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New Orleans Appraiser Orders Appraisal On His Own House

June 25th, 2010 5:35 PM

Jefferson Parish Appraiser - St. Bernard Parish Appraiser - St. Charles Parish Appraiser As a former attorney/law clerk for federal judges I was trained to write clear informative precise and accurate opinions that would give the reader of the legal opinion an exact understanding of why the judge reached the opinion he/she did. I incorporate this into my appraisal writing as a New Orleans appraiser.

Recently I had the experience of obtaining an appraisal for my own home, and I was shocked at the result:

First the appraisal came in three days after the due date without warning or explanation.
Reading through the report, I realized that no reader could comprehend what the marketing area was like or what the marketing trends were.
The name of the marketing area was not even included! Everything was boiler plate.
The comparables were haphazard at best with a range from $220,000 to $350,000. There is no way a reader could glean the value of the house with a range like this.
Obvious adjustments for condition and location were missing.
In addition, the technology was primitive, with stickers placed on a map to indicate the location of the subject and the comparables.
Finally, the photos of the home were so blurry that there was no way a reader could actually get an understanding of what the home really looked liked.

In short, the appraisal looked thrown together with no obvious conclusions of why the appraiser reached the value he/she did. Imagine being a professional appraiser and receiving an appraisal on your own home that had such serious deficiencies. Of course, I recognize them. Would you recognize them as a homeowner or home buyer?

Recognizing a More Reliable Home Appraisal:

An appraisal should contain a thorough explanation and analysis - enough to support the opinion of value.
You should be able to read the appraisal and understand exactly what the marketing area is like and what sets it apart from neighboring marketing areas.
Comparables (recent sales for comparison) should chosen with care and careful line item adjustments must be made so that the range will fall within parameters that make sense. Any deviation or excessive adjustments are throughly explained.
The appraisal should be formed with the best technology – from laser measurements to maps with arial views and the locations of the subject and comparables digitally placed.
Photos must be clear and informative.
Finally, there should be sufficient narrative to understand why the opinion of market value is what it is, so you don’t have to guess where the appraiser gets that opinion. It should not be a mystery, or seemed to have come out of a hat. And no, computers don't generate a realistic value.

As a Certified Residential Appraiser, I hope sharing this experience with you will give you the benefit without having to try out random appraisers yourself, or risk getting an inadequate report. Of course, we're ready to be the appraiser for your home or transaction, if you choose us. Either way, choose detail, accuracy, and clarity over something that looks like a 3rd grade book report.

Posted by Joseph Marino on June 25th, 2010 5:35 PMPost a Comment (0)

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