Appraisers Blog

APRIL 13, 2024

An appraisal is an opinion (among other things) of … Scope of Work The contract The neighborhood The site, including H & BU The improvements (condition, deficiencies, adverse conditions and conformity) The selection and adjustment of comparable sales The analysis of prior subject and comp sales Market Value indicated by the Sales Comparison (..)

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Appraisal Comps Marketability 54

Appraisers Blog

DECEMBER 24, 2023

In other words you believe that if an appraiser is incompetent and utilizes wrong comps, data, etc. In reply to hammering hank. then he must be racist/biased! smh Never attribute to malice that which is adequately explained by stupidity 1

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Comps Appraisal 53

Viking Mergers

APRIL 24, 2023

If you are preparing to appraise your assets or inventory or think you may have overvalued your assets or inventory, read this article for a plan to correct the issue. Unresolved Issues We know it can be tempting to put off resolving tedious issues, but the time to address these items is before listing, not after.

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Marketability Business Valuation Comps Compliance 244

Appraisers Blog

MARCH 28, 2024

The appraisal reports included are not from this Connelly/Motts v Lanham case. 3 comps and 1 active leave little ground to stand solidly on in court. Is there any means that we can get those to review? I’m glad I’m not having to defend such work.

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Appraisers Blog

SEPTEMBER 19, 2024

Still in favor of the in person comps pictures requirements. Amc’s have taken advantage of these requirements, which is why a substantial portion of simple appraisal work has now been shifted over to realty persons instead. Quite often so is taking photos of comps in the same high density housing areas.

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Appraisers Blog

JUNE 28, 2024

CU also has NOT visited the subject property nor the comparables and has not determined or provided evidence that the “comps” that are better than the ones initially provided in the report.

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Appraisal Comps Marketability 55

Appraisers Blog

OCTOBER 6, 2023

I saw where somebody above commented that they had a complaint also and that FNMA was not accepting the comps they had used and wanted other comps that the appraiser considered to be not comps. I appraised a house built in th 1970’s when new homes were basically boxes with low pitched roofs.

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Appraisal Comps Marketability 55

Appraisers Blog

SEPTEMBER 19, 2024

One appraiser’s vision of the (near) future: Imagine having your own privately hosted Large Language Model (LLM) or soon-to-debut Artificial General Intelligence (AGI) model. This in-house appraisal tool will input and analyze all your photos, on-site video footage, and LiDAR measured dwelling information. How much money you will make!

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Appraisal Comps Marketability 55

Appraisers Blog

JANUARY 5, 2024

Because we refuse to sign off on their inflated figures which don’t comp in the market. Bpo’s are a totally inadequate substitute for a real appraisal, even a desktop. That’s why I still to this day comp search everything and simply decline orders if I can’t see an avenue to success.

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Appraisal Comps Marketability 45

Appraisers Blog

JUNE 12, 2023

Ralphy is busy making $300 per appraisal and thinks he’s getting rich. He should be earning $700 to $1,200 per appraisal. I wouldn’t take comp photos and make a trip to the county records office for $300. In reply to Spencer Paul.

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Appraisers Blog

APRIL 18, 2024

Do work that other appraiser’s are not willing to do because they want to cherry pick work that are located in a single county that they live in and don’t have to drive more then 20 minutes for the subject and comps. This is going to be the market for sometime, of which I do agree with you. Expand and find new clients.

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Appraisal Comps Marketability 54

Appraisers Blog

JUNE 20, 2024

Some appraisers search purely by price or some other attribute that may not drive value. The smart ones identify the submarket and draw a continuous radius until they see the best 3 comps (we don’t need 6) – At this point you are visually studying the MLS descriptions to get the best. Let’s start at the basics.

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Appraisers Blog

JUNE 12, 2023

Can’t the appraiser recognize that using two-year-old sales comp’s have meaning and be part of the value conclusion? When these two figures are sorted, they represent stuff, which can be interpreted and verified as meaningful or not. Did it close in 45 days or in ten months?

