Significant Appraisal Assistance (1004p)

[ramrcdk]

Ironically I just got an e-mail for CE to become a Home Measuring Specialist. https://appraiserelearning.com/prod...-15574809&mc_cid=8118161e4e&mc_eid=454259b44c

What is it?

The Home Measurement Specialist programs are visual online classes for real estate agents or appraisers who are looking for specialized training in measuring and understanding the influence of residential square footage. Students leaving this program will be positioned to increase their profitability, enhance their level of client service, and confidently expand their business in a market where “precision” and “quality” are being elevated to new levels.

It is a "piece of paper acknowledging" you took 2-two 7 Hour CE classes and also a test for the Third Cost to become a Home Measurement Specialist
The 2 specific CE classes are ON: ANSI Standards 7 Hours & the other: Public Records 7 Hours.

 

[ICT RE]

...and we’re off!

I’m going to sit on the sidelines of the measurement precision debate this time.

 

[ramrcdk]

OK, gonna get water boarded but here I go : Like many, I want to be as precise in measuring as is possible. I am also anal and can not help it.
If my subject IS a sale then I also want to be proactive in aiding market to be "better". (They know me at MLS. Example: investor agent never measures, he uses tax. Tax included the garage. A "Gross Error".)

In different markets and over time, I have gathered data for the differences in "what- data- SF per specific house" is provided by say tax, MLS, & actual measurement by professional measuring service.
Where the differences in a certain propertY is great, there is a reason BUT I may-can not know that reason, so it becomes "unique" & likely will not consider it (unless I must comp' use it).
I state a sufficient number of times in the report, that a "buffer" of ___ X___ was given /provided prior an adjustment when comparing the sales
grid & the buffered used was obtained from the average deviation percentage found in available marketed properties.
While reviewing "sales history", it's easy to see "how many different SF" square footage's a given sale (or comp) may have.
Also: because in this State there is not a "mandated standard of measurement practice" and due general practice use of : rounding, using tax data, or otherwise necessary, a buffer was applied...blaa blaa
WE still have: agents who do not measure, they lie. BUT we do have many numbers now who hire pros' to do this. When I measure after those Pros, I have not found error.
Tax: might be getting better BUT...that is scary or funny.
IF I have missed a post here and this is redundant , ooops.

 

[Mark K]

I have said that while we may measure more accurately our analysis can't be to less than what our data sources use.

Agree.

I find the idea of measuring with a micrometer and then cutting with a chainsaw somewhat inconsistent.

 

[Mr Rex]

Agree.

I find the idea of measuring with a micrometer and then cutting with a chainsaw somewhat inconsistent.

I think he meant our analysis can't be more accurate than our data sources use. But I like to report my inspection and measurement results in a factual matter and not in some nebulous lazy manner that diminishes the importance of an appraiser measuring to a distinct professional standard. It's funny how some fight the idea of using others inspection and measurement data and then later diminish that its important that an appraiser measure accurately. The irony is thick.

 

[Mark K]

. The irony is thick.

It is. And its not lost on those of us that think that while some claim extreme measurement accuracy abilities, less than one percent, they in turn ignore size differentials of 5% or more due to the assumed laziness or incompetence of others.

After you ignore the size differentials and then round the numbers in a reconciliation, it seems a bit condescending to accuse others of laziness for rounding during the measurement process.

I chose to round in the measurement process and adjust for every sf of size difference, rounded.

 

[J Grant]

As long as measurements are reasonably accurate the exact rounding is not going to materially affect results.

Appraisers can have different ways of approaching work, as long as their method is explained and supported - it should we hope lead to similar results...

I typically) dont' adjust for minor size variances - 50 sf for example - because buyers and the market typically does not recognize it- but there are times I will, when it makes sense for the property and market , such as small one bedroom condos - 50 feet will matter there and get adjusted for. Same for lot size variances- 7800 sf lot vs 7500 lot for a SFR making an adjustment is inane- (imo) but I would make one in a villa on a postage size lot where that 300 sf means a yard vs no yard..

If I review someone else's appraisal, I am not going to penalize them for doing things differently than I would , unless what they did materially affects results in an adverse or misleading manner..

 

[J Grant]

The analysis is a different phase of the assignment than facts/data phase...we try to get as accurate as we can about data but the analysis is not about "accuracy", it is about applying our professional judgement and opinions and perspective about the facts.. We get a fact based rental range after that the analysis of the factual rents are about what they mean to the market. Is the subject commanding a higher, lower or same rate as competition, and why? Are rents stable, declining, rising- and what is the reason. Is vacancy rate rising or stable...etc.

 

[J Grant]

My issue with another party inspecting is not so much whether they can measure accurately I assume they can be trained to do so reasonably well. It's more about the whole, any differences they make in measuring and other aspects can cumulatively affect the outcome.( a series of errors or omissions ) Assume they measured accurately, then it might be about did they incorrectly excluded or included a non permitted addition in the rear. (for example).

Fannie stresses the inspector is only gathering and reporting "facts"... but a property site and dwelling is not a series of facts, it is a cohesive whole, with myriad feedback from its condition and quality and possible defects and ext site influences . With the appraiser never visiting the property, there is no way for the appraiser to reconcile what an inspector reported and what the appraiser might have observed or noted differently had they gone there..

 

[Evincere]

They will do whatever their handlers at Fannie Mae want... roll over, speak, sit, now play dead just like they did with the '99 certification issue. Remember when we were putting 2 certifications in reports because TAF was fussing over whether Fannie Mae made appraisers sign a certification contrary to that USPAP had. Remember who won that battle? FM apparently owns USPAP now. Live with it.

Best most honest post in the thread.