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Anybody appraised a timeshare before?

Discussion in 'General Appraisal Discussion' started by Oceanic1, Jul 1, 2011.

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  1. Oceanic1

    Oceanic1 Member

    0
    Mar 5, 2009
    Professional Status:
    Certified Residential Appraiser
    State:
    Florida
    I received a call from an out of town attorney today asking if I would be interested in appraising a timeshare in Hollywood Beach FL. I informed her that I have ZERO experience appraising timeshares, but she asked again if I would be interested. I really would because I would love to add that to my appraisal experience. I told her that I would get back to her about this in an hour or so after I contacted a few other appraisers that I know in the area to see if they have ever appraised timeshares. I figured that I need somebody to show me how it's done, and I give them 1/2 the fee or more so that I can get the experience, then disclose it in the report. None of my other appraiser friends had experience in this either. So I am wondering, is a residential appraiser qualified for time shares? Or is this something that requires a designation or a general appraiser? Any advice would be appreciated.
    Oh, I did call back, and got voicemail. So for all I know, she may have found somebody already. But this is the same for any unusual order that I may come across. I've turned down some orders in the past because they were out of my league, but lets just say, I want to know the correct procedure to put them "in my league".
     
  2. Restrain

    Restrain Elite Member

    7
    Jan 22, 2002
    Professional Status:
    Certified General Appraiser
    State:
    Florida
    If you want to appraise a timeshare, there is plenty of data. It's on EBAY. Search the bids for the particular project and you will find out just how little people will pay for these things. Somewhere between $0 and $500, usually. The yearly maintenance fee drives people out, and they forfit all the money they put in the purchase just to get out from under it.
     
  3. stangtime

    stangtime Senior Member

    3
    Jul 19, 2009
    Professional Status:
    Certified Residential Appraiser
    State:
    Maryland
    ebay is also a tremendous resource for M&E appraisals.

    Dan
     
  4. Smokey Bear

    Smokey Bear Elite Member

    0
    Dec 8, 2004
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    You mean they're actually worth anything once you've been suckered into buying one? I've heard of people that can't give them away.
     
  5. JamesRockford

    JamesRockford Senior Member

    0
    Oct 22, 2010
    Professional Status:
    Certified General Appraiser
    State:
    California
    An attorney that is informed upfront that the appraiser does not have ANY experience appraising a type of property is OK to proceed with said appraiser? WOW, genius lawyer.

    If attorneys are involved a court appearance is possible and I can garontee the first question of you from the "other" attorney is going to be:

    "Can you please tell the court all about your experience in appraising time share properties?"

    Uh Oh......:(

    Trust me, the answer "zero" will not be well received by the judge.

    My suggestion is to politely decline the assignment.

    Good luck.
     
  6. JamesRockford

    JamesRockford Senior Member

    0
    Oct 22, 2010
    Professional Status:
    Certified General Appraiser
    State:
    California
    Buddy of mine had one and it cost him attorneys fees of $200 to "give" it away.
     
  7. Kathleen O. Farrelly

    Kathleen O. Farrelly Junior Member

    1
    Dec 16, 2004
    Professional Status:
    Certified Residential Appraiser
    State:
    Pennsylvania
    Timeshares

    It is important to first determine whether the timeshare is deeded or is a "right-to-use". Many resorts offer both and they are not comparable. Moreover, not all weeks are equally desirable and you need to know which weeks are prime, mid-season or off season.

    I am in the Pocono area were timeshares are popular and have appraised quite a few over the years, generally for estate settlement or divorce. If you receive the assignment and if I can help, PM me.

    Good luck!

    Kathleen
     
  8. J Grant

    J Grant Elite Member

    Top Poster Of the Month

    106
    Dec 9, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    Florida
    I would guess that anybody who appraises time shares had to do their first one, just like we all had to do our first type of any appraisal. I personally would not want my first one to be for an attorney. I would imagine the particular building the time share is in would have records of sales and comparable units in the building would be the best comps. Don't assume all time shares are worth zero or $500, you simply don't know. In Florida, the Xmas weeks and winter months would be most profitable with summer months less so.
     
  9. Oceanic1

    Oceanic1 Member

    0
    Mar 5, 2009
    Professional Status:
    Certified Residential Appraiser
    State:
    Florida
    What is an M&E appraisal? Farm equipment? Personal property? Thanks to everybody for their input. I didn't get a call back from her so either she started her holiday early or she's found somebody else. Now an attorney who is willing to go with somebody who has been told up front that they have no experience in that particular type of appraisal may be at the end of their rope. For all I know she may have been hearing "no" all afternoon and I said that I don't have experience, but I would find another appraiser to work with me on the project. That is my requirement for USPAP as far as I know. And she may have no other choices. You never know. I may have been the first "maybe", so she made the offer.
    Thanks Kathleen, I will. J, I agree. Florida is very seasonal, and certain parts of Florida are more seasonal than others. Hollywood has a very large Jewish population, so if it's during passover, the place may be worth some money. It's oceanfront, so I'm guessing it's not totally worthless. Anyway, thanks all again. Happy 4th! :beer:
     
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