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please...freddie mac is trying to destroy the appraiser business with their lies about appraiser bias...i wish you would use your voice to bring the industry together so we can fight the likes of freddie mac and HUD....PS: you have some nice bottles back there !
I am sorry but I cant stand this idea that there are 2 appraisers. White appraisers and appraisers of color. We are all appraisers as equal. To keep pushing that narrative is bothering me.
My president of my firm is a Certified General Appraiser and he already is in the works of training me to become commercial appraiser soon as he gets his MAI. I have an adequate degree to become Certified Residential, but not Certified General. Removing this barrier for people like me will transcend the industry in many ways!
The mistake you made was not making contact before you started the inspection. I don't care who it is, where it is, what it is, regardless of what the broker says, etc., etc., etc., I ALWAYS make contact before I do anything. You MUST realize that people are afraid and on edge, everywhere, at all times. If you think that logic, information and explanations will stop a bullet, you might have a short life. Sorry if that sounds terse, but if you're not hyper aware in today's world, you're asking for problems. The point is ... always make contact first. In Texas, if we see a gun, we just ask "Hey, is that a long Colt 45 or a 357? Oh, nice pistol. I'm gonna do my outside work then come inside. I'd like to see your gun collection" ... Have a nice day and don't assume anything.
Snakes-Yup, Dawgs-Love Them, Chicken in the house-Yup, Pig in the house-Yup, Rabbit in the House-Yup, Birds of all types-Yup and Many More Guns - No Problem, they don't jump up and hurt anyone, I carry mine on inspections on the hills and mountains We have an area that even the Sheriff will not go into Needless to say I have special rules about going there for reports. I can spell those rules out if you want to hear them James Pratt CA : AR029013
I've experienced many scary moments during the course of my appraisal career, the scariest getting caught up in an undercover police sting while driving comparables in a residential neighborhood. A plain-clothes vice policeman wearing no badge barricaded my vehicle with his unmarked truck, stepped out of it, and proceeded to point a revolver at me. There are many more details surrounding this experience of mine, but I'll stop here 😰😅
Much needed update. It's still vague, though. If there is a sale in a market where there are STRs, we have to adjust for the personal property and going concern value of the business. Isn't that essentially developing an opinion of value for those components?
Great discussion on Reconciliation. Arguably the most important part of the appraisal report that often times gets the least amount of attention. Do you guys offer any classes on Reconciliation?
Thanks for the feedback! We do have a non-CE webinar on reconciliation. It's here: appraiserelearning.com/product/how-to-excel-for-appraisers-episode-5-recorded-version/
I have the college degree and I’m a Certified Residential but want to upgrade. I can’t find any General to take me on. What if any are available to upgrade?
Bravo Mr. Reynolds I must admit and say if there has been a response that was not foreseen in responding to an upset listener… yours is definitely it. Reminds me that there is a character and a mindset that goes along with empathy and compassion. In today's social media world, I did expect…. let me rephrase I did NOT expect a turned-to-the-other-cheek type mentality. Keep that same mindset it's a good lesson as well as an example for appraisers and others regardless of the industry. I say again well done. BE Well BE Informed BE Blessed
What about second levels, particular of the more complex type involving hipped roof lines and the second-floor areas contained therein. Also, any sense of if and/or when you may be able to use with an Android device?
With these "no effort" measuring methods, there really isn't any real verification that it is correct. It's 100% trusting of the no effort method technology. I don't know...
I'm that appraiser from the clipboard standpoint, otherwise I'm pretty teched-out. Wheel tape measures come in handy at times, so I keep one in my vehicle when needed.
I was turned into the state one time by a home owner who did not like my opinion of value. Here’s my tip I learned from this- if the owner threatens to turn you in while inspecting the property, walk away. Within the first five minutes, he threatened. Over the coarse of the next two months, he boldly threatened multiple times in emails to get my license suspended by the state if I did not come in at his value. (FYI- he insisted I use listings of a builder which were vacant lots and not even built and had been on the market for 16 months with no sales and builder actually closing at least $100,000 less than the listings). It took a full week to write up and compile my defense plus printing and collating and shipping costs- because I had 14 days to reply. (I had to provide all my data, mls, public records plus four appraisal updates because he sent three reconsiderations of value with the same listings. The book had chapters with a Table of Contents to find everything and have it make sense.) It was dropped by the state (took three months for the decision) but how I wish I had just turned around and walked out the door ten minutes in. Learning lesson.
I feel there will be a realization that agents can be less transparent without having a set area to see compensation. What type of deals will be made or who or (who not ) you work with. How will you deal with agent vs just buyers not represented.
I am an appraiser in Ga assessors office in Dawson county Ga which is mass appraiser with an appraiser 2 appraiser what does it take to be a real estate appraiser?
