UWs are finally calling BS on

[DWiley]

My final comment: Burn uad3 at the stake, it will be a false prophet of exact proven adjustments. Either that, or we will be burned. Soon USPAP will change the definition from opinion of value, to fact of value.

Nothing in UAD 3.6 has ANY effect on the requirements related to adjustment support. What works is acceptable in 2.6 is acceptable in 3.6, and vice versa.

 

[NC Appraising]

This is how brainwashed appraisers are.

Crazy they had to make a cartoon....

 

[Tawfik Ahdab]

Danny,

Don’t be so ready to dismiss what I wrote about “proving”adjustments. You consider it a misapplication of “supporting”, but the “support”requirements have gotten to the point where even if you provide the data and analysis, the underwriter can sendyou a stip because the adjustment is out of line with what your so-called “peers” are said to apply.

 

[jay trotta]

They need to throw out one of this founding appraisal book. It has a comment about proving adjustments. Burn this witch's comments.

The Appraising Residential Properties, 4th Edition, Appraisal Institute, "Other Quantitative Adjustment Techniques”, Page 344 further states: “…In instances where paired sales analysis is not conclusive, the appraiser may apply judgment to resolve the problem." The adjustments resulting from the appraiser's judgment is based on a study and understanding of historic or past buyer preferences. It further suggests that cost and depreciated cost data may be used with the appraiser arriving at the value contribution (not cost new) of certain features. The process of supporting the contribution of individual variables (features) is limited and often difficult to quantify, with adjustment deemed to be qualitatively supported unless otherwise addressed. All methods of supporting adjustments are usually limited by inherent uncertainties within the applications themselves.

My final comment: Burn uad3 at the stake, it will be a false prophet of exact proven adjustments. Either that, or we will be burned. Soon USPAP will change the definition from opinion of value, to fact of value.

Judgement - Experience - and in a Rural area perhaps the best solution to an appraisal problem.

 

[Tom D]

Nothing in UAD 3.6 has ANY effect on the requirements related to adjustment support. What works is acceptable in 2.6 is acceptable in 3.6, and vice versa.

I know, just got caught up in the lynch mob. DWiley, is there any place in uad3 to put that poster's stip about proving that adjustment.

 

[chad hampton]

This is how brainwashed appraisers are.

Crazy they had to make a cartoon....

I was just asked yesterday by one of the GSE favorite 5 AMCs to comment on why a net adjustment was over 15%

Not sure if it was a breakfast club AMC or not. Haven't seen the photo since it was removed from the internet

 

[chad hampton]

case in point.

I dabbled with some of that over the years. Hate to brag, but with an engineering degree, appraisal math is relatively simple for me. The issue is most of the times the spreadsheet would spit out values that I knew were wrong. So I trust my experience more than whatever junk the tech bros are pushing.

But I can see how some can be impressed with those things. If I didn't know any better, I would be too.

 

[alebrewer]

I dabbled with some of that over the years. Hate to brag, but with an engineering degree, appraisal math is relatively simple for me. The issue is most of the times the spreadsheet would spit out values that I knew were wrong. So I trust my experience more than whatever junk the tech bros are pushing.

But I can see how some can be impressed with those things. If I didn't know any better, I would be too.

exactly. What we do isn't rocket science - but it does take a bit of brainpower. You're spot on with your education experiences, though. Most continuing education - as well as qualifying education - is a joke.

 

[Dublin ohio]

I was just asked yesterday by one of the GSE favorite 5 AMCs to comment on why a net adjustment was over 15%

Getting ready to turn one in that has 5 comps with gross adjustments from 29% to 48%. One has 28% net.. It is obvious on the grid why, but I will still give them an explanation and I guarantee I won't hear a peep from this client

 

[John Hassler]

Some here seem to have forgotten that USPAP is a Minimum. The ASB consistently reminds us of this at every meeting they hold. (Yes, some of us do watch.) Licensees need only to know the minimum, and, regretfully, it’s a low minimum at that. I took Course 102 (Income Approach) in 1990/1991. I remember challenging my two teachers with external obsolescence questions they couldn’t answer. It was a great 5-day class, I learned a lot, and waaaaay above minimum standards.

Yet lenders and AMCs consistently engage minimum standard, minimum effort appraisers and act “surprised” to find out the adjustments are out of whack. If you want supported adjustments with logical reasoning it’s not a problem if you’re willing to pay for it. When lenders and AMCs stop chasing the fast and cheap crowd maybe things will change, but not until then.