September 13, 2011 - As I departed the 15 HR USPAP Class sponsored by AMEA in Milwaukee today it occurred to me that now more than ever, an appraiser needs to be out there in the market place every day. With the growth of internet based data, an appraiser MUST have the experience and confidence to filter through all the data that's out there that might be 'less than reliable.'
E-Bay results are the best example of questionable data sources. Sales data from single bid sales or those where only two or three bidders are in the bid history must be scrutinized for validity. Similarly, looking at auction results from commercial sources without contacting the auctioneer to confirm the validity of the sale might not be a reliable source as 'buy backs' are often listed in published results. Sale attendance and bidder volume for onsite or online sales is a good indicator of whether or not your comp is a good one.
Sales with low bidder volume might not be good choices. It's my take that an auctioneer - appraiser has more exposure to a wider variety of assets on a regular basis. This gives the auctioneer-appraiser a greater experience pool from which to draw from when filtering through the data when researching values of comparable sales. Blackbird fits that description to a tee.
Based in Buffalo NY, Blackbird Asset Services is a boutique auction and valuation firm that caters to secured creditors and bankruptcy professionals. With a national practice, our auctioneers and appraisers work all over North America and conduct USPAP certified appraisal reports as well as on site and online auction sales.