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Jonathan, your post highlights an incredibly important and often overlooked issue in today’s real estate market: the proliferation of appraisal waivers and the resulting data cancer thats infecting property valuations.
For some, the numbers make sense to go to market now. So ensure before going to market that you are accurately tracking your inventory and have an inventory management system in place. The post Not Every Business Is Ready To Go To Market With Viking: Here’s Why appeared first on Viking Mergers & Acquisitions.
Just got an email from a lender asking me to search for comps and report results prior to any appraisal being ordered. I thought THEY were supposed to stop doing that. I’m just getting over a bad case of the flu. Maybe I’m hallucinating. Never mind.
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 oftentimes are 20 miles +. I cannot create a market which doesn’t exist. It is what it is or reconsider doing business in this market. Guidelines ask for best comparable for an area. That’s where the sales are located. I use the data present and make logical inferences and data to support. Same with the %.
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 (..)
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.
The study examines homeownership trends and challenges by race and location to explain current racial disparities in the housing market. For an appraiser to arbitrarily go into another area to get "comps" merely…. On January 4, 2021, the…. Our Job Is to Observe & Report Our job is to observe and report.
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. Or we could go back to mortgage bankers and appraisers having direct communication and meaningful professional relationships, better two way accountability.
Other modules will sift through all local MLS data, identify the best 6-10 comparable sales, generate market statistics, and export automatically adjusted comp sale data. Your LLM will then automatically export descriptive text and image data to the new appraisal software that’s currently being developed.
The market flows and ebbs on many basis’s: Financial wherein the lender need to secure monies in R.E., Can’t the appraiser recognize that using two-year-old sales comp’s have meaning and be part of the value conclusion? In reply to Baggins. You get it! Did it close in 45 days or in ten months?
…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.
The problem is that many reviewers lack the knowledge of the market area and have not “been there” CU,,HA,, ya thats a laugh! 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.
Perhaps there is but I like to reiterate that after extensive market review, I have selected the most meaningful most pointed sales for detailed grid analysis. A lot of times I’ll roll to the field with 8-12 possible comps. In reply to Spencer Paul. To say sample implies there are other options.
Or alternatively that if there are scarce ‘good comps’, the adjustment scales may need to expand. Then you’ve got mismatching benchmarks to value when market participators, although theoretically applying the definition of ‘fair market value’, are not actually fully equal in the real world.
This is going to be the market for sometime, of which I do agree with you. 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. Expand and find new clients.
The 3% iPhone revenue growth is more impressive than its sounds, given it has come against a tougher 50% comps, he said. Visit Benzinga's Analysts Stock Ratings page for market-moving sell-side action. “The iPhone is stronger than an acre of garlic,” Munster said. Guidance Not An Area Of Concern: Apple’s guidance.
Spent the majority of my career appraising both residential and commercial properties in a major metropolitan market. Of course there are those that say they no longer do originations work or agency work but the reality is, in most markets it’s near impossible to make a living exclusively with private clients.
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. The free (real) market always wins.
I saw the most important parts of the first appraisal and ran comps. The first appraisal looks like market value to me. Definitely not an appraiser or real estate expert. No one has seen the second appraisal. No one can make that statement. ” 2
Because we refuse to sign off on their inflated figures which don’t comp in the market. It’s a miracle with some of these lackluster methods that agents even come close to market value figures. Those are subjective points though. I’ve been reading a lot of bpo’s over the past few years.
Referring to Baggins above, each of my comp. write ups include the initial list price, the final list price, days on the market including the listings history (all relisting as well), sales price to list price ratio. As I stated in past posts, I only do narrative reports.
All else being equal, we don’t need massive market data sets and regression tech to point out simple price and value differences which are obviously attributable to the feature differences. Complex charts graphs and market presentations are simply not necessary for credibility in comparing well matched individual sale examples.
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.
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