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Appraise Home For Auction Company

Discussion in 'General Appraisal Discussion' started by S. B. Carter, Jul 30, 2005.

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  1. S. B. Carter

    S. B. Carter New Member

    0
    Aug 5, 2004
    Just wanted to know if any of you forumites out there have appraised a home for an auction company? If so, would you mind sharing your experience? Pro or con? Thanks!

    Sterling
     
  2. leelansford

    leelansford Elite Member

    45
    Mar 29, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    Illinois
    S.B.,


    Are they asking you for an opinion of market value?

    What is the USE of the appraisal?

    Who--or, what--is/are the INTENDED USER(S)?


    Lee
     
  3. S. B. Carter

    S. B. Carter New Member

    0
    Aug 5, 2004
    Lee,

    I have not had an assignment to do an appraisal for an auction company, however, I had entertained the idea of marketing my services to one as a way to diversify from mainly performing lender work. There has been a noticeable increase in this type of activity in my area here in Va. as of late, for the sale of residential property. It has become somewhat popular to dispense w/ the usual FSBO or commissioned realtor sale to sell some residential property. Some homeowners or members of an estate have been auctioning off their real property rather than through normal sales techniques.

    Perhaps, I am way out of my league on this one. I had thought that the auction co. might want to know the appraised value of the property prior to the auctioning of the property. So I would presume either the homeowner/family or auction house would be the client and the use would be to set market value for the property to help in aiding the client(s) to set a value.

    As I said, I may be way off base w/ this idea. If so, please set me straight! Thanks so much.
    S.B. :eyecrazy:
     
  4. leelansford

    leelansford Elite Member

    45
    Mar 29, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    Illinois
    There may be a market for your services.

    I never had previously given thought to auctioneers as potential clients.

    What can it hurt to make some inquiries?

    Good luck.
     
  5. Joker

    Joker Elite Member

    0
    May 28, 2002
    Professional Status:
    Certified General Appraiser
    State:
    Ohio
    I have consulted with auctioneers prior to sale of properties for the very reason you are mentioning. However, in this area, the auctioneers tend to have a better handle on property values than other real estate agents. The consulting that I have done ususally centers around discussing comparable sales and the strength or weakness of the market. As a business decision of mine, I do not charge for this service. The auctioneers are friends of mine and they return the favor when I need a second opinion.
     
  6. JTip

    JTip Senior Member

    183
    Oct 12, 2004
    Professional Status:
    Certified Residential Appraiser
    State:
    Pennsylvania
    My mentor appraised a farm 2 years ago for a local auction company. Funny thing was when the auction started, the announcer said "In my hand I have an appraisal valued at $xxx,xxx done by a local appraiser!!!". The crowd went "Oooohhhh!" My mentor, Dave, sunk in his seat when the guy said that. You heard the people murmuring, "That ain't worth that much" and "Who is this guy and where did he come up with that crazy number". The auction ended and the price was EXACTLY what it appraised at.

    That was the last auction appraisal he would ever do... :rolleyes:

    ST
     
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