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Weighted Adjustment?

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Jeff Horton

Senior Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Alabama
Its your choice of course but I like to get paid for my work. So I usually do the inspection and report. Of course there are exceptions.

Also depending on how you read USPAP it could be argued that you did an appraisal and that you have a have a work file by telling them no way.
 
Joined
Jan 13, 2002
Professional Status
Retired Appraiser
State
Florida
That brings me to another question. One thing I have been doing, is when an order is sent in, I do as thorough a search as I can BEFORE I go out. If I know no way, or RANGE of this to this, I call the LO and tell them, and ask "do you want me to proceed?" Do you all do that?

ABSOLUTELY NOT!!!

I have one that came in yesterday with "Please pull comps and call immediately if the value is coming in lower than estimated!"

This order is on hold until they send a new order or sign and send back my own order without that stipulation. NOT USPAP compliant. What you are doing is illegal for you to do. STOP it immediately!!! &%#@$! LOs just love newbie appraiser for doing this for them. Tell them to run an AVM if they want a GUESS before ordering the full, complete, delivered and paid for appraisal!!!!!
:twisted: :twisted: :twisted:
 

Tony Lehn

Junior Member
Joined
Oct 28, 2002
Professional Status
Certified Residential Appraiser
State
Indiana
Peggy,

To your initial question, I will often check the MLS for pending sales. Often the realtor's forget to update the fact that the deal actually closed, and you will miss that sale altogether because you did not check pendings and make a phone call. Our MLS also allows Realtors to keep a home active, with the letter "B", designating back up offers. There is a pending contract on that property, it is only "active", because they are fishing for back up offers. Again, a simple phone call to the Realtor might give you the info you need to better evaluate the subject. If all that fails, I will find an older sale in the legal and make a straightline time adjustment, or I will find an active and then use the list to sale price percentage from that subdivision to comp it down.

All that said, your range of 114 to 118 is a tight range and that is good.
 

PatrickMcCurry

Freshman Member
Joined
May 16, 2003
What about "Which comparable is the most reasonably substitutable property?" In other words, out of whatever properties are on the grid, which is most like the subject? This is your most weighted comparable.
 
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