What's n Your Work file?

[nauthead]

What's In Your Work file?

Apparently this one was empty.

http://www.doah.state.fl.us/docdoc/2008/002388/08002388AC-051608-11275827.PDF

 

[Couch Potato]

At least one of the items in complaint seems farcical. Why would there be an adjustment for an age difference on a house built in 1960 versus 1947 if both have been remodeled and are in similar condition? The actual ages of the two properties is very likely an irrelevant piece of data and warranted no adjustment.

I do think the appraisals are sorely lacking given the property was on the market just prior to the appraisal for $520,000 and did not sell. The fact there was an offer of $526,000 which was rejected raises the possibility it was not truly available at $520,000; but that should be thoroughly discussed in the report.

There is a great lack of support in the work file. I think it is perfectly valid for the state to go after an appraiser over an adjustment made without any kind of support. What I find totally illogical is for the state to then also claim needed adjustments for other items were omitted, but provided no support in the complaint that an adjustment was warranted. If the state's intuition is good enough to say an adjustment is needed, an appraiser familiar with the are she be free to use their intuition to decide what it should be.

Don't get me wrong I think there is a very good case against this appraiser, but some of the complaint makes the state look ignorant and silly. They really need to be running the complaints past competent appraisers prior to filing them. Whether they are independent consultants or staff positions, the DRE lawyers need appropriate professional help.

 

[nauthead]

I agree that the state seemed a bit too eager on some of the charges. It looked to me like they wanted to slap the appraiser hard and came up with every charge they could think of. The biggest issue I noticed was that the state decided how similar the GLA should be for the comparables. Perhaps the sales used were the best available but were not similar in GLA. That does happen. Which is better comps, 1/4 mile away with varying GLA's or comps from another neighborhood with similar GLA?

 

[incognito]

I SERIOUSLY doubt that most appraisers have, within each and every appraisal file folder, documented support for each and every adjustment in the appraisal.

If it were not for the obvious omission of the list price, (which tends to make the opinion of value seem VERY high), the other items seem like a witch hunt to me.

I had a file reviewed once by the state. The investigator was a complete novice and lay person, with no appraisal knowledge (by her own admission).
Although no actions were taken, I was "warned" that my file was inadequate, because I did not have an MLS print out of EACH of the competitive listings and comparables cited at the top of page 2 on the URAR!

Unfortunately, the conclusion to this story is: If you have a file reviewed, DOCTOR IT UP with as much silly support data that you can. It is a sad but true reality that this is the focus of these investigations.

EDIT: (this is to CMA*) When I say doctor, I mean only that you put supporting data and printouts that were used, just didn't get printed out, to save paper and file size, like, for instance, the MLS print outs of the 25 comparable properties that were currently listed for sale, and the MLS printouts of the 20 comparable sales that have taken place in the past year. You allready used that data and reported it, accurately, you just didn't use 1/10th of a reem of paper printing it unnecessarily. I AM NOT advocating creating or flasifying anything...

*Cover my ***

 

[Dale Smalley]

I lived in that neighborhood for 20 years. Even in one of the comps. The appraisal is a scam. The complaints are total BS as well but that is how they get ya cuz there are no value police.

 

[Mztk1]

I think that is a classic case of finding something big and noting every last detail. When I get a good review with minor errors I hardly note them, when I review a bad report I pick apart the report in full. If she didn't over appraise the property, if she had disclosed the listing history in full to begin with, none of the other stuff would have been ever dreamed up.

The only thing that concerns me is that the work file, I thought, could rely on electronic media, so as long as the data could be duplicated on using some such form it would be considered part of the work file. A lot of my data comes directly from the county appraiser's website and I don't print the data out and put it in my file because they would be a waste of time, money and paper.

 

[Deuce of Spades]

The only thing that concerns me is that the work file, I thought, could rely on electronic media, so as long as the data could be duplicated on using some such form it would be considered part of the work file. A lot of my data comes directly from the county appraiser's website and I don't print the data out and put it in my file because they would be a waste of time, money and paper.

Exactly - perhaps the state should clarify this for us. Do we have to have every thought documented and printed? Do we have to print out every plat and public record from our county sources? Or do we, at minimum, have to print to electronic file and used up hard drives?

 

[SunbeltAppraisals]

The room count adjustment is for the bathroom? This complaint is heard to understand. I wonder if an appraiser even participated in the review.

Side note - I have made a GLA adjustment and Bedroom count adjustment on the same comp. Sometimes its warranted.

 

[vision]

I would like to add to this, but I'm a trainee and dont know chitt..lol
CE class > Deriving Adjustments dives into this pretty good. There's a formula in the CE book called Developing Adjustments with Linear Regression. with HP-12C. All the math I do with pin on paper, I do print out all comps property cards that will be in report. In the MLS I print off the list. I save paper by using the other side of used paper to print on. Only done for work file.

 

[Dan Umstead]

She was using the old, old, old, old adjustment sheet. It only adjusts $1,500 for a full bath.