Preview, Foreshadow, Predict.  In the context of a real estate appraisal, what do these mean?  Some time ago, I did a podcast on writing the appraisal backwards.  I never meant this to confuse anybody with this.  What I meant was to impart wisdom.  It is wise not to open the reporting form on your computer the instant the appraisal order arrives.  Rather, once it arrives, do the appraisal first.  In other words, come up with a credible value opinion first, then write the report. Why?  Because when you know the end from the beginning, you can preview, for ..read more

Topics such as USPAP and relevant adjustments can bring out the very worst in appraisers, because of the arguments this topic causes.  This is simply because the science of relevant adjustments is taught only superficially in appraisal school.  Yet we teach it is art, or we do not teach at all.  This podcast is about understanding when adjustments are necessary.  Then its  about understanding why adjustments are necessary.  But the praxis of making them is the subject of another podcast.  There are plenty of them out there (here is one of mine). So, let’s tal ..read more

When it comes to USPAP and a verification model, where is that model?  USPAP makes it clear we have to verify the sales data, etc.  But USPAP is strangely silent on what to verify means.  It is equally mute on how to accomplish the verification it demands.  So, is there a reason for this lack of communication on USPAP’s part?  Or, is there some method to the ASB’s madness?  To both questions, the answer is “YES”. When USPAP does not define a term, it is because it sees no reason to do so.  So, as we look at USPAP and a verification model, USPAP (the ASB reall ..read more

Wait a minute!  You say USPAP and neighborhood analysis don’t go together?  In one sense, you’re right.  USPAP does not use the word neighborhood in Standard 1 or 2.  For reasons unknown, the GSEs continue to use the word neighborhood,  even though, in a certain context, it could have racist overtones.  Seems a little hypocritical to me.  But the GSEs have not asked me to function as their ethics police. So, when it comes to USPAP and neighborhood analysis, does the appraiser have to analyze the neighborhood?  That raises the question, “OK, how does one ..read more

Take advantage of USPAP and Extraordinary Assumptions!  Their proper use can provide you with a number of advantages!  On the other hand, their improper use can earn you the opportunity to spend a less-than-pleasant afternoon with your state appraisal board!  How so?  Read on, then listen to the podcast!  To listen to the podcast is why you’re here, right? USPAP and Extraordinary Assumptions means USPAP, under very specific and limited conditions, allows you to guess as a part of your value conclusion.  Guess?!  Yes!  How about an example?  You’re a ..read more

To have a podcast on The Cost Approach and USPAP.  How exciting (not)!  You’re right.  This is not exactly the conversation you’ll have when you get together with friends.  Even if those friends are other appraisers!  But the point is the cost approach is an untapped resource.  It is the sunshine to which appraisers typically do not expose their analytics.  This is a shame, really, since this approach can tell us so much about the quality of our analytics via the other approaches.  How so? We all know that in older neighborhoods, there are likely to be f ..read more

When it comes to USPAP and state complaints, what is an appraiser to do?  The first step is really clear:  don’t do anything – yet.  Why?  Simply because you are in an emotionally unstable state.  You’ve just been attacked personally by some stranger who has absolutely no clue how hard you work!  You want to retaliate – to strike back fast and destructively.  To scorch your attacker’s earth!  Which is exactly why you should do nothing – yet. But when it comes to USPAP and state complaints, there are steps you can take that in the end will protect you and ..read more

USPAP, Cows, and Competency?!  Never in your life did you think you’d see that as the tagline of an appraisal podcast, right?  I did not, either.  But sometimes you have to change the way you look at things.  Sometimes there has to be a little disruption to understand even more deeply what you think you already understand.  That’s what we are going to do here. USPAP, Cows, and Competency is really about an experience my Wife had (you’ll have to listen to get the story).  Basically, my Wife had to accuse a purveyor of fine meats of incompetency to get what she had ..read more

USPAP and Questions to Tim was the only title I could invent for this podcast.  After all, there is not one theme here.  Rather this podcast consists of questions that have come in to me in the past from regulators, students, and boots-on-the-ground appraisers.  Every so often, I’ll work on answering them.  Most of the questions are polite, thoughtful, even respectful.  Some of them are…otherwise.  That’s OK.  I welcome them all.  After all, if I’ve made you mad enough to correspond with me, I’ve made you mad enough to think critically, which is the purp ..read more

When it comes to USPAP and MARKETING, what do you need to know?  First, that USPAP says nothing about marketing.  That’s business. USPAP does not concern itself with your appraisal business.  But USPAP is clear about what we can market.    Every license renewal cycle, we get 28 or more hours of continuing education.  How efficient are appraisers at marketing our level of practical education?  Appraisers must be conversant with the laws that govern them as appraisers.  Do we effectively and convincingly market our expertise in this area?  How about t ..read more