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Is this a problem? Appraiser puts AS IS and REPAIRED value in re...
Hello:
I would talk to another appraiser. Has he been paid? What does the
contract say?
What are the reporting standards. What is the justification for his
approach? Is there an industry group?
What industry groups does he belong to?
Robert Suhajda
In a message dated 3/12/2013 11:36:57 A.M. Pacific Daylight Time,
listserv.inbox@gmail.com writes:
Please share your opinions with me. I am asking the appraiser to change anumber of things in the report, and I don't want the appraiser to think
that my requests are capricious or unethical. I want him to see responses of
other lawyers.
Client's property is in disrepair. Which is good because this is bringingthe FMV down. An appraiser was retained to appraise the property for a
motion to value. The appraiser put into the report both AS IS and REPAIRED
value. He is also highlighting the REPAIRED value, by repeatedly writing 320K AS IS, 365K REPAIRED. I have never see this practice before, and
believe it is damaging because REPAIRED value is irrelevant and could be be
confusing on this critical issue.
1. I am asking him not to highlight REPAIRED value, to take it out of
conclusions, declaration, cover page, etc. Am I right about this?
2. He probably needs to have repaired value in the report. I image thatit is used to derive AS IS value, since he needs to compare subject to
comps and comps are normal REPAIRED houses.
The original report was in September. He just did an update report in
March. The update report is essentially the original report plus an update
which included new 2013 comps.
3. I think that since September 2012 comps are irrelevant to today's
value, they should be removed. Leaving them in could lead the judge to think
that the appraiser's opinion is based at least in part on stale comps.
4. In addition, I think the entire "original report plus update" formatis undesirable because it is less user-friendly than the "updated report"format. Since we need to give the judge all relevant information and
nothing else, the "updated report" format is needed.
5. The appraiser did not update market overview. I don't think this isvital, and since I am already raising a lot of issue, I am willing to
overlook this. Am I right to overlook this. Should I ask for an updated March
2013 overview.
Please share your opinions with me. I am asking the appraiser to change anumber of things in the report, and I don't want the appraiser to think
that my requests are capricious or unethical. I want him to see responses of
other lawyers.
Alik Segal
_Alik.Segal@gmail.com_ (mailto:Alik.Segal@gmail.com)
310-362-6157
California Central District
Hello:
I would talk to another appraiser. Has he been paid? What does
the contract say?
What are the reporting standards. What is
the justification for his approach? Is there an industry
group?
What industry groups does he belong to?
Robert Suhajda
In a message dated 3/12/2013 11:36:57 A.M. Pacific Daylight Time,
listserv.inbox@gmail.com writes:
Please share your opinions with me. I am asking the appraiser to
change a number of things in the report, and I don't want the appraiser to
think that my requests are capricious or unethical. I want him to see
responses of other lawyers.
Client's property is in disrepair. Which is good because this is bringing the FMV down. An appraiser was retained to appraise the
property for a motion to value. The appraiser put into the report both
AS IS and REPAIRED value. He is also highlighting the REPAIRED value, by
repeatedly writing 320K AS IS, 365K REPAIRED. I have never see this
practice before, and believe it is damaging because REPAIRED value is
irrelevant and could be be confusing on this critical issue.
1. I am asking him not to highlight REPAIRED value, to take it out
of conclusions, declaration, cover page, etc. Am I right about this?
2. He probably needs to have repaired value in the report. I
image that it is used to derive AS IS value, since he needs to compare subject
to comps and comps are normal REPAIRED houses.
The original report was in September. He just did an update report in
March. The update report is essentially the original report plus an update which included new 2013 comps.
3. I think that since September 2012 comps are irrelevant to today's
value, they should be removed. Leaving them in could lead the judge to
think that the appraiser's opinion is based at least in part on stale
comps.
4. In addition, I think the entire "original report plus update"
format is undesirable because it is less user-friendly than the "updated report" format. Since we need to give the judge all relevant information
and nothing else, the "updated report" format is needed.
5. The appraiser did not update market overview. I don't think
this is vital, and since I am already raising a lot of issue, I am willing to
overlook this. Am I right to overlook this. Should I ask for an
updated March 2013 overview.
Please share your opinions with me. I am asking the appraiser to
change a number of things in the report, and I don't want the appraiser to
think that my requests are capricious or unethical. I want him to see
responses of other lawyers.
-- Alik SegalAlik.Segal@gmail.com310-362-6157California Central
District
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