Your Thoughts on this

[Blue1]

All boilerplate. I would like to read some more descritiptive reasoning explaining how the appraiser arrived at the decision to adjust or not to adjust the unique features of the comparables as compared to the subject. Otherwise it's just 'smoke and mirrors'......

 

[Glenn Redo]

Electric heat in my area/world is a functional inadequacy due to its high cost and must be adjusted.

Decks, patios and porches no value at all, that's news to me.

But then I did not know what a swamp air conditioner was either.

Thank you, you guys made my night

 

[Tim The Enchanter]

100% Bull yadda. :new_silly:

 

[jonathan asbury]

Does anyone else go into that much detail? Thats a lot of bla bla bla to me. I keep it short and simple. That much boiler plate might just confuse the underwriter. I think if the comps are good comps they don't need that much explaining. But then again I live/work in cookie cutter land.

jonathan

 

[Kevin A. Spellman]

A state licensing board/authority could easily describe these statements as boilerplate or mechanical statements. The appraiser makes a statement of best sales. The appraiser should state the worst sales; the appraiser is with holding sales information. The appraiser states purchasers concerns, quality adjustments and age adjustments from Marshall Swift and match pair’s concept. These statements could qualify for a miss-leading report and will be the violation in the event the state performs a review with those statements without support and clear market evidence.

 

[Bruce Lennick]

From what I can gather about the way this appraiser writes a report, is that he is attempting to make a one size fits all report. maybe adjusting his comments if he is forced to do so. I also could not figure out his references to M/S cost manual, what does that have to do with anything. The "market" should determine the value of individual components. I thank every one for their responses, they only solidified what I was thinking. And it was very insightful of the ones that pegged this guy as a newbie appraiser with a license. His history is 5 years in the buisness including is training period, don't know who his "mentor" was, but He has been in business for about 2-3 years. Works with AMC's and does try to cover his lack of knowldge with this boilerplate verbage. Thanks to you all, by the way as far as the report, the only adjustments he made were based on differences in square footage. The comps were identical to the subject, except minor square footage differences.

 

[CANative]

I never get to do cookie cutters. There are no tract housing projects in my rural counties.

Well, finally I got to do one. It's a newer house in an area where there are a lot of new subdivisions. They don't sell these through MLS. Just a sales office. Does this stuff sound OK for this type of assignment?

Subject last sale was 4-22-2005. Marketed through the Sunrise Hills sales office and not listed in the Multiple Listing Service. Since last sale the subject has been upgraded with an inground fiberglass pool, concrete decking and patios, upgraded kitchen appliances and tile counters, window treatments, and stamped concrete driveway edging. Since date of last sale, data shows an approximate 4%-5% increase in market pricing of new to newer homes in southwest Cloverdale. No sales of the comparables for the 12 montths preceding the date listed in this report.

As the developer maintains a sales office in this subdivision and does not market through the BAREIS MLS, the appraiser has selected comparable sales from both the Sunrise Hills development and competing locations. Data for properties in the Sunrise Hills project was obtained directly from the City of Cloverdale Planning and Building Department, public records and the project sales office. Comps 1 and 2 located in adjacent neighborhoods, similar in appeal. Comp 1 has an inground pool similar to subject. Larger lot adjusted downward at $3 per sq ft. based on extractions and land residual method developed for the cost approach. Smaller differences in lot sizes did not require adjustments. Comp 2 required adjustments for GLA differences and lack of outdoor amenities (pool.) Comparable 3 is a very recent sale in the Sunrise Hills development. "L" Floorplan home like the subject. This property had a base price of $627,000 with $25,200 in upgrades. The appraiser deems the upgrades similar in market appeal/value to subject's pool and offset any adjustment. See next page for additional comps.

Comp 4 located on subject street and is very similar in GLA to the subject but has a somewhat larger lot. Lot size adjusted downward at about $3 per sq. ft. (see previous page.) Appraiser believes that some personal property and furnishings were included in the sales price but could not obtain a full list. The adjustment is believed to be reasonable. This home featured upgrades equal in market value/appeal to subjects inground, fiberglass pool. This property sold in late summer or early fall of last year during a spike in pricing and the sales price has been given less overall weight in the reconcilliation. Comp 5 located about 1 block from the subject and is a pending sale which has been marketed through BAREIS MLS. 153 days on market. Slightly larger house with an additional full bath. Minimal yard improvements other than landscaping. Very similar lot size. Comp 6 is adjacent to the subject and sold during the same time period as subject's last sale. A 5% date of sale adjustment was made to reflect slight upward market change during the previous 12 months. See Supplmental Comment addendum attached to this report for market conditions. Also adjusted for lack of yard improvements and upgrades.

 

[Mr Rex]

I use a very similar format in my Sales Comments, I use a bold font for each line item of adjustment and separate to make it easier to read. But, my comments are specific to the particular property. I kept waiting for a REAL explanation. Like Richard said, maybe in certain situations (cookie cutter world) this is OK. But if I have comps good enough for these type comments, then I don't really need comments, now do I?

 

[Restrain]

As a reviewer, the comments presented are FAR superior to the two-to-three sentences I normally see. The 1004, etc are SUMMARY appraisals, and, while I personally would like more detail, the general comments are far superior to what I am seeing by most appraisers. At the same time, for example, if there were no site differences, and the site comment was left in, I would immediately assume that there was no real analysis provided and this was pure "boilerplate".

As a matter of fact, when I start seeing a lot of commentary, I start looking harder at the appraisal. It may be a difficult property where such commentary is warranted. However, I've also seen appraisers trying to "baffle them with b.......".

So, the answer is, "it depends".

 

[Richard Carlsen]

Obviously, some appraisers were taught at the feet of St Paul, believing that the word Summary means an epistle is in order where a brief statement of facts would fully suffice.