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Old 12-18-2009, 10:55 PM
 
Location: OK
2,825 posts, read 7,520,825 times
Reputation: 2056

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I have NEVER inspected the interiors of comparables, unless I have appraised them in the past.

Besides, the condition between the time of sale and the time you use it as a comparable can change dramatically, making an interior inspection of the comparable moot.

So, no .... it is NOT irresponsible.

Sir, you obviously don't know the first thing of the appraisal process or what an appraisal entails. Please stop with the wild assumptions and accusations. It is annoying.
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Old 12-19-2009, 11:27 AM
 
Location: On this planet most of the time
8,039 posts, read 4,500,190 times
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Great information here from everyone BIG THANK YOU. Keep'em coming I need all the help I can get and believe me I am soaking it all up like a sponge. I do have one more question though Approx. how much does an Appraiser charge?
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Old 12-19-2009, 11:54 AM
 
13 posts, read 24,090 times
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Well, the "extradorniary" assumption had devastating effects on the appraiser's attempt to appraise the value of our home.


If some of you are saying that it is an acceptable appraisal procedure, not to know anything about the interior of the comparables this just seems totally wrong.

I submit this question to the person who taught or now teaches appraising.

I know when the second appraiser, a year later, used comparables similar to our home, the the appraised value was significantly higher. The second appraiser knew the condition of the comparables and used those comparable to our interior, and overall grounds. We sit on an acre, fenced within the city limits, and the comparables of the poorly done appraisal were small lots from a few feet from the house to the property line.

bassfish
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Old 12-19-2009, 12:00 PM
 
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You can find out the interior condition from others in the real estate business, if it has sold within the required time, without an interior inspection of the comparables. It is my understanding from realtors and appraisers, that a comparable must be a recent sale, within I believe 6 months of the appraisal being made.

Let's take the example of buying a used car. If two cars just alike are for sale and the interior of one is very poor or not sharp, and the other car's interior is very sharp and clean, some are even like new on used cars---which car do you think will have the greater sale value?

bassfish
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Old 12-19-2009, 08:06 PM
 
Location: Pawnee Nation
7,525 posts, read 16,924,565 times
Reputation: 7111
Quote:
Originally Posted by BASSFISH View Post
If some of you are saying that it is an acceptable appraisal procedure, not to know anything about the interior of the comparables this just seems totally wrong.
Even if I saw the interior yesterday, I am making an "extraordinary assumption" that it is in the same condition today. What I DO know about the comparable is what it sold for. If I can figure what a "typical house" would cost to build, not counting land, and accessory components (swimming pool, garage, barn, etc) then figure the value of the comparables minus land and accessory components using the sale price and allocation ratios, then I have a good idea of what the depreciation rate is in the neighborhood, for the subject, and for the comparables. I can then establish what is and isn't a "value contributing" component and make market driven adjustments. Cost does NOT equal value.........never has..........never will.
Quote:
Originally Posted by BASSFISH View Post
I know when the second appraiser, a year later, used comparables similar to our home, the the appraised value was significantly higher.
Don't get me wrong. there are a lot of bad appraisers out there. I find it amazing how often I find an "experienced" appraiser in class who has no clue as to how to calculate depreciation or develop a supportable income approach and I have to deviate from the lesson plan just to show this person how to do what they should have been doing over the past 10 years. This does not mean the second appraiser is good or better or worse. Not having either appraisal in hand I have no idea if the first was good or bad or the second was good or bad....it is equally reprehensible to over appraise a property as it is to under appraise the property. Not having them in hand I cannot make a determination as to their credibility.
Quote:
Originally Posted by BASSFISH View Post
The second appraiser knew the condition of the comparables and used those comparable to our interior, and overall grounds.
Nonsense. He ASSUMED (Extraordinary Assumption) that the condition was what had been told him, what he had seen, or what was reported. Unless he verified by personal inspection the condition ON THE DAY OF THE APPRAISAL he made an assumption.
Quote:
Originally Posted by BASSFISH View Post
We sit on an acre, fenced within the city limits, and the comparables of the poorly done appraisal were small lots from a few feet from the house to the property line.
A ten acre tract in Broken Arrow is worth (depending on the area of BA) $20,000 an acre. A half acre tract in Southern Hills can sell for more than a half million. Size is totally irrelevant. Location is paramount.
Quote:
Originally Posted by BASSFISH View Post
You can find out the interior condition from others in the real estate business,
Realtors and "others in the real estate business" being participants in the transaction (they get paid commission) are unreliable and should not be counted on.
Quote:
Originally Posted by BASSFISH View Post
if it has sold within the required time,
There is no such thing as a "required time" for a sale. I've based values on sales that took place as much as 10 years ago. You make time adjustments. It isn't hard, and it is fannie mae compliant.
Quote:
Originally Posted by BASSFISH View Post
without an interior inspection of the comparables.
As a matter of practicality you never get to do an interior inspection of the comparables. (Can you see allowing someone you don't know, to walk through your house 8 months after you moved in because they want to use it a s a comparable? I've been chased down and had the police called because I took a picture of their house from the street. I guarantee you they would not have let me in their house.) You MUST accept unreliable accounts by others who may or not may be competent (do you have any idea how many Realtors have no idea what "room count" means?) and verify it by using other equally unreliable "professionals."
Quote:
Originally Posted by BASSFISH View Post
It is my understanding from realtors and appraisers, that a comparable must be a recent sale, within I believe 6 months of the appraisal being made.
Your understanding is wrong. Fannie Mae guidelines state that they want an explanation of any sales used that closed in excess of 6 months of the effective date of the appraisal. It does not state that it has to be within 6 months.
Quote:
Originally Posted by BASSFISH View Post
Let's take the example of buying a used car. If two cars just alike are for sale and the interior of one is very poor or not sharp, and the other car's interior is very sharp and clean, some are even like new on used cars---which car do you think will have the greater sale value?
Illogical illustration. Cars are short lived, short term investments. Houses tend to be appreciating long term investments. But lets take your analogy further. All you have seen is one car. You are depending on the word of someone else as to the quality of the other car. And that someone else is unreliable......a used car salesman with a reputation for not telling the truth. So to verify what that salesman says about the house he sold, you ask another salesman who you think knows a little about the second car. You don't know the second salesman, but you know he is still a salesman. But if both salesmen tell you the second car had carburetor problems and a weak water pump, you could probably rely on it. If one said it was in great condition and another one said it was a pos, you would either find another source to try and verify what it really is, or you would discard that sale as a comparable and find another one that you can consider reliable. So you say the subject car is worth $XXX PROVIDED the water pump is good, and the carburetor problems don't exist. If that is not true, then the value you stated isn't either.
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Old 12-22-2009, 11:02 AM
 
