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Appraising Easements

Discussion in 'Appraisal Education' started by Doug in NC, Jun 9, 2005.

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  1. Doug in NC

    Doug in NC Senior Member

    4
    Jan 17, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    North Carolina
    Besides the Appraisal Institute, which organizations offer a good education in valuing easements? I am interested in this because I need to develop more niche appraisal work. Thanks.
     
  2. John "Corky" Harry

    John "Corky" Harry Member

    0
    Jan 31, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    Virginia
    Try the International Right of Way Association. You can probably call your local DOT office and they can point you in the right direction. It's an interesting line of work to say the least. About fifty percent of our work deals with DOT, RHA, etc. jobs. Unless you work strictly for the property owner, you had better have some thick skin, no sense of humor and patience with red tape.
     
  3. Verne Hebert

    Verne Hebert Senior Member

    0
    Feb 25, 2002
    Professional Status:
    Certified General Appraiser
    State:
    Montana
    Absolutely. IRWA. IRWA has a full course portfolio. The 401 class is the meat and potatoes. You will also need a "yellow book class". Either IRWA or, the Institute does a nice job on this class.

    I would take the 401 class as early in the "flow" as possible. You may not like easement work--it is very different.

    Good Luck.
     
  4. Doug in NC

    Doug in NC Senior Member

    4
    Jan 17, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    North Carolina
    I know being general/commercial-certified would be a plus, but can a residential-certified appraiser do this work too? Also, what is a typical fee for this type of work? I am guessing that fees would be more in line with what a commercial appraiser would charge, instead of the 300 bucks (or less) a residential appraiser is used to getting.

    I will go after the general certification if necessary, I am just completely fed up with doing more and more work with increasing liability, while residential fees remain the same AT BEST! If fees are any indication of what a "profession" is, then residential appraising is on its way to being downgraded from that label IMO.
     
  5. Verne Hebert

    Verne Hebert Senior Member

    0
    Feb 25, 2002
    Professional Status:
    Certified General Appraiser
    State:
    Montana
    The amount of easement work will continue to grow. IRWA has begun to expand "about" the world with a large contingency recently going to Russia. I was the secretary in region 45 a few years ago, but I am not too involved of late.

    IRWA does not recongnize the the appraisal licensing process created by FIRREA. In their minds, they educate, train, and regulate this area of appraisal work.

    Agency by agency differs in approving one for the vendor list.

    Fee, like most professions are a function of time. All assignments are different. Highest and Best use is often a large part of these assignments. Certainly understanding and conpetency of capitalization theory and DCF is normally required.

    But no, they are not done, ever for $ 300!
     
  6. Fred

    Fred Elite Member

    0
    Jan 15, 2002
    Professional Status:
    Retired Appraiser
    State:
    Virgin Islands
    Sometimes putting a value on an easement requires capitalization
     
  7. John "Corky" Harry

    John "Corky" Harry Member

    0
    Jan 31, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    Virginia
    Doug; also contact your city officials, especially the city attorneys office and city/county manager. If you have a growing city/county, often they acquire land for schools, fire stations, etc. In my area, several of the cities (Virginia Beach, Chesapeake & Suffolk) are getting into doing their own R/W acquisitions, large tract purchases, water line easements, etc. This is due to significant residential growth over the past five years. I just finished a "redevelopment" project where the powers of eminent domain and condemnation are questionable. The city and a private developer have partnered up to acquire some "less than desirable" properties in a "less than desirable" area that is sandwiched between a major employer and a historical designated neighborhood. The plan is to raze the old homes and redevelop the area with townhomes, attached condos and detached single-family dwellings which will be considered affordable housing :lol: . In the process, a portion of the "acquired" land will be "purchased" ;) by the large employer for expansion. Out of approx. fifty properties, we have gotten all but one property owner (who owns about 10 of the properties) to sign. He is probably waiting for several rulings by the Supreme Court over how much a government entity has eminent domain powers in the name of private development (Walmart, etc.) or redevelopment. Sorry for the long post, but it can get interesting. It makes for a nice break from producing reports for purchases and refi's.

    Want to lose weight. Accept a project from DOT that includes land leases and damages. That will give you diarrhea for weeks. :rainfro:
     
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