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Tales of a Trainee at Appraisal Camp Sedona

By on October 8, 2020   /  Leave a comment

By Bryan Aldridge, Appraiser Trainee

“Why don’t you come on an inspection with me?”

It was February 2020, and there were rumors about a new virus beginning to get traction. I was in retail leadership in Sedona, Az and beginning to wonder if I wanted to work with the public during a pandemic. And eventually write this story, Tales of a Trainee at Appraisal Camp Sedona.

Julie Friess was one of my true “local” customers in a store that relies on international tourism that floods Sedona. I did not realize when she uttered those words that it would lead me to take the biggest risk of my life and becoming a member of Appraisal Camp Sedona.

Foto: Bryan on the right, Julie next to him, Jason Vargo on the left, with Tracy Terry next to him.
Julie and her 3 trainees!!

The response of friends and relatives

You can imagine the response I got when I told my friends and family that I was going to leave a secure job (health insurance, industry-leading pay, Covid-19 bonuses) to become a Real Estate Appraiser Trainee.

Read more!! →

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Fact Witness vs. Expert Witness Appraisers

By on October 2, 2020   /  Leave a comment

Excerpts: When a real estate appraiser is called to testify in a court, it could be as one of two types of witnesses. If you are called to testify as an appraiser, it’s important to determine at the time of the request which of the two types you will be: fact witness or expert witness appraisers.

A fact witness is one who testifies only to that of which he or she has firsthand knowledge and who describes only facts (as opposed to expressing opinions). There is no formal definition of a fact witness….

As an expert witness appraiser, you are allowed to express opinions. In fact, your opinions are the very reason for your testimony. The opinions are to be based on the expertise afforded by “scientific, technical, or other specialized knowledge.”

Short and well written. Includes legal references. To read more, click here

My comments: This is a never-ending hot issue for many appraisers. They don’t understand the difference. The difference is you get paid a minimal fee as a fact witness (similar to a witness of an auto accident, for example). As an expert witness, you are paid very well for prep for expert witness testimony, depositions, waiting outside the courtroom, and testifying. I have written about this in my paid Appraisal Today newsletter.

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Posted in: appraisal business, appraisal how to, appraisal waivers, COVID, fauci, hybrid appraisals, Mortgage applications, Strange homes, weird homes
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Very unusual bathrooms for appraisers

By on September 29, 2020   /  Leave a comment

Have you ever had the experience of visiting a place and discovering that its restroom is actually an incredibly designed curiosity in and of itself? 

Maybe it had a really cool entrance hidden behind a false bookcase, maybe it’s a bathroom that’s become a historic landmark 15, or maybe the layout and design of the entire space were simply unforgettable.. See these very unusual bathrooms for appraisers from all over the world!

Scenic views, very odd interiors, etc. Lots more great fotos plus some interesting comments.

The top floor of The Shilla Hotel in Seoul has a bathroom with a view.

 

Men’s bathroom at the Madonna Inn in San Luis Obispo, California. Home of very, very uniquely decorated rooms!!

To read more  and see some great photos., click here

Appraising Weird Stuff is Challenging!(Opens in a new browser tab)

To keep up on what is happening in appraisal businesses, mortgage lending, USPAP, etc. , Plus humor and strange homes, sign up for my FREE weekly appraisal email newsletter, sent since June 1994. Go to Home on the left side of the menu at the top of this page or go to www.appraisaltoday.com
Sign up in the Big Yellow Boxes

I regularly write about hot topics in appraising and appraisal business management issues
in my paid Appraisal Today monthly newsletter.
$99 per year or (credit card only) $8.25 per month, $24.75 per quarter, or $89 per year.
For more info, go to https://www.appraisaltoday.com/products

 

Posted in: BATHROOMS
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Crazy Appraiser Stories!!

By on September 28, 2020   /  Leave a comment

What we all need… Here is one brief humorous escape!! 

Crazy Appraiser Stories!! You’ve all got them… The crazy car chases, the surprising living conditions, the exotic assignments, and the unique collectors….

 

The photo above is the Crazee Appraiser writing up his appraisal!

Here are a few stories

This was a beautiful 3,200 sq ft home with all the extras. After measuring, I was standing by the fireplace taking an interior photo being careful not to step on the expensive rug next to the hearth. The lady of the house looked a little alarmed, so I had to ask, “Is everything okay?”  “Oh yes, it’s just that the camera will have a click.”  I’ve heard weirder things, so after assuring her it was a very quiet click, the button went down, the picture was taken and the excitement started.

