USPAP and Functional Obsolescence?!  You ask, “Tim, haven’t you covered this topic here on the podcast, as well as a bunch of other times, places, venues, and symposia?”  Yes I surely have.  But that was the other functional obsolescence.  Today, on this podcast, I’m going to talk about the true functional obsolescence.  Yes, the functional obsolescence the market really abhors.  And this is the functional obsolescence you will not find in some crusty, musty, dusty old house.  It is not the irrelevant functional obsolescence of aged cat urine.  It is not the functional obsolescence of a house with five bedrooms and only one bath.  No, this is a functional obsolescence factor even more insidious than any of those.

In this podcast on USPAP and functional obsolescence I’m going to talk about the worst functional obsolescence of all.  And what’s even more interesting is this form of functional obsolescence is totally preventable.  It is always curable, but the cure may be expensive, time-consuming, and difficult.  But it does not need to be.  So, Tim, what  in the world are we talking about here?

To talk about USPAP and functional obsolescence is to talk about that obsolescence that ends up corroding your brain and your heart!  You likely just tore out your earbuds and are staring at them aghast that I should say such a thing.  But I just said it and you just heard it.  Have you ever heard an appraiser declare, “My adjustments are based on my 20-years experience in this business!”?  That appraiser just declared her functional obsolescence set in 20-years ago!  She just proudly announced, “I have not paid attention in the last nine of my 7-hour USPAP update classes!”  Maybe I’m wrong, but isn’t a superficial ignorance that profound something to hide rather than openly declare?  Keep listening.  Thanks!