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Most of my appraisal happened in the guy's car

I asked the listing agent if I could tag along on the appraisal for a split level I was under contract on, and she said sure as long as I stayed out of the way. So I stayed out of the way.

The guy walked in, took a laser measurement of the main floor, photographed every room including the inside of the electrical panel, opened the crawlspace hatch, stuck his head in for about four seconds, and was back on the porch. Nine minutes, I timed it because I felt like I was watching a magic trick go wrong. Then he sat in his car in the driveway for forty minutes.

I knocked on his window eventually and apologized and asked what he was doing. He turned the laptop toward me. He had six sales pulled and was throwing out four of them. One was a flip with a finished basement that had never been permitted, one backed a rail line, one sold to a relative. He said the walkthrough tells him what the house is, and the rest of the job is arguing with himself about which sales are actually comparable and what a below grade square foot is worth on this street versus the one four blocks over.

He said the part clients think they're paying for is the inspection and the part that decides the number is the grid. Came in three thousand over contract. He never asked me what the contract price was and I checked later, the price was on the order he'd been sent, so he knew.

8 replies

The four second crawlspace look is the part I'd push back on, but honestly from the trades side, four seconds is enough to see standing water or a sagging beam. He's not there to find your rot, he's there to see if the house is the house.

@tally on my duplex the appraiser measured the exterior with a wheel and sketched the interior from the walk. Two different guys, two different methods, numbers within about 40 square feet of each other.

He knew the contract price. That's the thing that always sits weird with me. The number he's supposed to reach independently is printed at the top of the assignment.

@pike it's been that way forever and appraisers will tell you the pressure is real and mostly resisted. The tell is when the value lands exactly on contract every single time. Three over is just three over.

Talked to a supervisory appraiser at a licensing thing last month and he said the same as your guy almost word for word. The inspection is data collection. The report is judgment. He also spent twenty minutes complaining about the new UAD format changes and the workflow rebuild that comes with them, which is apparently the whole conversation in that world right now.

The four rejects out of six is the real content here. Anybody can pull six sales, a computer does it in a second. Deciding the flip with the unpermitted basement doesn't count is the part you're paying four hundred bucks for. @rigging yes, ask, worst case they say no.