This job is exhausting lately.

[reliantappraisals]

Curt Van Hooser

It was a large high end historical home appraisal.

I wish fellow appraisers would be less quick to judge but often it seems appraisers are more than happy to judge other appraisers without any information.
The worst is automatically assumed.

The above is another item that just wears me out.
I often wonder why I participate in this forum due to the regularity of this kind of thing.

 

[CURT VAN HOOSER]

reliantappraisals,

I read my post again and cannot find evidence of "quick judgement." Perhaps you misunderstood. I have read many posts where appraisers talk about having pages of comps in their reports. If you need 17 to justify your value (or adjustments), sobeit. My point is, like soldering, more is not (necessarily) better and may actually cause confusion.

 

[reliantappraisals]

All the same, there are plenty instances of this sort of thing happening.

 

[CURT VAN HOOSER]

You are correct about that...

 

[Abzntminded]

I was lucky with one MB recently. Her assistant was tasked with trying to get my fee down to $350 on a 900k sale that I could see would be a lot of time to do credibly, and was asking for $500. I asked if I could have the MB on the phone for 3 minutes so I could make a case that $500 was a good deal.

I started with the point that appraisals are almost twice as much work as a couple of years ago, same as the extra time for MB's to get a borrower qualified these days. I reminded her of all the conditions that might crop up and how I will have to research and drive at least 12 comps. Then I might end up with only 3 closed, 1 pending and 1 listing (or 2 pendings, whatever tells the story); I would have ripped through the other 7 to arrive at that, and still have those in the bank so that I could respond to yet another condition for additional comp(s) within a half day without another run out there.

She was sold (whew). At least this time...

 

[reliantappraisals]

its like a breath of fresh air when your client is understanding.

 

[panappr]

She was sold (whew). At least this time...

Don't forget to deduct an hour for your appraisal pricing negotiations.

 

[VSappraisal]

I'm sure it's just me, but 10 closed sales and 7 listings seems a bit excessive. It's almost like saying, "I'm really not sure what the value should be but here's the information I found...what do you think?"

Sorry, not intended as a personal attack...just an observation.

I agree. I feel that if you really need excess comps, your trying to reach a value rather than let the best comps reveal the natural market price.

 

[ZZGAMAZZ]

Based upon my limited experience, IMO the minimum number of comps, of 3, is entirely arbitrary. Why not 2 or 4 or 10? I heard it's because 3 could be easily gridded across the 8.5 inch width of a page. Statistical principles reveal that the degree of accuracy increases with the sample size up to a certain number that's much larger than 3. Does anybody know the original rationale for 3?

 

[VSappraisal]

Im currently taking statistics. Ill find out.