Harvard Corporate Governance

MARCH 28, 2024

The TSLA board comp case was vastly interesting and even some fun. Related research from the Program on Corporate Governance includes Paying for Long-Term Performance (discussed on the Forum here ) and Pay Without Performance: The Unfulfilled Promise of Executive Compensation both by Lucian A. Bebchuk and Jesse M. Bebchuk and Yaniv Grinstein.

Comps 141

Comps 141

Appraisers Blog

JUNE 15, 2023

Three comps of a matching model in the same neighborhood, sales prices 100, 125, 150. Comps selections represent one better, one worse, one similar. The closer one can identify comps, the less the total amount of adjustments that would need applied. The alternative is a classical simple mathematical approach.

Comps 92

Comps Appraisal 92

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 95

Comps Appraisal 95

BVR

MAY 25, 2023

Finding public comps for valuation purposes can be a challenge, requiring either a fair amount of digging or a considerable expense (and sometimes both). However, finding these data doesn't always have to be a struggle, thanks to Value Analytics. Let's take a closer look at how this platform makes things a little easier.

Comps 100

Comps Equity 100

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 87

Comps Appraisal Banking 87

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 70

Comps Appraisal 70

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 94

Comps Appraisal 94

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 80

Comps Appraisal Marketability 80

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

Appraisal 70

Appraisal Comps 70

Appraisers Blog

MAY 3, 2023

“This girl runs comps, and in my office our goal is to have each comp take about one minute. When we timed her, she averaged at about one or one and a half minutes per comp. We talked about it and now she’s working to hit one minute per comp. [link] In the above post, the following was stated.

Comps 58

Comps Appraisal 58

Appraisers Blog

MARCH 28, 2024

3 comps and 1 active leave little ground to stand solidly on in court. In the ones that have been supplied, there seems to be little effort in completing due diligence and explanation of what was done and why. I’m glad I’m not having to defend such work.

Appraisal 67

Appraisal Comps 67

Appraisers Blog

FEBRUARY 23, 2024

One of the many things that are interesting to me is how in some cases the complaint is that the appraiser didn’t consider houses in other parts of the neighborhood, or even other neighborhoods, and stayed too close to home when choosing comps.

Comps 57

Comps Appraisal 57

Appraisers Blog

JANUARY 29, 2024

415 for a non-complex property under 1200sf w/3 comps and no blowback. Hey Dave, What is a fair fee? Then that’s my opinion…certainly not 1/2 of what they were in ‘2022-2021″ that’s a little melodramatic 0

Comps 64

Comps 64

Appraisers Blog

FEBRUARY 10, 2024

Bill Johnson – is there a verifiable source for the comment ” 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?”

Comps 79

Comps Appraisal 79

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 68

Comps Appraisal 68

Appraisers Blog

FEBRUARY 9, 2024

One thing of concern to me is the word “comps” (and any derivative thereof) is used too lightly. Comp or comparable would suggest they have been reviewed to advance to that status. This to me borders on illegal and taken out of context. The opportunistic morons are out here and going strong.

Comps 58

Comps Appraisal 58

Appraisers Blog

MARCH 2, 2024

Bracket your subject with the best comps considering all attributes and then explain why you think adjustment(s) are appropriate. We should try not to go down that rabbit hole. This like many USPAP guidance will go by the wayside. No biggie Lyle Rieke!

Comps 68

Comps 68

Appraisers Blog

JANUARY 29, 2024

Full disclosure and #s 2021 = 228 reports 2022 = 111 reports 2023 = 58 reports I live in a Semi-rural County, so my fees are higher than those in high density Urban/Surburbia because it takes longer to drive comps and my properties are much less homogenous with very few tract communities that have 3 comps within 2 blocks.

Comps 63

Comps Appraisal 63

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 93

Comps 93

Appraisers Blog

DECEMBER 23, 2023

as in misrepresenting and utilizing misleading neighborhood comps, data, and locations. In reply to Coach. yes “other” duh. try to keep up.

