There are lots of different lines that can be drawn into the graphs. The three included here Download TimeAdjustments.pdf (321.7K) were done to provide illustrations of different ways to present data. What do you do when you do a Trend Analysis, create your own graph or use published data from DQ or CAR, etc?
Time adjustments are increasing and the trend is downward. The rate varies by neighborhood. Do what you think is best to deliver a credible report, one your PEERS would agree with. It is only important if we have to defend it. We have to defend our work more in a down market than in a rising market. And, we are in a down market that will last for 3-5 years. So, might as well learn, embrace, employ the best procedures possible to stave off suits.
Our reports can be our best defense, if we use good appraisal procedures, good scope of work research, verification and analysis. Often when things go wrong later, and the appraisal is looked at with a more critical eye. the quality of the work will forestall a suit. Or just the opposite.
My prediction is that appraisers will be sued in larger numbers in the next 1-5 years than in the history of the business. That is OK with me, many should be. I just want to be in court as the expert, not the defendant. Experts get paid a better hourly wage.
Click here for the complete article - Download TimeAdjustments.pdf (321.7K)
AUTHOR: Steven R. Smith, MSREA, MAI, SRA, Smith Realty Advisors, 936 San Jacinto St., Redlands, CA 92373, Real Estate Appraisals, Consulting, Expert Testimony, Forensic Reviews, Fraud Research and Analysis, Litigation Support, Fraud Training 909-798-8855, fax: 909-798-0139
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