Something hit the back of my head; a soft, but very strong hit. The equivalent of a 10 mile an hour wind passed over my left shoulder and a shadow landed on the other side of the sofa which was 14’ in front of me. It seems that the fluffy 6’ rug was a once wild, African Savannah cat, stretching 6’ long as it napped on its belly. It looked like a leopard rug! With teeth longer than some fork tines, I was happy to let it hide in the bedroom, but she coaxed it out of hiding to demonstrate that it could easily jump 10’ high for a kitty treat.
– Carolyn S. Richards

Years ago I had an appraisal on a very exclusive island off the north shore of Long Island. There are about 100 homes at most and many celebrities and CEO’s live there. Homes are in the MULTI-million dollar range. When I arrived at the subject house, the owner answered the door. As I walked into a house, I noticed all the interior outer walls were covered with aluminum foil. When I gently asked the owner what the foil was for, he seriously told me that it was to keep out the rays from the aliens. It made for a very interesting valuation.
– Leigh Pollet

To read all the funny stories, click here

Appraising Weird Stuff is Challenging!(Opens in a new browser tab)

To keep up on what is happening in appraisal businesses, mortgage lending, USPAP, etc. , Plus humor and strange homes, sign up for my FREE weekly appraisal email newsletter, sent since June 1994. Go to Home on the right side of the menu at the top of this page or go to www.appraisaltoday.com
Sign up in the Big Yellow Boxes

I regularly write about hot topics in appraising and appraisal business management issues
in my paid Appraisal Today monthly newsletter.
$99 per year or (credit card only) $8.25 per month, $24.75 per quarter, or $89 per year.
For more info, go to https://www.appraisaltoday.com/products

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Common Appraiser Violations

By on September 25, 2020   /  Leave a comment

Two of the common appraiser violations – Use of inappropriate sales and Use of unsupported site value

Excerpt: When it comes to common appraisal violations, certain minor violations are very common. In this article, I outline several examples of less serious breaches of development STANDARD 1 and reporting STANDARD 2—and a few other types of violations, too. I have compiled these based on many years of personal experience in appraisal regulation, as well as feedback I have received from other states’ enforcement agencies. Once you’re aware of these common mishaps, you should be able to avoid them more easily.

1. Use of inappropriate sales

One of the big problems is the use of inappropriate sales in a sales comparison approach….

2. Use of unsupported site value

Another common violation is the use of unsupported site value in the cost approach. That’s something that a lot of boards have cited as a prevalent deficiency or shortcoming in appraisal reports.

To read more click here

My comment: useful information. Nothing new, but good reminders. Don’t get the “violation letter” from your state board!!

Appraisal Process Challenges(Opens in a new browser tab)

Appraising Weird Stuff is Challenging!(Opens in a new browser tab)

What to Do When Your Appraisal Is Under Review(Opens in a new browser tab)

Read more!! →

Posted in: adjustments, appraisal how to, Coronavirus, george dell, lender appraisals, Mortgage applications, real estate market, Strange homes
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80 ft. long train car is part of home: appraisal?

By on September 18, 2020   /  Leave a comment

80-Foot-Long Train Car Is Part of Washington Home: appraisal?

Excerpts: The former passenger-train car is about 80 feet long, 12 feet wide, and has been incorporated into the rest of the residence.

“[The first owners] connected it to the house, so you walk from the kitchen out into this train,” Anderson explains.

“You walk past the kitchen island and into a hallway where there is stained glass—and you walk into the train.”

To read more and see lots of interesting photos click here:

My comment: Sorry, I would Just Say No on this appraisal. Too busy now is my excuse. But really the appraisal would drive me crazy!!

Appraisal Process Challenges(Opens in a new browser tab)

Appraising Weird Stuff is Challenging!(Opens in a new browser tab)

Read more!! →

Posted in: appraisal, BATHROOMS, Coronavirus, COVID, fauci, humor, Mortgage applications, Strange homes
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Appraisal Process Challenges

By on September 11, 2020   /  Leave a comment

The Most Challenging Part of the Appraisal Process

Appraisal Process Challenges
Excerpts: Number 1: Data analysis (34%)

“When comps are limited, or when sales prices vary by as much as 50% for what appear to be very similar properties in the same neighborhood (which seems to be more and more common in the Denver metro area), selecting the best comparable properties can be a very time consuming and stressful process.”

Number 2. Site value opinion (17%)

“I choose ‘Site Value Opinion’ as the most challenging since there are very few vacant land sales in the areas that I appraise in. With very few sales, it’s very difficult to provide an opinion of value for many sites.”

