Who's Quitting?

[PropertyEconomics]

To the original question .....

They can pry the measuring tape from my COLD DEAD HANDS!!

Im sure this business is gonna kill me so why not take that as an approach?

 

[agedaprsr]

Same deal

Without knowing the details, from what you are stating it sounds like the reviewer may have violated Stanard 3. Do you have a good copy of the review? Were there USPAP violations? If so, did you foward it all to your state board?

Contrary to the Sheriff being sure I used all builders sales I tried as much as possible not to fall victim to over inflated values. If I used one it was unintentional. Therefore, I am submitting my appraisals and the reviewers to the Florida Appraisal Board. Mostly because of my Trainee... as I said I'm on the way out anyhow.

 

[agedaprsr]

Question

Maybe I'm reading his post wrong... but that was my take. Not all reviewers are garbage.

At no time did I say all reviewers are garbage. Try not to take it personal when I complain that I don't believe I was treated fairly. If you read what I said you would know that I also have been a review appraiser for a number of years.

 

[The Sheriff]

Sorry age... not trying to dump on you... just read the original post and created a lot of uncertainty. I was cutting 9 out of 10 appraisals last year when the market shifted... and it got really disheartening to say the least. My old boss and I worked on a review the other day... the original report nailed the value, but the adjustments were so ridiculous, every comp had to be regridded. His value range ran from 1.5M to 3.5M on his six comps. Low and behold, he guesses right and said 2.0M. But if he had applied the correct site adjustments based on very good market data of land sales instead of saying "site adjustments were based on X dollars per sq ft", his comps would have been money.

Good luck in retirement. Not sure how good market data can screw you on a report... would make me wonder what was possibly out there that went against your data. My question is: Would you still reconcile the same number today based on that effective date if you relooked at the data. If your gut says it's a huge push, maybe there are issues. Anything within 5% of value by "market standards" is typically agreeable. It sounds like you missed by 15-20% based on the review. Good luck.

 

[agedaprsr]

Thanks Sheriff

It was one of those deals where the market appreciation rate was two or three percent per month and the review appraiser chose to use sales that were seven, six and six months respectively. In hindsite I probably would have used the lower end of the indicated value range; lost a client and retired one year earlier.

It's going to become more difficult to appraise property with that huge target everyone carries on their back.

Luck to all !

 

[eric van horn]

Eric,

This may sound harsh, and I'm sure I'm jaded, but the carefully researched well thought out well understood appraisal doesn't mean anything if no one cares. Honestly, the vast majority of residential lenders don't give a damn. Diversify now and stay ahead of the game. Remember, of all the appraisal specialties, single family residential pays the very least.

Yeah, I have to agree with you to an extent, but I think they will have to come around to the reality of the value of good appraisals in the future. These shortcuts and guessing programs will be proven wrong in time. Or not...who knows. I have a feeling it'll be alright.

I'm not writing a lot of reports these days, but the ones I am writing are getting better and I really like the feeling that I'm doing an increasingly better job. The slower pace is giving me a little time to think them out and also study some new things. There's a lot of people further along than I that understand what I am talking about, and as long as there are people like that, the profession will remain vital.

I think as long as I am having fun with it I'll stick around and see what happens. If it's dead, then I'll cross that bridge when I come to it. Some new opportunity will present itself. They always do.

It's the middle of summer and way too beautiful outside to be dire about things. I sold a classic car I had restored and bought one half as expensive(and twice as reliable). The rest of the profits will pay the bills for a while. It's not so bad.

 

[PropertyEconomics]

Sorry age... not trying to dump on you... just read the original post and created a lot of uncertainty. I was cutting 9 out of 10 appraisals last year when the market shifted... and it got really disheartening to say the least. My old boss and I worked on a review the other day... the original report nailed the value, but the adjustments were so ridiculous, every comp had to be regridded. His value range ran from 1.5M to 3.5M on his six comps. Low and behold, he guesses right and said 2.0M. But if he had applied the correct site adjustments based on very good market data of land sales instead of saying "site adjustments were based on X dollars per sq ft", his comps would have been money.

Good luck in retirement. Not sure how good market data can screw you on a report... would make me wonder what was possibly out there that went against your data. My question is: Would you still reconcile the same number today based on that effective date if you relooked at the data. If your gut says it's a huge push, maybe there are issues. Anything within 5% of value by "market standards" is typically agreeable. It sounds like you missed by 15-20% based on the review. Good luck.

Maybe the review missed!

 

[Mike Garrett RAA]

Quit? I only wish I could quit...so busy I have no time to go fishing. July was the best month in the last two years. I can only see it getting busier here now. We have lost a bunch of appraisers this year and that should help for those of us remaining.

Can just see it now....85 year old appraiser found dead. Was attempting to measure a mansion and fell off the deck. Rumor has it he was once a USPAP instructor and past president of the local appraiser's group but there is no one left alive to verify that. Drugs were suspected...including ******.

 

[xmmcsmielr]

There is nothing better than appraising.

There is nothing better than appraising.

When I appraise:

I can take pictures without having to buy film or pay for processing with my Nikon D70S.

I can look at diverse and interesting houses, very cool parcels of land and other types of real estate.

I can write.

I can ruminate data with nifty computer software and produce visuals, like graphs with trend lines and pie charts.

I can set my own schedule, taking vactations for as long and as often as I want to.

I can work out of my house and spend time with my dogs, while writing reports.

I can do all of the above and get paid for it.

There are so many wonderful things that comprise appraising, particularly the writing and photography parts.

So, quitting is NOT an option for me.

I may retire soon, but only if I survive my 2nd job of running guns down to Chiapas.

 

[Jim Onderisin]

I think I'll drive a big rig over the road. Drive two weeks and have two days at home before going out the next two weeks. And they supply health insurance. What a life! And I'll be able to keep up with my appraisal business. I'll have my cell phone and computer with me. I'll just need to hire some "trainee" to inspect the properties and write up the reports. All I'll have to do is sign and collect the checks. Not bad, eh?