Unadjusted values don't bracket the subject's value

[Digger88]

How do you say the subject was a pos and I couldnt find other pos comps so my comps which are great adjust down but are bracketed by the adjusted values so who cares.

 

[J Grant]

How do you say the subject was a pos and I couldnt find other pos comps so my comps which are great adjust down but are bracketed by the adjusted values so who cares.

You need to search harder for another POS comp or two - or more - older, further out, or bigger

All superior comps adjusted down are a red flag to a reviewer for a pushed value.

All downward direction adjustments is not bracketing.

 

[chad hampton]

I just say due to the subjects condition, post adjustment bracketing only. Never had a problem.

I’ve always believed keep it short and sweet. Don’t use paragraphs when a sentence will do.

But I’d prefer to find 1 POS comp.

 

[frobro]

Due to the subject's condition, All sales are adjusted downward. The appraiser searched back x months and increased distance search parameter's to x. These are the best sales available. There are homes with similar condition as the subject, they just have not recently sold.

 

[Mike Ault]

Tell the reviewer to show you in the letter of engagement where you agreed to bracket the subject's unadjusted values. "Bracketing" is a recommendation, not a requirement. After you have done enough REO appraisals, you eventually get sick and tired of reviewers who don't read your report and stip you for things like that. I told one cubicle dwelling reviewer, "why don't you have your bank buy the cheapest property in this tiny community, let a gang use it for a clubhouse for about three months, and then sell it. Then we might have something to bracket the subject's unadjusted value. Until then, however, you're just going to have to be satisfied with comparables I provided."

 

[Tim Hicks (Texas)]

Sometimes it is impossible. Just say so in the report.

 

[J Grant]

i bet there are comps. There are almost always are comps. What is so POS about the subject that you can not find similar sales? Did you search back a year or expand the size or sf or distance?

From doing hundreds of reviews when appraisers had pushed values using all superior comps with downward adjustments in a search was always able to find comps similar to the subject - how come I was able to find them and they claimed none were available? It was embarrassingly easy most of the time. A few expanded searches was all it took.

 

[Tim Hicks (Texas)]

i bet there are comps. There are almost always are comps. What is so POS about the subject that you can not find similar sales? Did you search back a year or expand the size or sf or distance?

From doing hundreds of reviews when appraisers had pushed values using all superior comps with downward adjustments in a search was always able to find comps similar to the subject - how come I was able to find them and they claimed none were available? It was embarrassingly easy most of the time. A few expanded searches was all it took.

Have you ever appraised a really bad REO home where the value was basically lot value? I think my lowest appraisal ever was $5,000 lot value for a gutted, boarded up, torn up home.

 

[Digger88]

i bet there are comps. There are almost always are comps. What is so POS about the subject that you can not find similar sales? Did you search back a year or expand the size or sf or distance?

From doing hundreds of reviews when appraisers had pushed values using all superior comps with downward adjustments in a search was always able to find comps similar to the subject - how come I was able to find them and they claimed none were available? It was embarrassingly easy most of the time. A few expanded searches was all it took.

I only have one client who grills me on this and as some know my area is pretty easy. 1,400sf th no basement no amenities avg condition but 3 comps inside are all great all same size but adjust down (even a little) and the listing is also higher but when adjusted everything is bracketed so why do they care.. Is it a FNMA guideline or an AMC stip?

 

[Vermonter]

i bet there are comps. There are almost always are comps. What is so POS about the subject that you can not find similar sales? Did you search back a year or expand the size or sf or distance?

There will always be bottom and top houses in the market with no comps to bracket them. Why waste time adding irrelevant and possibly misleading sales when a simple explanation is all that is required?