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Appraisal Comps Marketability 54

Appraisers Blog

MARCH 7, 2022

The study also shows the appraisal was the LOWEST scored item on the list of discriminatory practices… On February 23, 2022, NAR published the “2022 Snapshot of Race and Home Buying in America” report. Related Posts: Appraisers Don't Use Race Appraisers don’t use race. The study noted that for those who said they witnessed.

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Comps Appraisal Marketability 70

Appraisers Blog

SEPTEMBER 19, 2024

A picture is worth a thousand words but an in person visit (subject/comps) is worth a million. I had a comp in a neighborhood I was well familiar with and after viewing the listing photos I yelled at the agent (in my head of course) where the hell are the pictures of the mountains the house was facing. She had not included one.

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Comps Appraisal 55

Appraisers Blog

FEBRUARY 16, 2024

Other than cookie cutter assignments where an appraiser has already inspected the subdivision, neighborhood, and surrounding area, including recently constructed similar models, these type assignments are undermining basic appraisal due diligence and competent information gathering for credible results.

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Comps Appraisal 61

Appraisers Blog

JUNE 24, 2023

I believe our appraiser and the selling agent committed Fraud. 1) the comps were issued by selling agent, 2) appraiser used comps that were approx. This house is a disaster and appraiser blatantly lied on condition. Also, ignored a comp that was 4 houses down from ours that sold with in 90 days prior to ours.

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Comps Appraisal 44

Appraisers Blog

MAY 14, 2024

As far as I understand it, when an ROV is submitted to you by the lender, who may have received it from the borrower, they have to give you a valid and researched reason as to why their comp(s) is worthy of being considered and is better than your comp(s). This according to Dodd-Frank & the revised ROV rule.

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Comps Appraisal 53

Appraisers Blog

FEBRUARY 8, 2024

It said, Comp 2, an older, Traditional dwelling, is in the subject neighborhood…” I am baffled. We were asked today to remove the term “Traditional” from commentary about a comparable.

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Comps Appraisal Banking 56

Appraisers Blog

FEBRUARY 15, 2024

The whole point made by the GSEs for having PDCs and hybrid appraisals is so that the educated and experienced appraiser did not “waste” time driving to a subject property and then to take all the comp pics. hr the non-appraiser in the hybrid model is making more per hour than the appraiser at $25/hr.

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Comps Appraisal 60

Appraisers Blog

AUGUST 4, 2023

Definitely not an appraiser or real estate expert. No one has seen the second appraisal. I saw the most important parts of the first appraisal and ran comps. The first appraisal looks like market value to me. In reply to hammering hank. No one can make that statement. ” 2

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Appraisal Comps Marketability 44

Appraisers Blog

MAY 4, 2024

Appraiser who start out with a blank canvas (so to speak), with no asking price information provided to them, — obtaining data only by available visual information and records of the property and improvements itself, to work up the estimate and appropriate comps. In reply to Spencer Paul.

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Comps Start-ups Appraisal 52

Appraisers Blog

MAY 3, 2024

They must include a fee for appraisers to do ROVs. I’ve done some that have taken a couple of hours because they included many comps. I have to fully research each comp to determine if it’s a true comp or not. I even had one AMC tell me I should go drive by the new comps provided.

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Comps Appraisal 53

Appraisers Blog

APRIL 18, 2022

…a brilliant ‘work around’ to solve the subject & comps adjustment issues, which Fannie Mae thinks is no big deal… Appraisers, I was chatting with an appraiser buddy last week about the ANSI measuring dilemma we all face when doing Conventional lending reports, which ultimately will wind up with Fannie Mae.

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Comps Appraisal Marketability 55

Appraisers Blog

AUGUST 1, 2023

I think perhaps the Appraisal Institute needs to come out with a new dictionary. So, for my next several appraisal, I left the square feet blank on the comps stating that nationally the figures were wrong and the buyers did not know the square footage of the house and therefore it had no bearing on the value. Sign and deliver.

