandering]

However they still want me to state in the report that a peer appraiser would typically use a larger GLA adjustment, but I chose not to…blah, blah, blah. I can’t even wrap my head around this one, I have not yet made the “revision.” Also this particular report had 5 good, recent comps with low net/gross adjustments; and only 2 of them needed a GLA adjustment for differences less than 200 Sq.Ft. So even if I had used 'larger' adjustments it would have not changed the outcome, and those 2 sales adjusted values would be out of sync..

Aw come on,

You all know the correct answer.

Dear clients,

At the most recent meeting of the local appraiser peers we discussed adjustments and determined that previously used adjustments needed to be adjusted for current market conditions and property types. Hence going forward you may see lower adjustments then in the past unless a comparable is better, then you may see larger adjustments than in the past.

Thanks and have a great day.

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[Adios]

I cannot speak to the OP specific scenario. I do know that in general CU is identifying that the avg price per ft adjustment is $25 a ft regardless if it a 1000 square foot home in Peoria or a $2000 a square foot penthouse in Manhatten. It would seem that appraisers are often using a cheat sheet someone gave them 25 years ago. I think they are simply looking for support for adjustments.

Zach Dawson, the chief appraiser at Fannie Mae will be speaking at Valuation Expo in Baltimore July12 and 13.

 

[Eli]

I cannot speak to the OP specific scenario. I do know that in general CU is identifying that the avg price per ft adjustment is $25 a ft regardless if it a 1000 square foot home in Peoria or a $2000 a square foot penthouse in Manhatten. It would seem that appraisers are often using a cheat sheet someone gave them 25 years ago. I think they are simply looking for support for adjustments.

Zach Dawson, the chief appraiser at Fannie Mae will be speaking at Valuation Expo in Baltimore July12 and 13.

Don't get me going on fastest and cheapest.

But you can if you like.

 

[JTip]

I think they are simply looking for support for adjustments.

It's in the work file. You don't get to see it for $300......

 

[Eli]

I cannot speak to the OP specific scenario. I do know that in general CU is identifying that the avg price per ft adjustment is $25 a ft regardless if it a 1000 square foot home in Peoria or a $2000 a square foot penthouse in Manhatten. It would seem that appraisers are often using a cheat sheet someone gave them 25 years ago. I think they are simply looking for support for adjustments.

Zach Dawson, the chief appraiser at Fannie Mae will be speaking at Valuation Expo in Baltimore July12 and 13.

I do think FNMA is a major force with data that will crucify many. The government has access to that data which people fail to realize. Some people don't even realize FNMA is NOT government.

The govt will do the crucifying.

 

[Meandering]

I cannot speak to the OP specific scenario. I do know that in general CU is identifying that the avg price per ft adjustment is $25 a ft regardless if it a 1000 square foot home in Peoria or a $2000 a square foot penthouse in Manhatten. It would seem that appraisers are often using a cheat sheet someone gave them 25 years ago. I think they are simply looking for support for adjustments.

Zach Dawson, the chief appraiser at Fannie Mae will be speaking at Valuation Expo in Baltimore July12 and 13.

Perhaps if public schools were better at teaching math, sellers and agents would price them with $27.50 per square foot for differences in GLA.

You are going to let them in on the dirty little secret that adjustments are used to minimize the differences between the subject and the comparables,

They are not stand alone market values for specific amenities that holds true against all comparables when compared to every subject.

If $25 a square minimizes those differences from Peoria to Manhattan, well, it just says a large percentage of sellers, agents and buyers only find $25 additional utility in additional GLA when all other aspects are comparable to other properties in their market place.

Would be a real shame if FM and friends actually understood appraising.

We don't make values, we just report them.

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[Eli]

I think AMC's are at the top of the govt's list right now.

FNMA has that little AMC' vs no AMC input. Of course with new and old laws and regs in place that is just a drop in the bucket.

The FTC may say I don't care about that stuff.

Trade and market structure is the FTC's specialty.

 

[Riick]

>> We don't make values, we just report them.
Hah! Appraiser speak with forked tongue.
All know is appraiser kill economy in 2008-11.
All know same house, stand same place, strong many year.
Appraiser is not make enough value for same house.

 

[Meandering]

Well,

if appraisers can't see the propaganda on the wall.......

To pull one adjustment out of reports, and make no comment concerning the legitimacy of those adjustments in each report against the subject and comparables used, is in my opinion a conspiracy to create some kind of drama that those adjustments can't possibly be correct, so it's our fault for not doing our job. There of course will be no discussion of what those adjustments should have been, which minimized the GLA differences, between comps that bracket the subject's GLA. Of course the replacement costs new will be used to say we aren't doing it right. Little will wonder if the "adjustment" created through RCN busts through the sale price bracketed by the comparables of all those reports.

Don't you all just get tired of the lies that continually point fingers at appraisers, and the manipulation of the understanding of what we do that is used as the evidence that it is our fault? Do you ever wonder why a low appraisal is one that does not make the deal work, while a high appraisal is undefined, so either way, its our fault?

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