Appraisers' Free Forum

I saw a report today where the comparables were given a positive adjustment for concessions because their concessions were less than the subject's.

No shit! I really did!

There is a logic to it.

I guess I think outside the box. From day one, I was unimpressed with the ability of the people who appointed themselves to write appraisal books. To me, it has never made sense to use the same word "adjustment" to describe
1. the process of correcting the nominal to price to the actual price, and
2. the process adding or subtracting amounts to and from the actual price for property differences.
And the bozos at Fannie followed suit.

I started out doing narratives, and we always derived the correct price (if necessary) in the comp write-up, and put the corrected price only on the grid.

Santa,
I've argued with more than one form filler that thinks that's how it is supposed to be done so there is no doubt in my mind that there are many reports out there like that one.

Was the appraiser Dave Towne?

Hey....what happened to my avatar? Good to see youse guys!

santa wrote:Hey....what happened to my avatar? Good to see youse guys!

The system was upgraded since your last visit - reload it.

BTW, I bet that guy that did the positive adjustment was from NM.

Nah! He surely was from Kansas City.

So, who needs Skippy? Just work a deal with a high concession and let these guys adjust up the actual sales prices to hit the target.

So many bitch about out of state reviewers--but they might not be necessary if there were in-state competent appraisers. It doesn't take geographical competency to catch this shit...unless there's some state that I'm not aware of that considers this acceptable methodology......HA...HAHA.....HAHAHA...HAHAHAHAHA....HAHAHAHHAHAHAHAHAHHAHAHAHA....yeah, right.
(am I obnoxious, or what? Oh well that's why I'm not GOOD Santa)

ya was his name "blast off Billy" ??

one of the last CEU class's I took, borrowed, uh went to listen to - the instructor asked the whole class, why do you make line by line adjustments ? his comment created a thought wave that bof excited me and made some classmates red....heh, heh - as he noted ifn U found comparable products, they should require little to no adjustment, the GLA adjustment is a pacifier for those who don't know Your market area, after all, can you name a Buyer that has ever made an offer based on GLA ??????

No one in the class responded, including a couple of Bankers

Well, Jay, I've rejected an offer based on GLA. This was a couple of decades ago before I became an appraiser. We were buying. Sales agent said the house was 2000 sqft. I said it didn't look that big. Wife (a broker) pulled a 50' tape out of her purse and we measured it. 1350 sf. Agent said the lot was 5 acres. She pulled the deed, plotted the calls, calculated the area. A little less than 3 acres. We passed up the chance to own that little gem. Peculiar part of that whole deal was that the agent didn't seem to be even a little embarrassed about the incorrect information he'd given us. He died several years ago (natural causes.)

Jay Trotta wrote:after all, can you name a Buyer that has ever made an offer based on GLA ??????

Could he name one that hasn't? Size matters. Ask any female.

At least it sounds like you didn't PAY for the class.

JP....most Buyers aren't Appraisers & Real ators, so ya got me, ya get 5 wet noodles; a number 2 rubber mallet; and did ya know the Philips Head screw was invented "before" the screw driver ? I did not know this, it was pointed owt by some radio guy the other day.

santa, always thought it was the motion of the ocean that rocked that fur burger........ROFL

after all, can you name a Buyer that has ever made an offer based on GLA ??????

No, can't say I have. But I do know appraisers and agents have been sued because the buyer did not get what they were supposed to be getting.

I know of a chase here in TN where the buyer threadened a law suit against the listing agent if she didn't give back a portion of the commission due to her mis-representing the size of the dwelling. She gave him back $2,000.