Using comps after appraisal effective date

[CANative]

Thank you for honoring veterans.

 

[PropertyEconomics]

Anything for you Sunshine .....

 

[David Mescon]

FOR YOU ARE THE APPRAISAL GOD? ....... I really detest this type of attitude .... it is, among many other things, one of the things that have given appraisers such a bad name. Remember .. without Realtors and Lenders .. there is not much need for appraisers. Oh sure there are non lending jobs .. but those who treat their clients with respect are going to get those ... and the rest are going to go to the crabby *** boneyard where they belong. I dont understand why anyone would challenge thier lifeblood like so many here appear to be willing to do without even a second thought.
Simple explaination of why it cant be done should suffice ... but telling some one its your damn report and you dont give a rats *** what they think .... come on now .... when all others around you panic .. is it not a good idea to remain professional and develop a little better image .... if not for you how about for your profession?

This is an informal forum for us professionals - we don't need to stand on pomp here. Just because he is speaking casually here doesn't mean he is not professional in dealing with his clients.

That being said, I have a responsibility to do what's right. I have surely made countless "enemies" through the years by not doing what they wanted. Our job is to do what is right - not what is expedient; and certainly not to do "whatever our clients want." This isn't a popularity contest. If I were willing to be a "good appraiser" I would have been making seven figures a year for much of my career. I'm smart enough to bamboozle all but the best, and I've always been a really hard worker. Unfortunately, perhaps, I am hard-wired to adhere to a stringent set of principles that seem to make me a pretty good appraiser, but not a particurly popular one. It is what it is, and I have slept well at night for a long time - I just haven't enjoyed the same financial successes as some other appraisers I have known. I wouldn't trade places with those types for anything, because to do so would mean giving up a large part of who I am. I'm gonna step off of my soapbox now...

 

[PropertyEconomics]

This is an informal forum for us professionals - we don't need to stand on pomp here. Just because he is speaking casually here doesn't mean he is not professional in dealing with his clients.

That being said, I have a responsibility to do what's right. I have surely made countless "enemies" through the years by not doing what they wanted. Our job is to do what is right - not what is expedient; and certainly not to do "whatever our clients want." This isn't a popularity contest. If I were willing to be a "good appraiser" I would have been making seven figures a year for much of my career. I'm smart enough to bamboozle all but the best, and I've always been a really hard worker. Unfortunately, perhaps, I am hard-wired to adhere to a stringent set of principles that seem to make me a pretty good appraiser, but not a particurly popular one. It is what it is, and I have slept well at night for a long time - I just haven't enjoyed the same financial successes as some other appraisers I have known. I wouldn't trade places with those types for anything, because to do so would mean giving up a large part of who I am. I'm gonna step off of my soapbox now...

I am of the opinion that ethics and courtsey can exist together ... they have in my instance for nearly 30 years .... that was my point.


Well .... except here on the forum .. I am not always the most courteous here ... but I blame that on my Forum Mentor ... Webbed!!

 

[CANative]

We're like Ed Wynn, the sidewalk peddler in The Twilight Zone. We sell them what they need instead of what they want.

 

[Couch Potato]

"The effective date of the appraisal.... reflect(s) the time period relevant to the assignment results...." (107, Page F-51, USPAP 10-11)

Perhaps you have no clue what's going on at all? Maybe not just appraising either....

Why not quote USPAP instead? (You do know only the parts with "U" page numbers are USPAP, right?)

I help you out. U-84 & U-85 are the pages most applicable.

 

[AnonApprsr]

.... So why don't you quote something that refutes what I said? Considering that there is nothing to quote that does any such thing I'm interested.

 

[Couch Potato]

I am in total agreement. Once the "effective" date gets moved to the signature date, it leaves one open to endless "revisions" as things unfold through time.

Even worse, we can not cherry pick what to include after the effective date and what to ignore, once we make an exception to include one thing, it leaves us open to questions about everything else that has happened prior to the signature date.

Having a hard and solid time line effective date equalling the inspection date is a good thing for appraisers, not a bad thing, like they say, be careful what you hope for.

By "signature date" do you mean the date of the report? You are not making an exception to include anything. You are merely including information known at the time you wrote the appraisal report, which is indicated by the date of the report.

The date of the report indicates the perspective from which the appraiser is examining the market.

(Direct from line 2673 of USPAP.)

 

[PropertyEconomics]

.... So why don't you quote something that refutes what I said? Considering that there is nothing to quote that does any such thing I'm interested.

Why dont you quote something that means something ... FAQs dont mean squat .. I think that was his point.


PS .. yes I know I know .. Im the reason so many dont post here any more ... blah blah ... youve never shown me one that quit because of my posts .... so say something of meaning.

 

[Tres Kirkland]

I haven't seen a good reason yet not to use it. I appraised a house a few months ago in a small complex there had been three sales all over 6 months, and one was pending and scheduled to close the day of my inspection. I called the agent and the closing got delayed for 2 days. Do you really think that this comp was not my best comp?
In this day when you are trying to get the most recent comps available I can think of no reasonable reason not to use a comp that closed two or three days after the date of inspection. I've done this several times and not once has anyone said a word.