Interesting as I sit here working on a Report at this time this made me look up, I love this stuff. Yes, first I remove the 11 and 100 just as you did, nice So, what do we do next, PLAY MEAN is DUMB, Mean is Average To calculate the mean, you first add all the numbers together (3 + 11 + 4 + 6 + 8 + 9 + 6 = 47). Then you divide the total sum by the number of scores used (47 / 7 = 6.7). In this example, the mean or average of the number set is 6.7 MODE is even DUMBER, change one of the 103s to 100 and the MODE is Now 100, equal to the MINIMUM, the Outlier you Tossed out, Would you then NEED to Toss both and the 111 and 108 too Median can be Overly Weighted like Average if those above or below the Center are farther away from the center that those of the other side of center I have examples of just this for any time I get questioned on how I got my GRM Your comment on YOUR OPINION about the Best Sales (Comps) is always good, as after all, the Report is about YOUR FINAL OPINION OF VALUE, reached with Support Here is my RANGE of GRM 1 - Remove the Outliers 2 - Find the Median of the remaining Data Set (103.20 here) 3 - Find the AVERAGE of the remaining Data Set (104.20 here) Average is a Weighted Value from the Median based on how far Above or Below the Median the Values are Now you have two Values, Use the Average or Median of those two Values (it will be the Same) 4 - This is what I call the Weighted Median or Weighted Average That value is 103.60 Yes, I used this in COURT When I was done with my Examples both sides were asked by the Judge if they had any more questions each side had the same response NO Your Honor Of my trips to Court (and you never sleep the night before) this was the one I felt best about walking out James
@Appraiser eLearning If you have a subject property 1,500 sf and a comp 1,700 (all being equal); however, the footprint on the larger home is obviously more lot square footage to accomodate the property. So, you do an adjustment on the living space +/_. Do you ALSO do an adjustment +/- on the land. Isn't that "double dipping"?
REL is a bunch of different numbers at the same time, that's why its so difficult to 'estimate' and put just one number on it, and the starting point is dependant on the construction quality.
SHOW WORK This is why my reports are 40 to 50 pages Remaining Econ LIfe I use a combo of Real Age, Conditions and Quality of Construction in a Math Calculation Higher Quality of Construction has a Longer Total End Life Age Pool = $110,000 Contribute = about 8 to 11% of the Market Value via Price Point So, in my Neighborhood, $600,000, the Market Value is about $48,000 to $66,000 The Value gets tightened with more Sales in the Data Set How did you come with any appraiser claiming $10,000
Clear and easy to understand! Thanks guys! Well done! That you were able to extract all this information directly from market data will make some heads explode. And thanks for the support!
I am currently beginning PAREA (one month now) and also came from McKissock training like Jack. LOST & OVERWHELMED would be the words I use to describe the intro of PAREA. The system is so new that things are not very streamlined and left to my own demise it has been a real hurdle! I hear from my mentor Bruce that no one has graduated this program yet so there is most definitely room for improvement. Also, he reassured me that the first assignment takes trainees the longest to complete. When we are outside our comfort zone we GROW! My one wish is to excel in this and become the best of the best from these initial pain points. Thank you very much for this video... I do not feel alone in this. :)
Great and educational video! I rarely shake my head yes to everything a guy says about real estate. Mark Calabria had me nodding yes saying stuff I have been thinking for years. One interesting point I took way from this video was how a listener should just translate the word “Washington DC” to Lenders every time Mark said Washington DC. He clearly was politically correct, but I appreciated how he communicated the issues.
Losing a loved and cherished relationship can be very difficult for those of us left behind. Life happens and the way we deal with it reveals who we are in the moment. Like Hal, I try to work my way thru it. Know that there will be things that need to happen around the passing of a loved one. We all grieve differently and process loss differently. My consolation is in the hope that their transition thru this time on earth and returning to their heavenly home reveals God's call on their life hear on earth was fulfilled. Mission accomplished, so God called them home. My prayers of condolence for you and your family.
We have online zoning maps like you use. I include a screen clip in all my reports. H&BU is a full page in my reports and I will share that with anyone James Pratt AR 029013 California
I'm calling appraisers that have "eminent domain" appraisals advertised on their websites. They don't know about highest and best use! I just got off the phone with a guy who said, "You have a single family lot, and you have a house on it. That's it's highest and best use." He asked his friend and called me back. Nope, the friend said the same thing. It's maddening! As I posted 5 days ago, below in the comments, the zoning for our lot is for single family with an accessory dwelling if we wanted one. We don't have one, but they allow it! (We could have an AirBnB if we wanted to!) Three sides of our property are abutted to multi-family lots. Can ours be re-zoned to two family, like the lots on three sides of us? Will I find an appraiser that knows about this? Even our attorney said, "Your lot is a single family. What is there to add to the highest and best use?" YIKES!
In potential of facing eminent domain, we hear that the appraiser will have to appraise the highest and best use on our property. We have a 12,000 sq. ft. lot with a single family house on it. The minimum req sq footage for single family RS-3 is 6,000 sq. ft. I'm not an appraiser, but a homeowner who is waiting for appraisal, and trying to wrap my head around "highest and best" vs. fair market price as it's current use. We would be permitted in RS-3 to build a casita/accessory dwelling on the lot and have someone live there for room and board. But we don't have a casita on the property. Would that be taken into consideration that if there was a casita on the property, there would be some financial benefit? Also, our lot is abutted on one side by a two family zoned lot, and one side is adjacent, (across the street) from a two family house. Across the street on the south side of the property is Transit Oriented land where they can build high rises with commercial stores on the same property. So, on three sides of our property is multi-family. I'm guessing that the lot could be split into two lots if the house was removed, and sold separately for two, single family homes. OR the 12,000 square foot lot could be re-zoned to RD-1 or better, and put two family house on it? Do I have the correct thinking on this? The fourth side of the lot, not mentioned above is abutted to another single family dwelling. Our lot is a corner lot. Do I have the right idea? Thank you! This video was educational for me, even though I'm not an aspiring appraiser.