Comps 60

Comps Appraisal 60

Appraisers Blog

JANUARY 5, 2024

Because we refuse to sign off on their inflated figures which don’t comp in the market. That’s why I still to this day comp search everything and simply decline orders if I can’t see an avenue to success. I’ve been reading a lot of bpo’s over the past few years.

Appraisal 71

Appraisal Comps Marketability 71

Appraisers Blog

JUNE 15, 2023

I don’t know, maybe it’s just perception of language, it’s not necessarily bad to say sampling, I suppose I put so much effort into comps selection they seem more like bonafied examples of similar to subject market evidence, rather than a sample. A lot of times I’ll roll to the field with 8-12 possible comps.

Comps 70

Comps Marketability 70

Appraisers Blog

MARCH 8, 2024

I was wondering how the appraiser would be able to choose comps whose owners belong to the same racial group. In reply to Maureen Sweeney. Thank you for your notes. I think I was not clear, apology, English is my second language. It would be a lot of extra effort to do so. Thank you though.

Comps 58

Comps Appraisal 58

Business Wire M&A

MAY 2, 2023

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Comps 98

Comps 98

Appraisers Blog

AUGUST 4, 2023

Mary Cummings, look at subject…look at comps in THE neighborhood/same location.simple stuff. In reply to Mary Cummins. 35 years analyzing r/estate.

Comps 70

Comps Appraisal 70

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 also see that somebody replied to his post that there had to be more to the story as that didn’t make sense.

Appraisal 81

Appraisal Comps Marketability 81

Appraisers Blog

FEBRUARY 9, 2024

I have included such a statement in each and every report for the past 8-9 years or so regarding my requirement for advance explanation if the client / AMC asks me to ‘include’ extra comps at their discretion.

Comps 58

Comps 58

Appraisers Blog

OCTOBER 20, 2023

Which is painfully obvious when they request baseless revisions for “more or better comps” As the OP so eloquently states “As anyone who has been an appraiser for more than five seconds can attest, you use the best comps available. There were no “better comps” to be used.”

Comps 64

Comps Appraisal Marketability Banking 64

Appraisers Blog

MARCH 11, 2024

I had several “revision” requests to try and locate a similar, suitable sold comp with similar sf…guess what, I couldn’t find any, DUH, no kidding.

Comps 60

Comps 60

Appraisers Blog

OCTOBER 23, 2023

I love it now that these dumb asses are back asking if these are the best comps I could find. And ONE robin doesn’t make it Springtime either. I love telling them “hell no, I’m saving the best ones for my grandchildren!!!”

Comps 59

Comps 59

Appraisers Blog

AUGUST 15, 2023

FHFA has no proof of racial bias by appraisers, relying instead on Census Tract data irrelevant to selecting comps.

Comps 65

Comps Appraisal 65

Appraisers Blog

MAY 4, 2023

Exactly my thought on the comps. Our “practice” is to select comps in same or comparable neighborhoods so if that means these areas selling lower than in other areas we are applying a disparate PRACTICE. In reply to Eric Kretz. This is going to be a field day for lawsuits.

Comps 58

Comps 58

Appraisers Blog

JANUARY 30, 2024

How much hour/portion do you spend on comp pics for that job? Take what you would want to get paid for your time to do a cookie cutter tract home next door to your office. For every hour or portion you spend in your car charge your hourly rate. Both directions.

Comps 81

Comps 81

Appraisers Blog

JANUARY 11, 2024

I came across a fraud scheme several years ago involving a community of fourplexes, where the sellers falsely purchased a few model matches for well-above market – with fraudulent appraisals – to then use as comps for real sales. Of course it all fell apart with several purchasers losing a lot.

Comps 61

Comps Appraisal Marketability 61

Appraisers Blog

JUNE 12, 2023

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

Appraisal 70

Appraisal Comps 70

Appraisers Blog

JUNE 15, 2023

Good luck with the demented “current world order” Just finished some self storage work and included 25 rent comps in the report based on a survey I conducted. It lowers the opposing attorney’s ability of bringing up the issue of overlooked comps. Too many I guess, right David.

Comps 70

Comps Appraisal Banking Marketability 70

Appraisers Blog

AUGUST 4, 2023

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

Appraisal 70

Appraisal Comps Marketability 70