Lately, I have been getting a lot of requests for RETRO appraisal reviews. For laymen, that means that a bank or financial institution dug up an old appraisal and dusted it off to look at the numbers again, usually because they just foreclosed on the home in question and can't sell it for nearly what it was appraised for at the time of the loan.
So, they want another appraiser to review the the appraisal and look at the real estate market in the past to determine if the original appraisal was acceptable, and if not, to provide my opinion of what the value should have been.
This has led me down a walk into the past. I have done retrospective appraisals and reviews before, but usually I only have to time travel a year or two. Lately, I have had to set my time machine back 5 to 6 years, which is kind of scary. I actually had to travel to the MLS office and root through the ancient MLS book to excavate comparable sales, because I found out that all MLS data become extinct on internet after 5 years. Some useful data are lost forever, even from the MLS books, like withdrawn listings that never saw the light of day. I am also sometimes at the mercy of archaic realtor notes in the MLS books that have to do with the condition of a property. I don't even attempt to call anyone - Can you imagine?
"Hello, I'm an appraiser doing a review and would like to ask you a question about a sale you listed 5 years ago." - silence - then - Click.
So I finish the review, agree or disagree, give my professional opinion with supporting data and return to the future.
When I finally finish the mission, I am drained. Traveling to the past is a tough journey. And I know I will be returning sometime soon.
I would much rather travel into the future, like Doc and Marty McFly. It would make appraising so much easier.