Well, of course – appraisal is not based on our subjective beliefs. It is based on support! Support your opinions and conclusions! Support your results “by relevant evidence and logic.” Form your opinion, then support it . . . These words have always bothered me. A scientist does not form an opinion, then figure out […]
We read articles and advertisements on how to prove an adjustment. Is this possible? How wonderful it would be. To prove an adjustment, just push a button and bam! Out comes the correct answer. How could we have we missed this? Of course, if such a simplistic and exact answer was possible – anyone could […]
One appraiser brain says you must be “independent, impartial, and objective.” (USPAP) It wants to be good. It wants integrity and to sleep peacefully at night. But there’s another brain. It’s primal and wants to survive. It has other responsibilities: meet the bills, feed the family, pay the mortgage, and pay government taxes/fees. And recorded […]
This is Part Four in a series on Hybrid Appraisal. Be sure to read Part One, Part Two and Part Three. The term “hybrid appraisal” (as it’s currently used), means that the appraiser sits at a desk, while someone else (not an appraiser) looks at the property. It appears that the non-appraiser may or may […]
Why does a hybrid appraisal work better? What are the benefits? Who benefits? Who pays? A hybrid appraisal, as it has been proposed, separates the field work from the desk work. The assumption is that an appraiser is good at filling out the forms, while another “cheaper faster” person can do the property inspection. Also, […]
We’re told to “support” our adjustments. We hear words like “prove” your adjustments. . . as if there were some magic formula which can give an exact, correct, and absolutely true number. It used to be so easy. . . Our trainer gave us a sheet with the “right” adjustments. Simple. USPAP Standards Rule 1-1 […]
We’ve heard that Fannie and Freddie are developing new forms. So, what might the next 1004 form look like? Will it require three comps, two listings, and a pending? Will it require a full data download, or a description of search parameters? Will it still even be designed to fit on 8 ½ inch paper? […]
We considered one cause of the Great Recession. This was the perversion of the very definition of the value. In the sociology of ‘groupthink’ (where the group is wrong, but everyone says it’s ok), Dunning-Kruger gave us another cause. (There are more to come – stay tuned!) In a good world, a profession, legislators, administrators, […]
Presumably, “public trust” is the foundational test. Have our institutions, rules, regulations, standards, and social expectations failed us? The purpose of the Uniform Standards of Professional Appraisal Practice (USPAP) is to promote and maintain a high level of public trust in appraisal practice by establishing requirements for appraisers. Preamble 2018-2019 Our mission is to foster […]
Price indexing is also known by other words, such as time adjustments or market conditions adjustments or trend analysis. A number of techniques have been recommended over the years. Most are flawed. Oddly, the algorithm mechanics of calculating are fairly simple and intuitive. Best of all, once done correctly, the payoff is really high: You […]
It was pointed out to me after part 1, that a hybrid like a mule, is sterile and the end of the biological line. Is this true about the hybrid appraisal? A hybrid appraisal, as applied today, means that someone other than the signing appraiser, usually an agent, goes out and does the property inspection. […]
A hybrid is: The offspring of two plants or animals of different species or varieties, such as a mule (a hybrid of a donkey and a horse). Per my Google online dictionary . . . An appraisal hybrid, as I understand it, is two people, doing two parts of the appraisal job. One looks at […]
Why should they trust me? Trust me. I am an appraiser. I am trained. I have experience. I have high ethical standards – and a government-issued license which says so! What more could you ask? What more could you ask? To answer this question, let’s look at what the client needs and what is the […]
Why Stats, Why Graphs, Why Data, Why Science? (Part VI of VI) How is this stuff different from the established classical, traditional appraisal “process”? Is this technology or a new theory? Are data, and science somehow better? Or is it just mumbo-jumbo to look impressive? Is there something wrong with traditional appraisal theory? The traditional […]
Is the profession dying? Do we save it? Or change it? How does EBV © make things better? How can it be better for appraisers? For lenders? For investors? For litigation? We have several questions. These are each worthy of a look. To this end, this will be the first of several parts, to see how […]
