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"Rounding off" on the comparison grid!

Do you rounding off adjustment values on the sales comparison grid?

  • Yes!

    Votes: 0 0.0%
  • $100.00

    Votes: 0 0.0%
  • $500.00

    Votes: 0 0.0%
  • $1,000.00

    Votes: 0 0.0%
  • No, I don't round off on the sales comparison grid.

    Votes: 0 0.0%

  • Total voters
    0
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Dave Smith

Thread Starter
Senior Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
Wisconsin
Do you round off adjustment values on the sales comparison grid? Please partipate in the poll to answer. Comments would also be appreciated.
 

George W Dodd

Senior Member
Joined
Jul 9, 2002
Professional Status
Certified Residential Appraiser
State
Virginia
In square foot calculations, I always round the result to the nearest $100. I feel at a $5,327 adjustment denotes a degree of accuracy that rarely exists. I don't make adjustments for items less then $500 in value. But that's just me. I don't impose my view on anyone else, but I do get a laugh when reviewing an appraial and seeing a $420 adjustment for a difference of 21 sf in GLA.
 

wyecoyote

Senior Member
Joined
Jan 15, 2002
Professional Status
Gvmt Agency, FNMA, HUD, VA etc.
State
Washington
I agree with George. I round off to the nearest $100 on most adjustments and don't adjust for some items typcially under $500.
 

Mountain Man

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified General Appraiser
State
Georgia
With FHA you are to round off. No problem, I agree with the logic behind requirement. But I have one UW that wants the "$420 adjustment for a difference of 21 sf in GLA". No problem there either, I'll give it to ya'....still doesn't change my Reconciliation.
 

Jo Ann Meyer Stratton

Elite Member
Joined
Jan 16, 2002
Professional Status
Certified Residential Appraiser
State
Arizona
For GLA adjustment, I round to the nearest $100 for anything $1,000 or higher. If the adjustment would be below $1,000, no adjustment at all. Occasionally for example I might make a $1,000 for one comparable, $2,000 for another instead of each adjustment based on per square foot. A buyer wouldn't--they might say to them selves, will this house has bigger rooms so I will offer $51,000 instead of $50,000 or this one has small rooms so my offer will be $49,000 instead of $50,000 (but then again the buyer might be making that $51,000 offer because they like the sound of the door bell). I also occasionally use what I call an "underwriter's adjustment" of $500--see underwriter I did make an adjustment for the subject's big porch versus the comparables small porch---it just doesn't have any effect on value which is $50,000 whether I adjust for that porch or not!
 

graindart

Junior Member
Joined
Jan 20, 2002
Professional Status
Certified Residential Appraiser
State
Montana
Concerning the message about adjusting for square footage under 100sf.......reminds me of a story. Using Wintotal to adjust a certain dollar amount per square foot, sometimes I forget to go back and change a small square foot difference to $0, which is my norm. The one time this was most evident was when I submitted 6 appraisals to the state board when I was applying for my license. I thought I'd gone over them pretty good to make sure I hadn't made any careless mistakes, but I guess I missed one. Most of the people in the room got a good laugh at my expense when one of the board members questioned how I could be so exact in my adjustments. On one of the appraisals I had a comp that differed from the subject by 1 sf, and there was the $15 adjustment sitting there. :oops: I was a little embarrassed, but just quickly remarked that "that's how exact I am, and anyone that good should definitely have a license." They got a laugh out of it, reminded me to double check my work, and gave me my license.
 

Terrel L. Shields

Elite Member
Gold Supporting Member
Joined
May 2, 2002
Professional Status
Certified General Appraiser
State
Arkansas
Clickforms allows you to set your SF adjustment then set a minimum SF before it does.
 

spettifer

Sophomore Member
Joined
Jan 24, 2002
Professional Status
Certified General Appraiser
State
California
Anything less than $500 seems to fine...

Scott
 

airphoto

Senior Member
Joined
Jan 15, 2002
Professional Status
Retired Appraiser
State
Pennsylvania
Two more pennies:

As posted above, I don't adjust for GLA differences under 100 feet .. measure to the nearest full foot, anyway! Round all adjustments within the grid to 100, and report final valuation rounded to $1,000 for values up to $100,000 and (generally) round to $5,000 for values greater .. unless (God forbid!) the range of indicated values is tighter than that ..
 
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