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What do you do??

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Jeff Horton

Thread Starter
Senior Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Alabama
What do you do when you have one of those jobs? You know the one, well at least us rural appraisers do. The comps are fair at best. The value is coming out to high and you know good and well that it will not sell for that. You have no data to support your adjustments you know you need to make. *SIGH*

My father always taught me that professional opinion was needed in a case like this. But I sure would feel better if I had some data to back me up.

Guess it is time to call it a night and look at this one again tommorow.
 

Dee Dee

Elite Member
Joined
Jan 16, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
My mentor once told me that if you can't justify the value requested within 10 minutes of looking at all of the available comps and making a couple of phone calls, it's best to walk away. Every time that I haven't heeded this advice it's been a big can of worms.
 

Karl

Elite Member
Joined
Jan 15, 2002
Professional Status
Licensed Appraiser
State
Arizona
"I feel your pain"
Now I'm here in AZ I now understand what many Appraisers were posting about Values & Rural & RePo's & Declining area's. When I was in N.H. I'd read it & say How can there be a Decline or where they finding houses for 30,000 Who'd let there house be Repo'd ETC. WHAT a fantastic education I have gotten in a short 4 months. Not to sound Arrogant or FAR from a "No It All" I can now say IN MY OPINION your not an appraiser until U've done RURAL, Manufactured, (Or Home Owners own creation of a Whatever type home U wanna call it Example: Motor Home with additions around it & RECORNIZED by the County as a HOME! ) or a 4,000 Sq Ft Home over looking "Trailer's of the early 60's versions. Or a 3,000 Square Foot TERMITE SMOGASBOARD (Only One in entire County) In New England they were called Log Homes. & U New Englanders keep in Mind that a county out here is as large & many are larger than an Entire State on the East Coast. However an entire County may not have the population of BOSTON MA.
 

Terry McDaniel

Freshman Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Texas
Jeff - I understand exactly what you are saying; except that, almost every house I do in West Texas is like that. You CAN justify the adjustments if you look long enough. You CAN find comps if you widen the area enough. (Yes, I am talking about a 100 mile radius.) If the area you work in is really rural, you can develope a large database with sales that will finally justify some range of value. Then you call on your experience in the area to establish your OPINION of value. If I only looked ten minutes at comparable sales and justifying adjustments, I would never be comfortable with my OPINIONS of value. (Sorry, just finished a USPAP class.) Everyone's area is different. We can sit here on this forum and whine a lot about how difficult it is to appraise property; or, we can do a substantial amount of digging and justify our existence. Just my $100 worth. Which brings up another point. Charge the hell out of them. Terry Mc.
 

Kathy in FL

Member
Joined
Jan 17, 2002
Professional Status
Certified General Appraiser
State
Florida
We all get jobs like this. At least, us ruralites do. Must be nice to work in subdivisions where the houses are all left or right-handed...I wouldn't know. I get to do stuff like a boat on stilts in the process of being converted to a house (but the owner got sent to prison before finishing) in a fishing village of less than 500 people...or, in the SAME village, grain silos on stilts that are going to be the NEATEST (knock wood) hurricane proof house I've seen in a while...or more regularly, the 1967 singlewide that has been remodeled into a 1,800 square foot home on 40 acres.

Sometimes, you just have to kick back, let the juices flow, and forget the paired data sets for a while. Get the best data you can, "make your bestest guess," and call it a happy day.

Kathy
 

Jeff Horton

Thread Starter
Senior Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Alabama
Just call me whiney. :lol: I got some sleep came back and looked over what I did and tweaked the numbers some and sent it on it way. I had only 4 comps to work with and none of the them good so who can arguee??

I have had the chance to work in Urban area for a 3 months and I have to say it was quite different. I was a bit overwhelmed at first because I had so many comps to pick from! 8O Now it's back to reality and the real rural word. Thanks for letting me whine guys
 

Blue1

Elite Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
California
I understand your predicament only too well. I've had some real tough ones over the years. All you can do is try to find the best comps that are available and explain you reasoning process in the body of the report. If you have to, find active listings and include them also. Sometimes even a sale older than one year. Just be sure to explain. Remember, an underwriter has to sign his/her name to the bottom line and is depending on your report for guidance. Besides if YOU don't do the assignment some OTHER appraiser will! Charge for all your work!

Good Luck
Bruce M
 
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