What is "Retail Value"?

[Craig Farr]

Call the appraiser? Why would you call the appraiser? You are reviewing an appraisal. You are not reviewing the appraiser.
What you have in your hands is what you are reviewing. If it is lacking or misleading simply state that, and wrap it up.
A review is NOT an invitation to a debate or a roundtable discussion or a casual chat.

 

[Lee Lansford]

You shouldn't have to guess what it is. For summary and self-contained reports, that appraiser must

"state the type and definition of value and cite the source of the definition."

In restricted use reports, the appraiser doesn't have to include the definition, but still has to cite the source.

What David said.

If the report of the appraisal includes an opinion of "Retail Value", the definition must be defined (in a Summary Report or a Self-Contained Report) within the report.

When in doubt, go to the USPAP.

 

[Terrel L. Shields]

I suspect that either he threw it in for good measure (providing a definition of market value was included) and/or, he cloned a land report where he had discounted the value for time and otherwise calculated a 'retail value' for lot development and simply didn't strike that clause out. Not a biggie in my opinion....assuming "market value" is otherwised defined and used.

 

[PropertyEconomics]

Terrel .. I was thinking it was a cloned report myself. and THAT is why I would call the appraiser ... reviewing reports is more than just passing judgement and if my client let me call them I would call and get clarification. Mistakes are simply that sometimes and to slam someone because of a simple mistake is not always the correct thing to do.

I agree its the appraisal that is being reviewed, but sometimes clarification can make all the difference int he world, and frankly can separate good reviewers from those that simply fill in the blanks.

 

[Michigan CG]

Call the appraiser? Why would you call the appraiser? You are reviewing an appraisal. You are not reviewing the appraiser.
What you have in your hands is what you are reviewing. If it is lacking or misleading simply state that, and wrap it up.
A review is NOT an invitation to a debate or a roundtable discussion or a casual chat.

Talking to the other appraiser, the one whose appraisal you are reviewing is very common in the commercial world. This is unlike residential appraising.

Currently we are on e-mail #8 on an appraisal we wrote that the reviewer had questions about.

 

[PropertyEconomics]

Talking to the other appraiser, the one whose appraisal you are reviewing is very common in the commercial world. This is unlike residential appraising.

Currently we are on e-mail #8 on an appraisal we wrote that the reviewer had questions about.

Tim I agree with you .. its how things should be. I find that many, not all but many, residential reviewers see it as their job to kill the other appraisal or appraiser. I see that sometimes its best to get inside the head of the appraiser, talk to them, and you can understand a report better and see what they were thinking. Even though it may not be said in the report, once you understand, the rest of the report falls in line becasue now you have that piece of missing information. Is that a violation? I dont really know in a summary report .. I do know its good reviewing though.

Hats off to you.

 

[rbrienza]

I was not reviewing the appraisal as a review, I'm a commercial trainee. I was reviewing the appraisal for my report, same subject property.
I have called other appraisers on their reports - because as TE and PE suggest sometimes getting in their heads is a good idea. It is also a good teaching tool.

But this is a good discussion -- Thanks
Ray