More stupid talk from the Appraisal Institute MAI, G. Herbert Pritchett, Retrospective Appraisals, can sales after the appraisal date be included? #mai, #appraisalinstitute, #realestate, commercial Appraiser

" More stupid talk from the Appraisal Institute, MAI, G. Herbert Pritchett, Retrospective Appraisals, can sales after the appraisal date be included? Ronald KaneChief Assessment Officer at Stephenson CountyTop ContributorI'm reviewing a retrospective appraisal with a 1-1-2013 effective date. Three of the four comparable sales used sold in 2013, one in Oct of 2013. Can anyone explain/justify the use of sales that sold after the effective date of the appraisal?" http://www.linkedin.com/groupItem?srchtype=discussedNews&type=member&fromEmail=&trk=eml-anet_dig-b_pd-ttl-hdp&ut=29BUpyvZpYPm41&item=5828896467405783042&gid=1992554&view= "G. HerbertG. Herbert Pritchett, MAI, CCIM President at G. Herbert Pritchett & Assoc., Inc.Rather than speculating on this, I suggest it is helpful to consult USPAP, the codified standard of the profession. Statement 3 and FAQ 144 speak directly to this issue. Basically the effective date of the valuation is the stopping point (see closing summary at the end of Statement 3). If a sale was in the process of closing it might be appropriate to consider this sale. But I think if one uses a sale that occurred substantially after the date of appraised value it runs afoul of Statement 3. "THE INCREDABLE STUPIDITY OF THESE SO-CALLED PROFESSIONALS (g. hERBERT pRITCHETT, mai) NEVER CEASES TO AMAIZE ME! THE FIRST THING ONE SHOULD LEARN IN THIS PROFESSION IS THE DEFINATION OF MARKET VALUE, THE SECOND, SELECTION COMPARABLES SUBJECT TO THAT DEFINATION. THESE IMBECILES AT THE APPRAISAL INSTITUTE - MAI NEVER GOT THE DEFINATION OF MARKET VALUE DOWN, NO WONDER THEY HAVE NO IDEA ON HOW TO SELECT COMPARABLES.THE RELEVENT ISSUE IS, AND HAS ALWAYS BEEN, WEATHER OR NOT THE MARKET HAS CHANGED TO THE EXTENT THAT THE SALES UNDER CONSITERATION, NO LONGER REFLECTS THE MARKET CONDITIONS. THIS IS WHY APPRAISERS SHOULD NOT MAKE TIME ADJUSTMENTS RATHER MARKET CONDITION ADJUSTMENTS. " More stupid talk from the Appraisal Institute, MAI, G. Herbert Pritchett, Retrospective Appraisals, can sales after the appraisal date be included? Thanks!
Curtis D. Harris, BS, CGREA, REB
Bachelor of Science in Real Estate, CSULA
State Certified General Appraiser
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HUD 203k Consultant
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[Commercial Appraiser CRE BLOG, 310.337.1973]

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Want to screen your appraiser's? Check out some of these nuts fronting as appraisers, where are the regulators? We'll try to keep you informed, but, buyer beware, check their resume.

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