Posted by Cochise on March 28, 2009 at 16:21:40:
I must admit that Ross Acheson, Acheson Appraisal, it the most incompetent real estate professional I have meet during my 35 years in the real estate business. He once had an instructor "Callie Simpson" working for him, teaching an appraisal class, who had about two (2) days of appraisal experience.
He teaches a class in reading floor plans, yet has no architecture or construction background.
He thinks that if you open a window in a condo the air space will leave.
Recently i attended one of his lectures in which he refutes statistical doctrine, re mean mode and median.
And,
Two monhts ago he touted that the new 1004MC would take appraoximately 2 hours to complete at a cost oF $200.00 to complete. This week he stated that lenders expected to get this form free of charge, since appraisers should have been performaing this analysis all along. We requested a Citation from USPAP or other reference, he could not produce one. We have asked for a copy of his resume.
"THOSE THAT CAN'T DO TEACH"
Originally Posted by *George Hatch
From an email I got today from Ross Acheson:
We have asked Mr. Robert Murphy, who is in charge of the new 1004MC for FNMA, for some answers. Here they are:
1. How much data is enough for creating statistics?
[Ross Acheson, Acheson Appraisal]
That will vary with each assignment. You can expand your search area to include more data if that data is representative of your subject’s area. Otherwise either state that there is not enough data or use what you have.
*George Hatch
I guess the appraiser should use what he has even if too small to be statistically significant since we all know that the underwriters are not going to accept a statement that there is not enough data to use. Thank you Fannie for the nice non-answer that is of absolutely no help to anyone.
Cochise
Data size is dependent upon needed accuracy, population, and sample size.
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2. Should we use CDOM (Cumulative DOM) or DOM? And for listing price…should it be the original or current price?
[Ross Acheson, Acheson Appraisal]
Be consistent. Use DOM with current listing price or CDOM with original list price. Note: We believe that DOM with current listing price is preferable.
*George Hatch
It is a shame that many MLS systems make it virtually impossible to track DOM based on the current listing price. Additionally, in some markets, many of the real estate brokers change the listing price to equal the contract price once a contract is ratified, which would make the DOM for many of these properties zero using Fannie's expressed preference...of course, like many other things, Fannie [ross acheson, acheson appraisal] did not think things completely through before they made this statement.
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3. When will the FNMA webinar be available on your web-site?
[Ross Acheson, Acheson Appraisal]
Probably by 3/16/2009
*George Hatch
If the webinar is of the same quality as the 1004MC form, it will be of no help to anyone.
Cochise
The webnar makes about as much sence as Ross Acheson, Acheson Appraisal.
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4. Why is the List/Price ratio upside down?
[Ross Acheson, Acheson Appraisal]
We are correcting that in a new version that will be available on our web-site by 3/10/2009.
*George Hatch
Nice job proof reading the form before you initially released it.
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5. What if there is range pricing (eg. $400,000 - $450,000)?
[Ross Acheson, Acheson Appraisal]
Use the lower end of the range.
*George Hatch
On what basis should the appraiser pick the lower end of the range? Why is this any better than picking the middle or the upper end of the range? Would not a hard rule requiring the appraiser to always pick the low end of the range (no matter the circumstances) lead to misleading analysis?
*George Hatch
Once again, Fannie demonstrates total cluelessness.
It is apparently much easier to draft and require the use of a form that is useless in most cases and will be misleading in many cases than to require lenders to use competent appraisers who write good reports which contain a properly done market analysis.
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BRAVO GEORGE!!!!!!!!!!!!!!!_________________
"THOSE THAT CAN'T DO TEACH"