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.

Comps 70

Comps Appraisal 70

Appraisers Blog

JANUARY 2, 2025

FNMA forcing a repurchase and subsequent state complaint because appraiser cross comped across a school district boundary a half mile away. [link] The hits keep on coming. An appraiser just asked for help in an older thread.

Comps 73

Comps Appraisal 73

Appraisers Blog

SEPTEMBER 19, 2024

If they really want to make appraising more efficient they need to eliminate the requirement for appraisers to drive to the comps and get pics.

Comps 70

Comps Appraisal 70

Appraisers Blog

FEBRUARY 14, 2025

The brokers were difficult, espeically the “pre-comps”… but it was pretty cool getting paid at the door – in advance!! I don’t manipulate or omit comp data to “make it fit”… but my Regulator told me we ALL do it. This was over a decade ago but still blows my mind.

Comps 64

Comps Appraisal 64

Appraisers Blog

FEBRUARY 27, 2023

For an appraiser to arbitrarily go into another area to get "comps" merely… The post Look in the Mirror appeared on Appraisers Blogs.

Comps 69

Comps Appraisal Equity 69

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.

Comps 59

Comps Appraisal 59

Appraisers Blog

JUNE 19, 2023

A number of years ago a friend, was driving on a Saturday viewing some comps for an avigation easement and expansion of LAX, He noted new owner, recent buyer mowing his lawn, and also noted that this buyer paid a seemingly high price. In reply to Michael Ford. My collegiate approached the new owner asking about the price paid!

Comps 82

Comps 82

Appraisers Blog

MAY 3, 2024

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. Then I have to state why it is or isn’t.

Comps 58

Comps Appraisal 58

Appraisers Blog

MAY 4, 2024

Yeah, I did just that once, not to be a butt but because those comps where mislabeled and where more appropriate than two of the comps I had. In reply to Mary Thompson Thompson.

Comps 59

Comps 59

Appraisers Blog

FEBRUARY 16, 2024

By not requiring the appraiser to inspect the subject property, comps, and surrounding properties, appraisers are being set-up to be the fall-guy in the next bubble as the industry is being gutted by nonsense.

Comps 86

Comps Appraisal 86

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.

Comps 72

Comps Appraisal 72

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. More redundancy and gobbledygook for USPAP. End of story. Who’s concerned about ethnicity or race and how can one appraise a property on that basis?

Comps 69

Comps Appraisal Marketability 69

Appraisers Blog

MAY 4, 2024

Reality is those comps could actually be good but sad news is the value is reduced. Everyone always thinks new comps means a higher value. In reply to Spencer Paul. Not trying to be a butt. They don’t.

Comps 58

Comps 58

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.

Comps 72

Comps Appraisal 72

Appraisers Blog

APRIL 26, 2024

Comps oftentimes are 20 miles +. I refused to adhere. Guidelines ask for best comparable for an area. That’s where the sales are located. I cannot create a market which doesn’t exist. I use the data present and make logical inferences and data to support. Same with the %. It is what it is or reconsider doing business in this market.

Comps 70

Comps Marketability 70

Appraisers Blog

MAY 4, 2024

I am sure everyone has had situations where comps were provided and IF you used them it would actually reduce value, because all they did was look at sales price and did not think to look at square footage, renovations etc.

Comps 57

Comps 57

Appraisers Blog

MAY 23, 2023

I always use a range of values in my comp search,ie,if a home is contracted for $300,000, common sense dictates that the home is worth more than 200K and less than 400K, I always include the following statement; “In the search for suitable, similar sold comps the contracted sales price is NEVER a comp search criteria or parameter” 1

Comps 61

Comps Appraisal 61

Appraisers Blog

JUNE 16, 2023

Imagine actually performing detailed buyer motivation research for every single comp selected. So you follow this silly theory about buyer behavior and adjust down to the individual sq ft for one comp, but then round out your adjustments for the next comp. As I mentioned below, don’t get too caught up in theory.

Comps 62

Comps Appraisal 62

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. Sadly, and predictably that is not what has transpired, or at least I don’t believe it has.

Comps 84

Comps Appraisal 84

Appraisers Blog

JUNE 15, 2023

There is an appraiser around me whom always uses 9-12 comps and then just scoots the ones which have narrower net/gross adjustments to the front, yet leaves the others in there, despite them having insane high net/gross adjusts and adjusted sales values which are at times a quarter or more difference. They’re like anti comps.

