Chuckle .... Snort!

Every now and again, while reviewing appraisals, a statement in the report will jump out like a frightened rabbit. The following are direct quotes from reports, lifted by cutting and pasting. They are presented exactly as the appraiser wrote them.

"PROPERTIES OF WATER FRONT/ WATER VIEW AMENITY TEND TO BE EMOTIONAL IN NATURE."

Comment : Is that a reference to a stormy personality?

"Windows provide energy efficiency against the elements"

Comment : I suppose so.

"There was an adjustment for bath count due to that the typical buyer is often stimulated by the additional baths."

Comment : I wonder where he found the market basis for the stimulation?

"Salina is a town of 50,000 population, with a strong economic base of stable employment. The major employer is Tony's Pizza and Raytheon Aircraft."

Comment : Maybe we should buy stock in Tony's Pizza?

"Census Tract "Not Pubic Record"

Comment : I suppose you wouldn't laugh? I wonder where he was looking?

"Although there are many lender guidelines regarding the selection of comparables, primarily regarding location and age, one needs to recognize that these are guidelines, and not rules. If the guidelines are treated as rules, in many cases the result will be a defective conclusion which would mislead the reader, and therefore, violate USPAP. The State Certified Appraiser, being the only party to this appraisal who has personally inspected the subject property, and exterior of several comparable sales(not just the three selected) is the most qualified to choose and decide which ones most closely reflect the estimate of value for the subject property. This process has been carried out in this assignment, and the comparables selected, whether or not they fit the lenders guidelines, are the best indicators of the intentions of prospective buyers for the subject property. Therefore, for the lender to request additional comps, simply because the ones selected do not fit their guidelines, would not be a request which would better indicate the estimate of value for the subject property. The lender, by employing the State Certified Appraiser, must be willing to defer to their opinion and professional knowledge of the subject market because, the report being provided represents the opinion of the appraiser. To force the appraiser to use different comparables, or provide "better" comparables, would change the results of the assignment and no longer reflect the opinion of the appraiser. The results could be misleading and result in a violation of USPAP, which the appraiser is strictly warned by the State not to do."

Translation : I'm the appraiser. How dare you question my judgment. Do you actually think that additional comparables would support my opinion of value in some way?

That's enough for now.