13 posts, read 24,090 times
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Maybe I did it wrong, I can't find one of my posts. It ended with comparison of buying two used cars?

Has anyone found my "missing post". And I may be calling ti the wrong term.

I wouuld like to learn more about the city-data protocol and terminology.

Thanks and Merry Christmas everyone!!!

bassfish
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Old 12-22-2009, 11:10 AM
 
13 posts, read 24,090 times
Reputation: 10
I just found the reply to my used car illustration which starts "illilogical ---
That narrative makes several assumptions which are not true about my comparison methods.

When I buy a used car, I assure that I evaluate the entire car, plus pay my mechanic to drive it and do total inspection mechanically.

The good-bad interior applies to the cars as a whole.

We all know that a car, house or any object is worth when it is in better shape, viewed as a whole.

I notice you list yourself as a Real Estate Agent. Are you a licensed, certified appraiser approved by FHA and other governmental agencies?

bassfish
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Old 12-22-2009, 11:10 AM
 
Location: So. Dak.
13,495 posts, read 37,343,984 times
Reputation: 15205
Quote:
Originally Posted by BASSFISH View Post
Maybe I did it wrong, I can't find one of my posts. It ended with comparison of buying two used cars?

Has anyone found my "missing post". And I may be calling ti the wrong term.

I wouuld like to learn more about the city-data protocol and terminology.

Thanks and Merry Christmas everyone!!!

bassfish
Is this the post you're searching for?~

//www.city-data.com/forum/tulsa...l#post12094214

And Merry Christmas to you, too.
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Old 12-22-2009, 11:42 AM
 
Location: OK
2,825 posts, read 7,520,825 times
Reputation: 2056
Quote:
Originally Posted by BASSFISH View Post
I notice you list yourself as a Real Estate Agent. Are you a licensed, certified appraiser approved by FHA and other governmental agencies?

bassfish
As I am listed here as a RE Agent (which I am not but was placed in that category) and my partner Goodpasture isn't, I assume that question is for me.

Yes, I am a Certified Residential Appraiser, FHA approved, as well as a Certified Appraisal Reviewer.

Goodpasture is also as above, and in addition is an appraisal instructor approved in 6 states as well as an AQB (Appraisal Qualifications Board) Certified USPAP Instructor.
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Old 12-22-2009, 01:07 PM
 
13 posts, read 24,090 times
Reputation: 10
Thank you for the background info. I notice you say houses tend to appreciate--

You make no reference to houses which depreciate

Is it your professional opinion as an appraiser that houses never depreciate---

Especailly those not maintained?

bassfish
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