Podcast: Play in new window | Download (Duration: 38:09 — 52.4MB)
In an interview with Rachel Massey, SRA, AI-RRS, it is clear Rachel comes from a background of rich experience. So, she brings the perspective of an appraiser. For instance, she has been a reviewer. Rachel has worked with lenders in buy-back situations. She’s been a screener for SRA candidates seeking their designations. She writes extensively on appraisal matters. (Full disclosure: Rachel and Tim have written articles together). Above all, she’s a USPAP instructor. And she writes and teaches classes for the Appraisal Institute. As a result, Rachel is a recognized expert! In this interview with Rachel Massey, she tells us what reviewers look for in an appraisal. Therefore, she tells us what state investigators look for, too! Fannie Mae’s 16 unacceptable appraisal practices? She knows them cold and explains them for us. Want to know how to recognize a functional obsolescence factor? Rachel explains it! Is misusing the 1004 form going to come back to bite appraisers? Rachel thinks it could. Moreover, she explains why! An interview with Rachel Massey is one you do not want to miss!
Great Podcast, you both are great and I enjoyed your message. My question is when does a report become a self contained and not a summary report? I know the reviewer would like to see everything that you have in your file, but as I was taught years ago, only put as much into the report that makes it not misleading and keep the rest in your work file. Example being; If your pulled over by the cops, only tell them what you need to, because what you say can be used against you.
As a small reward for a great interview I present this humorous story:
A newbie balloonist is blown off course and is forced to land. He is in a field close to a road, but has no idea where he is. He sees a car coming along the road and hails it. The driver gets out and the balloonist says, “Howdy! Can you tell me where I am?”
“Yes, of course,” says the driver. “You have just landed in your balloon, and with this wind you have obviously been blown off course. You are in the top field on John Dawson’s farm, 10 miles from Charlotte.
John will be plowing the field next week and sowing wheat. There is a bull in the field. It is behind you and about to attack you.”
At that moment, the bull reaches the balloonist and tosses him over the fence. Luckily, the balloonist is unhurt. He gets up, dusts himself off and says to the motorist, “I see you’re an appraiser.”
“Good grief,” says the other man, “you’re right! How did you know that?”
“I employ appraisers,” says the balloonist. “The information you gave me was detailed, precise, and accurate. Most of it was useless, and it arrived far too late to be of any help.”
Great interview and I concur with so much of what Rachel said. As a USPAP compliance reviewer, I am always cheering for the appraiser’s, however, meaningful reports with sufficient commentary and support is needed, not only to provide a quality appraisal but to better support the appraiser and their client. In previously handling repurchase requests for an AMC, the two primary reasons for a repurcahse request were Unsupported Adjustments and then Alternate Sales would be provided that they believed were better comps. Often the appraiser could explain why the Alternate sales were not among the best comparables but often the Unsupported Adjustments became an issue. Thanks Tim for providing such a great podcast forum for our industry and Rachel thanks for sharing your experience and knowledge!