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Appraisers Blog

MAY 4, 2023

The comps/market and analysis speaks for itself. Is the analysis sound, are the comps conditionally and locationally adequate and relevant to the subject. Who’s concerned about ethnicity or race and how can one appraise a property on that basis? It’s not the appraisers who request that photos of people, ethnic art, etc.

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Comps Appraisal Marketability 55

Appraisers Blog

FEBRUARY 9, 2024

AS NOTED IN BILL’S REPLY: “If a ROV is requested, an explanation is required from the supplying party/parties as to why the new sales are superior to the appraisers comps.” All that tells people is that Appraisers can be bought! They are defaming all the good Appraisers Reputations.

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Comps Appraisal 55

Appraisers Blog

MAY 3, 2024

Any good appraiser is already explicitly explaining their comp search, includes a farm list AND discusses specific sales not used that someone might wonder about. How bout a requirement that the underwriter screen any ROV before automatically sending it to the appraiser?

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Comps Appraisal 53

Appraisers Blog

JUNE 12, 2023

I understand your explanation, but many borrowers don’t read the report in much detail and the $700 +/- paid can always be justified by the AMC as just a appraisal processing fee. They control the fees, turn times, bidding process, comp selection, adjustments, scope and most other appraisal methods.

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Appraisers Blog

SEPTEMBER 20, 2024

Im so tired of amateurs claiming ‘driving the comps’ is inefficient or a waste of time. In reply to Dallas Kiedrowski on Facebook. Clearly they haven’t a clue as to what specifically they are supposed to be looking for. Yet they continue to undermine our profession with short sighted, poorly informed suggestions.

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Comps Appraisal 56

Appraisers Blog

JULY 19, 2024

A few years ago I put out a poll to appraisers that work in my area and similar areas asking 3 questions with the possible answer of always/sometimes/never Q1 – do you pull the as built and OSS data prior to your site observation of the property? I work in an area where onsite sewage systems (OSSs) are common.

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Appraisal Comps Marketability 55

Appraisers Blog

JUNE 18, 2024

Or we could go back to mortgage bankers and appraisers having direct communication and meaningful professional relationships, better two way accountability. They could ask for a comp search before ordering the appraisal, so the borrower would know ahead of time a reasonable value range of their property’s market value.

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Appraisers Blog

JUNE 2, 2023

Initially they had to sift out the unethical appraisers from the ethical ones, in a climate where ethical appraisers dominated the field. Appraisers whom were identified as not being pliable were hassled out with insane volumes of stipulations, revision requests, fee and turn time inquiries, to the point engagement was untenable.

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Appraisal Comps Marketability 57

Appraisers Blog

APRIL 1, 2024

From the article; Because AI appraisers are trained on data originally sourced by humans—not all of which is unbiased—there’s the potential for the AI to work from flawed data. The ‘not all of which is unbiased’ comes from the FHFA and HUD’s Auto De Fe inquiry into prohibited language in appraisal reports.

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Appraisal Comps Marketability Technology 53

Appraisers Blog

SEPTEMBER 19, 2024

And if the house (comp) has been totally renovated since purchase than the photo it is misleading to the reader of the report. In reply to Dallas Kiedrowski on Facebook. exactly, we can see any location or view differences from the plat maps reviewed.

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Comps Appraisal 56

Appraisers Blog

MAY 24, 2023

The previous model of comp searching with appraisers seemed to make more sense. What’s next, with hold the contract from the appraiser too? Every single regulatory move just makes the target on the appraisers back larger, offloading liability and operational concern risk from everyone else, onto the appraiser.

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Appraisers Blog

JUNE 15, 2023

‘If an appraiser were to do that, it results in double dipping the adjustments if any other adjustments are made in the grid.’ Three comps of a matching model in the same neighborhood, sales prices 100, 125, 150. Comps selections represent one better, one worse, one similar. In reply to WAD. Quite right.

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