To read more comments from appraisers and the other 7 challenging parts of the appraisal process click here

My comment: Lots of good appraiser comments. Data Analysis is my number one choice also. Tract homes are sorta boring but can be a welcome break from all the non-tract homes I appraise. Also, with Covid, I don’t connect with real estate agents every week at open houses to find out what is happening (behind the data).

Appraising Weird Stuff is Challenging!(Opens in a new browser tab)

Common Appraiser Violations(Opens in a new browser tab)

What to Do When Your Appraisal Is Under Review(Opens in a new browser tab)

Read more!! →

Posted in: appraisal business, appraisal how to, Coronavirus, COVID, fauci, Mortgage applications, unusual home
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Appraising Weird Stuff is Challenging!

By on September 4, 2020   /  Leave a comment

How to Handle the Weird Stuff: Appraisal Methods from an Experienced Florida Appraiser

Excerpt: Going further away or back in time

One method is to go further back in time for comparable sales.. Another method is to use sales that are more distant to find data to utilize. Both of these techniques have long been available to appraisers. When using these appraisal methods, most often a comparison is made between properties with similar characteristics to the question at hand to extract a ratio/percentage which is then brought current or to the locale and applied. This could work for the above illustration with only four houses on leased land and no similar nearby sales. Most appraisers are familiar with and have utilized these techniques… Appraising Weird Stuff is Challenging!

Well written and worth reading. To read more, click here

My comments: Lots of good tips. All of us are asked to appraise the “weird ones”. Of course, sometimes we don’t know a house is weird until we drive up and see it!! A very good discussion of methods. I have used all of them except the depreciated cost, which is a good method. Plus, lots of tips on doing them for lenders. Of course, sometimes I just say “no” as it will take too long.

I have learned that they often are money losers due to the increased time. This is what can happen with lender UAD appraisals for AMCs due to the excessive amount of questions and trying to fit the appraisal on the form. I sometimes accept the weird ones for non-lender work with no time pressures. They can be very interesting and challenging.

Appraisal Process Challenges(Opens in a new browser tab)

Common Appraiser Violations(Opens in a new browser tab)

Read more!! →

Posted in: adjustments, ADUs, Coronavirus, COVID, fauci, humor, Mortgage applications, real estate market, unusual home
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Should Appraisers Pay to Be on AMC List

By on August 28, 2020   /  Leave a comment

By Dustin Harris

Excerpt: Should appraisers pay to be on an AMC’s approved appraiser list? Is this one way to get new clients? If an AMC solicited you, would you check it out?

Now, I work for some AMCs that, frankly, you might not choose to work for. That’s fine. It’s a choice we all make. Understand that most of the areas I work are rural, so AMCs are generally willing to pay more because of this. Some AMC are very demanding. Yet, when I meet those demands, I get a lot of well-paying jobs from them.

To read more, plus lots of appraiser comments, and listen to the podcast, click here

My comment: A never-ending very controversial topic ever since AMCs took over residential lender appraisals after the mortgage crash around 2008!

Which Appraisal Clients are used the most?(Opens in a new browser tab)

Read more!! →

Posted in: adjustments, AMCs, appraisal business, appraisal management company, cost approach, COVID, Fannie, fauci, new appraisers
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So Many Appraisal Cost Approach Questions

By on August 21, 2020   /  Leave a comment

So Many Appraisal Cost Approach Questions!
So Few Answers! Such Low Fees!

By Tim Andersen, MAI

Excerpt: It is clear most appraisers do not like to do the Cost approach. Generally, we are not too familiar with it. So, it is clear that most appraisers, because of this, do not appreciate the deep analytical power the Cost approach really has. So Many Appraisal Cost Approach Questions!

Therefore, I’m going to ask you 10 questions on the Cost approach (and stuff related to it). After you’ve finished reading them, you probably will still not like to tackle the Cost approach. Nevertheless, you just may have a better understanding of, and appreciation for, its powerful analytical capacities.

First Question: On the 1004 form is the indication that Fannie Mae does not require the Cost Approach to Value. Where does the form instruct the appraiser not to complete the analytics of the Cost approach?

To read the other questions and answers click here

My comment: Appraisers, including myself, seem to have a love/hate relationship with the Cost Approach. But, it can be useful. Tim’s much longer article “But Fannie Mae says I don’t have to do the Cost Approach!!” will be in the September issue of the paid Appraisal Today.

Appraisal Process Challenges(Opens in a new browser tab)

Which Appraisal Clients are used the most?(Opens in a new browser tab)

Read more!! →

Posted in: appraisal business, COVID, hybrid appraisals, Mortgage applications, Reviews, state appraiser regulators, statistics, unusual home, unusual homes, va
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