Revisions

[sputnam]

wrong.. see Danny Wiley's post

maybe read my correction?

 

[OSU Beavers]

Recently I am getting more AI BS stips such as there are shops, railroad tracks or whatever close to comp number 3, make an adjustment and explain.

 

[sputnam]

Recently I am getting more AI BS stips such as there are shops, railroad tracks or whatever close to comp number 3, make an adjustment and explain.

They aren't supposed to tell you to make an adjustment. You definitely should mention anything that can be seen on seen on maps and aerials and comment on it.

 

[Cob]

Only appraisers have confidentiality. Lenders can do whatever, whenever. The appraisal is their property, not anyone elses. Why do they need 2 appraisals if you both use the same comps. It would be cheaper to do a review, and just agree to the value being correct. This is why i never get involved with 2 appraisals on the same property. And the more complex, the more the differences. When i did them however, i asked the lender to send the other appraisal, saved me a lot of time asking why is that different. I never wanted to be the first one to go in anyway. Direct lenders who i was friendly with.

Most of the time, you have NO IDEA there are 2 appraisals being done.

 

[OSU Beavers]

Non-bank owned AMC: The statement “superior creek frontage” in the sales comparison approach has been flagged for potential bias because of the use of the word superior. Please consider rewording or define what superior means in this case.

Me: There is no racial bias in the location adjustments for "superior creek frontage". Please remove this auto generated stip.

AMC answer: It was not flagged for racial bias the term bias is basically meaning superior in this case is subjective. We realize you have been using this term and have not had an issue however with prepping for the new UAD they will be flagged on your side and require attention before completion. Addressing them now alleviates some of the frustrations down the road. What they are saying when they say bias means it is subjective, in other words what superior means to one person may not mean the same thing to someone else. What makes the frontage superior? Is it a larger area? Better terrain?

So, we can't use "superior" anymore because it is subjective? WTH are they paying us for if not to research, confirm and quantify buyer preferences into consistent market adjustments?

 

[AppraisingLA123]

Non-bank owned AMC: The statement “superior creek frontage” in the sales comparison approach has been flagged for potential bias because of the use of the word superior. Please consider rewording or define what superior means in this case.

Me: There is no racial bias in the location adjustments for "superior creek frontage". Please remove this auto generated stip.

AMC answer: It was not flagged for racial bias the term bias is basically meaning superior in this case is subjective. We realize you have been using this term and have not had an issue however with prepping for the new UAD they will be flagged on your side and require attention before completion. Addressing them now alleviates some of the frustrations down the road. What they are saying when they say bias means it is subjective, in other words what superior means to one person may not mean the same thing to someone else. What makes the frontage superior? Is it a larger area? Better terrain?

So, we can't use "superior" anymore because it is subjective? WTH are they paying us for if not to research, confirm and quantify buyer preferences into consistent market adjustments?

i know, this is insane, now they are telling us which words we can't use, and they don't budge. What a waste of time too, to tell us that we can't use certain words. There is nothing wrong with the word superior. Superior is not subjective at all, and it means the same thing every time.

 

[DWiley]

i know, this is insane, now they are telling us which words we can't use, and they don't budge. What a waste of time too, to tell us that we can't use certain words. There is nothing wrong with the word superior. Superior is not subjective at all, and it means the same thing every time.

If "superior" is not subjective, then why are you pushing back so hard rather than just providing the objective measure by which it is superior?

When I see that phrase without context, I do not know what you mean. Is it superior simply because it fronts the creek? Is it superior because it has more creek frontage than another property? Is it superior because of water depth? View? All that is needed is to provide some context.

 

[AppraisingLA123]

If "superior" is not subjective, then why are you pushing back so hard rather than just providing the objective measure by which it is superior?

When I see that phrase without context, I do not know what you mean. Is it superior simply because it fronts the creek? Is it superior because it has more creek frontage than another property? Is it superior because of water depth? View? All that is needed is to provide some context.

i see what you are saying, but usually the answer is obvious, and its an unnecessary revision request. Its a waste of time, and forces you to do more work, saying superior should be enough. AMC want more work for low fees that's the problem, if they paid enough i would give them anything they asked for.

 

[DWiley]

i see what you are saying, but usually the answer is obvious, and its an unnecessary revision request. Its a waste of time, and forces you to do more work, saying superior should be enough. AMC want more work for low fees that's the problem, if they paid enough i would give them anything they asked for.

Your position sets up a chicken-egg scenario. You say, if they paid me more I would do more. The client says, if they did more, I might be willing to pay more.

And, for a lender, they are not asking for "more" in this case; they are asking for something that complies with GSE requirements. The GSE Selling Guides state that when an appraisal report uses terms like "superior" context must be provided.

 

[Zoe]

If "superior" is not subjective, then why are you pushing back so hard rather than just providing the objective measure by which it is superior?

When I see that phrase without context, I do not know what you mean. Is it superior simply because it fronts the creek? Is it superior because it has more creek frontage than another property? Is it superior because of water depth? View? All that is needed is to provide some context.

Yeah, that is like in reconciliation and weighting. The context comes in qualitative analysis sometimes.