Questions about appraisals

[Walter Fabiszewski]

I have a question for any appraisers out there. I realize that market analyses and appraisals are not an exact science. As a licensed Realtor there are certain guidelines that I follow when preparing a market analysis for a seller. I take as close a comparable property as I can (style, size, #bedrooms/Bathrooms, location, etc) that has been sold and make adjustments based on the condition as it relates to the property I am trying to valuate. I try to find at least 3 comparables, make my adjustments and average them out. (Although in this crazy market, I make additional adjustments upwards for low inventory and demand) Having said that, isn't there a similar guideline that appraisers are supposed to follow? I am in the process of selling a property to one of my tenants. The appraisal came back a little low (in my opinion) because she made over adjustments to the comparables. When I asked questions, she prepared a new report and adjusted the price even lower saying that she "weighted" the lowest valued comparable the most because "it had the least amount of adjustments".....thereby essentially throwing out the other two comparables. Isn't it USPAP guidelines to make your adjustments up or down based on condition and then average them to reach the appraised value? The sales that compare to my condo were $138.500, $145,000 and $158,000. After adjustments, they were $137,300, $138,500 and $143,200. In her first report, she said that the appraised value was $138,500. After "reviewing" her report, she changed the value to $137,300. Sounds like spite to me, but I may just be taking things personally because it's my property. Any insight as to whether this is proper or not would be greatly appreciated. Thank you.