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The Additional Comparable

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Richard Carlsen

Elite Member
Joined
Jan 15, 2002
Professional Status
Licensed Appraiser
State
Michigan
Interesting to sit at the other table and listen to their side of the conversation.

This post is a good argument for our almost always adding a 4th and 5th comp in our low density rural market. Sure it may be 14 miles away and require 40% gross adjustment but the UW now has something to hang his hat on and it doesn't require a call to our office.
 

Carnivore

Elite Member
Supporting Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
North Carolina
I am shocked at the attitude of these low life brokers. Did you read all the responses?

Unbelievable!!

So once again its our fault that the piece of crap property is in a rural area and comps are 20 miles away if they even exist and the underwriter is asking for ADDITIONAL WORK even after you state that there are nor nearby comps. Seems to me that a property of this type should be COD and a higher fee if you KNOW that an exrra comp will probably be necessary.
 

Richard Carlsen

Elite Member
Joined
Jan 15, 2002
Professional Status
Licensed Appraiser
State
Michigan
Whatever their status in life is, I would argue that the appraiser has not done his/her job because the UW does not understand that there are no more comps.

It is incumbent upon US to explain the property to THEM. It has been my experience that if we tell them what is up with a property, we don't get callbacks and requests for additional comps.

To my way of thinking, a report that I never hear anything about again is a well written report.
 

Carnivore

Elite Member
Supporting Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
North Carolina
Richard,

I dont disagree with you on having well written explanations. My experience has been that underwriters and other readers often when they dont like what they are seeing or cant understand the problem will make unreasonable request. There are plenty of examples of this on the forum. Does that mean your report is not well written, Hardly. What sticks in my kraw(sp) is LO's and their flippant attitude twoards yours and my time. If you read the post that followed the post you linked its plain to see that they will do almost anything to an uncooperative appraiser. Given the attitude of these clowns my guess is that they have often stuck the appraiser for his fee and will do it again and again. Try NOT being a numbers hitter with this bunch.

In conclusion I was only expressing some outrage.
 

Richard Carlsen

Elite Member
Joined
Jan 15, 2002
Professional Status
Licensed Appraiser
State
Michigan
I agree. Some of their attitudes suck. However, that should not effect how we do our job. Remember,sometimes you have to talk to the monkeys to find the primate house.

It is also clear to me that sometimes UW's use us as an excuse not to make a loan by requiring additional comps when there are none or putting ridicules requirements on the comps i.e. two more full log houses within 5 miles, etc.

Anticipation of answering all of the normal questions is part of our job. Sometimes we succeed; sometimes we don't.

Right now I have to get ready to leave for some visits to properties and it is -8 degrees. Looks like a cold one. Wonder if there is an UW out there who would like to go with me and stand in 2 feet of snow and hold the end of my tape? No? Well, they don't have any idea what they are missing.......one of the great jobs available is all.

Have a good day yourself Andrew and don't let the bxxxxxd's get you down.
 

Steve Owen

Elite Member
Joined
Jan 16, 2002
Professional Status
Certified General Appraiser
State
Missouri
I love your quotation, Richard.

I have a bit of a hard time understanding why anyone would defend the appraiser in this situation. He said there were no more comps (almost never the case) and then he said he would get one for a hundred dollars. Which is it? I frankly didn't see anything wrong with the responses. And, IMHO we do not help our industry by coming of as difficult to deal with - asking for value is one thing, asking for an appraiser to support his or her value is something else.
 

Judy Whitehead (Florida)

Senior Member
Joined
Jan 20, 2002
Professional Status
Certified Residential Appraiser
State
Florida
How about this one.....mortgage broker called back last week and asked appraiser in the office to REMOVE two comps, as they were more than 5 miles away. (This was a rural property appraisal) The appraiser felt that even though they exceeded the distance guideline, they were still competing in the same market. The appraisal was done in September! Apparently they hadn't funded the loan yet!

We told them that doing that would involve a whole new appraisal, as the report would have to be changed. Removal of the two comps may have changed the appraised value, but we decided that in any case a whole new appraisal report would have to be done with a charge for doing so. Therefore, we declined to remove the two comps in the original report. Eventually the LO said that he sent it to a different UW and they didn't have a problem with the report. What say you all?
 
K

Kevin Shannon

Guest
I'm with Richard and Steve on this one. It's been my opinion for a long time that we're are own worst enemies in this industry.
It's to bad some appraiser's wear their combativeness and just plain bad business accumen as some kind of misguided badge of honor.

Kevin
 

Carnivore

Elite Member
Supporting Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
North Carolina
I love your quotation, Richard.

I have a bit of a hard time understanding why anyone would defend the appraiser in this situation. He said there were no more comps (almost never the case) and then he said he would get one for a hundred dollars. Which is it? I frankly didn't see anything wrong with the responses. And, IMHO we do not help our industry by coming of as difficult to deal with - asking for value is one thing, asking for an appraiser to support his or her value is something else.

Steve,

You have a point, sorta. Stating that there is almost always another comp is correct if you consider that ALL SALES are comparables without the appropriate adjustments applied. Simply, a gas station could work if you did the needed research. The question that immediately comes to mind is: Does this strengthen the report or does it just add to the confusion. I am guessing but I imagine that the subject in question probably would have extended marketing time thus a new sale would not help answer that problem.

Richard gets extra comps because its the wise thing to do for his area. He also said that he explains issues very well, another wise practice.

In conclusion, getting an extra comp because the UW said so is unprofessional. Explaining yourself thoroughly is whats needed. I am standing tight with my position, for now!
 
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