Northeast Ohio Appraisal Associates has created an automated appraisal adjustment support program - The Residential Appraisal Adjustment Wizard. Order now for $100/year to provide solid adjustment support for all of your appraisals. To order The Residential Appraisal Adjustment Wizard, click here. You will need to create an account as a new customer and select Residential Appraisal Adjustment Wizard from the Job Type drop down box. If you have any questions or would like to try this program free for a two week trial, email SoinskiAppraisals@yahoo.com for assistance.
Also check out this instructionalYouTube Video for a walk-through on how this program works and the benefits it provides to your appraisal practice.
This is an automated appraisal adjustment support program that has been developed to help identify the main property characteristics in the report and developing adjustments for known variations. For example, the program helps develop the adjustment for the subject site size, gross living area, below grade finish and other items that is supportable. An adjustment is developed with the market data used in the appraisal.
Many times in the past, adjustments for site size, gross living area, below grade finish, and other differences went without explanation to readers of the report including underwriters and investors in the secondary market. This program helps develop an appropriate adjustment by using statistical analysis of the comparables. Appraisers are required by USPAP to use market driven data for the adjustments and to provide evidence of these adjustments.
Potential users include appraisers, underwriters, lenders, realtors, brokers, insurance agents, government investigators, and the general public.
Three files are created as output from this automated appraisal adjustment support program which are summarized as follows:
Subject and Comp Charts: This file contains a graphical comparison (as bar charts) of the subject's GLA, lot size, and preliminary value compared to the comps' GLAs, lot sizes, and sale prices.
Analysis and Adjustments: This file contains the supported adjustment to use, per square foot (rounded), for each component of value (land, GLA, foundation, basement finish, garage, and miscellaneous). This is based on each comps' sale price to GLA ratio and the weights the user has given to each component of value.
Summary: This file summarizes the data included in the "Analysis and Adjustments" document. It includes a graphical representation of all the components of value (as a pie chart) as they relate to the subject's preliminary value; the indicated land value; and each detailed interior and exterior component that is included in the "miscellaneous" category.