What Do You Consider To Be Data Sources And Verification Sources?

[Stone]

Residential and commercial appraising is two different animals. Since the vast majority of us have minimal to no commercial experience, to keep the conversation consistent, let's concentrate on residential appraising.

Who made this about commercial appraising?

 

[timd354]

Remember a farm appraiser who testified that he didn't use sales involving Hmong buyers because they were uninformed.

What an unbelievable idiot.

 

[ucbruin]

Who made this about commercial appraising?

You're right, no one in particular has made the thread into commercial...
But that have been a few posts mentioning commercial...
Posts 62, 70, 82, 120, 138, 140...

 

[Michigan CG]

You're right, no one in particular has made the thread into commercial...
But that have been a few posts mentioning commercial...
Posts 62, 70, 82, 120, 138, 140...

Last time I looked there was one USPAP, not one for commercial and the other for residential.

 

[residentialguy]

Doesn't matter if we're talking about Residential or commercial...UC will still be confused.

 

[Stone]

Last time I looked there was one USPAP, not one for commercial and the other for residential.

Exactly. And, it wasn't like anyone turned this into some commercial only thread harping on residential appraisers for not being as thorough as is sometimes required elsewhere.

 

[Mr Rex]

uc has a hard time concentrating regardless. It might be the dope smoking kicking in. I dunno but he sure seems impaired in most posts...

 

[residentialguy]

Exactly. And, it wasn't like anyone turned this into some commercial only thread harping on residential appraisers for not being as thorough as is sometimes required elsewhere.

Right, but FNMA, FHA do specifically address it, though.

 

[Terrel L. Shields]

What an unbelievable idiot.

Long story goes with it. OK appraiser did 20 or so similar reports in 3 states. Tort lawyers suing. I was drug into it because I had done a refi appraisal. He was rebutting my value. Two appraisers were paid to sit and watch proceedings and report back to their bank. Second trial was against their client bank in MO. Loaded for bear by sitting in on first trial, they got the guy blown off the trial by the Daubert rule. The other cases were quickly withdrawn and never refiled. Meanwhile the bank filed complaint on him in AR and he surrendered license there.

 

[residentialguy]

Remember, most market participants other than appraisers are NOT making contact with principals. Just what one "might" learn from reaching out to them makes the certified Appraisal Report heads and shoulders above the CMA or BPO. One argument I have heard and cannot argue with is that MLS or CoStar is all "the market" considers - nobody making price decisions other than appraisers bothers to look at public records - so even a sale price reported in error is a "market-making" piece of information.

It's not our job to be only as smart as the idiot who buys a the identical house because the listing said it was twice as big.