Where Do Appraisers Come Up With Stuff Like This?

[Meandering]

Again, not a terribly difficult concept....it is actually kind of sad that a state board felt the need to publish guidance regarding this issue.

Right,

Not a difficult concept.

The Ivory tower should not decide comps.

If reviewers decide what is and is not a comp, then reviewers are responsible for the value and the report.

How long before developments are constructed and solely advertised to people in foreign countries?

How to Buy Real Estate Property in the United States
Information and Answer to FAQs about How Foreigners Can Purchase Real Estate Property like a House, Condo or Apartment in the U.S.
http://www.immigrationunitedstates.org/buy-us-real-estate-property.html

Foreign Buyers Guide
http://manhattanmiami.com/resources/foreign-buyers-guide/

International Real Estate Buyers
http://www.elitelahomes.com/2011/01...usa-for-non-us-citizens-and-foreign-entities/


U.S. home market pulls in more Chinese buyers
http://usatoday30.usatoday.com/mone...04-03/us-homes-lure-chinese-buyers/53977638/1

Amid Complaints in India, a Real Estate Deal in Manhattan
http://www.nytimes.com/2015/02/10/nyregion/kabul-chawla-bptp-india-real-estate-manhattan.html?_r=0



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[huntercharlie]

If you had to sit and underwrite or review appraisals all day and many of those appraisals had pages and pages of useless boilerplate and CYA comments, you would know full well that it is entirely possible for a reviewer to miss a comment that is buried in the middle of those pages of useless boilerplate and CYA. I don't care whether that answer is good enough for you, that is the simple reality of the situation when human beings review appraisals. When artificial intelligence advances to the point that computers can actually read and understand narrative comments, then maybe this won't happen, but until that time, expecting human beings to have an error rate of zero is not realistic.

That's a pretty funny comment coming from someone that is/was an attorney. Those real estate contracts are full of a bunch of boilerplate B.S. - who wrote those?

 

[timd354]

That's a pretty funny comment coming from someone that is/was an attorney. Those real estate contracts are full of a bunch of boilerplate B.S. - who wrote those?

Your post is a classic example of one of the most common ethical fallacies used to excuse bad behavoir which is known as the "golden rationaliztion" excuse...a/k/a the "everyone else does the same thing" excuse.

Nice try though.

 

[huntercharlie]

Your post is a classic example of one of the most common ethical fallacies used to excuse bad behavoir which is known as the "golden rationaliztion" excuse...a/k/a the "everyone else does the same thing" excuse.

Nice try though.

My comment was not excusing bad behavior - just pointing out the irony of someone with a legal background dissing boilerplate and CYAs.

 

[timd354]

My comment was not excusing bad behavior - just pointing out the irony of someone with a legal background dissing boilerplate and CYAs.

Why is that ironic? I think that my background indicates I am eminently qualified to call out the utter fecklessness of a lot of boilerplate and CYA comments both in the appraisal world and the legal world.

 

[Eli]

Why is that ironic? I think that my background indicates I am eminently qualified to call out the utter fecklessness of a lot of boilerplate and CYA comments both in the appraisal world and the legal world.

Just bring the hammer down on some of these stupid folks feeding you business. I know it is not that easy, but somebody else will soon if you don't. That's all I am saying. The ironic part going on in the business right now to me is that so many people think they are flying under the radar. That is a joke to me. I am sure you say the same thing sometimes.

I believe a rude awakening is coming soon for many of them. The banks have already been feeling the rude awakening,, but it ain't over yet relative to the valuation side of the business. The states and regulators are slowly tightening the vice. GSE's are too.

I'll bet you 5 years from now, the content and substance of posts on this forum will be totally different if the forum even exists by then. By then, all appraisers will realize that when the government is guaranteeing a mortgage, they are not playing.

 

[CANative]

Why is that ironic? I think that my background indicates I am eminently qualified to call out the utter fecklessness of a lot of boilerplate and CYA comments both in the appraisal world and the legal world.

Why is that all appraisal boilerplate sounds the same. Same tone, same nauseating pseudo-techno-speak, same issues?

 

[CANative]

Obviously it's the governments fault.

 

[timd354]

Why is that all appraisal boilerplate sounds the same. Same tone, same nauseating pseudo-techno-speak, same issues?

Because a lot of it comes from appraisers copying other appraiser's boilerplate.

 

[Bama Bayou]

The lender may certainly share some of the blame, but this really should have been a very simple appraisal that did not require the services of a genius. Just about any appraiser who is not completely clueless could have done a decent job appraising this property. The low fee business model has nothing to do with this particular situation as a good fee was being paid on this one ($450 for a cookie cutter that was 95% complete at the time of the appraisal inspection) with an additional easy money inspection fee when the few uncompleted items are complete and a final inspection is ordered.

This is a test. Is that you Tim?