Comps 62

Comps Appraisal Marketability 62

Appraisers Blog

JULY 20, 2024

Imagine being an english professor and still being required to take english comp 101 for literally the rest of your life, and continue to pay for it full price every time. You’d better pair your comps up for extraction and allocation before your irv hits a nerve and the grm hops past your caps. It takes me 2.5

Comps 71

Comps Appraisal 71

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.” ” LET US NOT FORGET THIS. Do not reply to ROV’s unless this is included by the lender.

Comps 72

Comps Appraisal 72

Appraisers Blog

MARCH 28, 2024

I actually think the 4th appraisal used a couple superior comps in terms of quality of construction and 3 car garages. A lot of smaller GLA comps were used though in comparison to the subject. In reply to CRAIG PREECE. Yeah I saw that too. Appraisal 1 and 3 seemed decent.

Comps 63

Comps Appraisal 63

Appraisers Blog

AUGUST 14, 2024

During the refi boom, most of my work was very difficult rural work where I’d commonly drive 300-400 miles inspecting the property and taking comp photos. In reply to Joseph. I got a few really good fees during that time.

Comps 74

Comps Appraisal 74

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.

Comps 57

Comps Start-ups Appraisal 57

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.

Comps 75

Comps Appraisal Banking 75

Appraisers Blog

MAY 13, 2024

It was also in a different neighborhood than the higher comps. Second appraiser used comps of fully renovated homes in an area which sells for a lot more because it’s revitalized. I believe the first appraisal.The property needed to be fully, fully renovated. The area is being revitalized but not where this home is located.

Appraisal 64

Appraisal Comps 64

Appraisers Blog

MAY 24, 2024

I can legally take pictures from the street if a comp. The GSE boilerplate unlimited reliance statements do NOT constitute a permission by the property owner or borrower to use data in an appraisal PAID FOR BY THE BORROWER for other unintended purposes. Then there is the issue of privacy itself.

Comps 75

Comps Appraisal 75

Appraisers Blog

JUNE 24, 2023

1) the comps were issued by selling agent, 2) appraiser used comps that were approx. Also, ignored a comp that was 4 houses down from ours that sold with in 90 days prior to ours. We live in a small town where every one knows everyone, We were located in WA Stated and purchased from Cross Country here in NC.

Comps 59

Comps Appraisal 59

Appraisers Blog

FEBRUARY 4, 2025

They have created the phenomenon known as data cancer which reduces an appraisal to a rubber stamp that contaminates the comps used for future

Comps 57

Comps Marketability Appraisal 57

Appraisers Blog

FEBRUARY 3, 2025

They have created the phenomenon known as data cancer which reduces an appraisal to a rubber stamp that contaminates the comps used for future

Comps 57

Comps Appraisal Marketability 57

Appraisers Blog

FEBRUARY 3, 2025

They have created the phenomenon known as data cancer which reduces an appraisal to a rubber stamp that contaminates the comps used for future

Comps 57

Comps Marketability Appraisal 57

Appraisers Blog

FEBRUARY 2, 2025

They have created the phenomenon known as data cancer which reduces an appraisal to a rubber stamp that contaminates the comps used for future

Comps 57

Comps Marketability Appraisal 57

Appraisers Blog

FEBRUARY 1, 2025

They have created the phenomenon known as data cancer which reduces an appraisal to a rubber stamp that contaminates the comps used for future

Comps 57

Comps Marketability Appraisal 57

Appraisers Blog

FEBRUARY 1, 2025

They have created the phenomenon known as data cancer which reduces an appraisal to a rubber stamp that contaminates the comps used for future

Comps 57

Comps Marketability Appraisal 57

Appraisers Blog

JANUARY 31, 2025

They have created the phenomenon known as data cancer which reduces an appraisal to a rubber stamp that contaminates the comps used for future

Comps 57

Comps Marketability Appraisal 57

Appraisers Blog

JANUARY 31, 2025

They have created the phenomenon known as data cancer which reduces an appraisal to a rubber stamp that contaminates the comps used for future

Comps 57

Comps Marketability Appraisal 57