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How to perform an appraisal for insurance purposes

Discussion in 'General Appraisal Discussion' started by beboling, Nov 5, 2009.

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  1. beboling

    beboling New Member

    0
    Apr 22, 2009
    Professional Status:
    Appraiser Trainee
    State:
    Florida
    Hello everyone, I am performing two private appraisals that will be used for insurance purposes. Usually, I simply complete the cost approach section of the appraisal report and send it just like that and it is always accepted. But, I know that there is a more detailed way to do it.

    I have heard that there is a form on Wintotal just for costs. Do any of you know where I can find that form on Wintotal? And can anyone give me any knowledge, know how or advice on how to do this appraisal?

    I am fairly new to appraising (3 years) and do not have too much guidance and would appreciate your help. My St. Cert. works full time at a Commercial firm and we live far away from each other so I dont see him much.

    Thank you very much,
    Victor in Florida
     
  2. CANative

    CANative Elite Member

    380
    Jun 18, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    There are people and companies that rely on these assignments.

    If your supervisor doesn't want to properly train you then wait another couple of years or you'll being doing a burn out appraisal on your career.
     
  3. BRCJR

    BRCJR Senior Member

    22
    Sep 20, 2005
    Professional Status:
    Licensed Appraiser
    State:
    Virginia
    If your comments are accurate in regards to you mentor, find someone else to mentor you, as you are not getting proper training or supervision, in my opinion, based on your post.
    You will be much better served by being trained properly than just getting your hours in.
     
  4. DMZwerg

    DMZwerg Senior Member

    0
    Mar 25, 2009
    Professional Status:
    Certified Residential Appraiser
    State:
    Wisconsin
    This tells me you have preformed such appraisals in the past but Greg is spot on that you should have a mentor properly training you.

    At the very least I would suggest purchasing & reading the book published by the AI on the subject.
    I would also recommend looking into appropriate CE classes on the subject.

    Why? Because what you don't know about this type of appraisal and the cost approach can potentially prevent you from getting your license or potentially cost you your license! Does Florida allow unlicensed people to do appraisals? (Wisconsin actually does, which is why I ask)


    This, on the other hand makes me wonder if you have done many non-lending appraisals. There are a number of Wintotal forms "just for costs" but most are addendum. What you need to figure out is what base form is correct that is not a Fannie Mae / lending form. I haven't done an insurance appraisal so start with calling your mentor as the only other suggestion I have is to look through every major form in Wintotal and figure out which is most appropriate. Sorry :sad:
     
  5. OminousRun

    OminousRun Member

    0
    Oct 6, 2008
    Professional Status:
    Certified Residential Appraiser
    State:
    Florida

    Victor,

    Florida State Appraisal Law requires that you live in the same county as your supervisor, or in an adjoining county. Also requires "direct supervision" over you (like working out of the same office).

    I'm not too sure you trainee/supervisor relationship is quite up to par with Florida Law.
     
  6. beboling

    beboling New Member

    0
    Apr 22, 2009
    Professional Status:
    Appraiser Trainee
    State:
    Florida
    We do live in the same county.

    Well, if I dont have proper training and NO ONE is hiring or willing to take on any trainees, God knows Ive made phone calls, my option was to ask for help on appraiser forum.
     
  7. beboling

    beboling New Member

    0
    Apr 22, 2009
    Professional Status:
    Appraiser Trainee
    State:
    Florida
    Consider yourselves fortunate that you do have good mentors.

    Can anyone help answer my questions please?
     
  8. Ken B

    Ken B Elite Member

    151
    Feb 18, 2004
    Professional Status:
    Certified General Appraiser
    State:
    Florida
    Dude...there is so much wrong with your situation.

    I'd love to help, but that would be enabling a bad situation.

    And who needs that karma?
     
  9. CANative

    CANative Elite Member

    380
    Jun 18, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    There are too many variables concerning the intended use, intended user, the location, the current condition of the property itself, the market, etc, etc, etc. The problem cannot be solved on the internet.

    I urge you to withdraw from the assignment. You should not be unilateraly accepting assignments. Your supervisor should be doing this, decide how to proceed and then tell you what to do and how to do it.

    You could cause harm to the client and others by proceeding when you obviously lack the competence at this time.

    Sorry.
     
  10. OminousRun

    OminousRun Member

    0
    Oct 6, 2008
    Professional Status:
    Certified Residential Appraiser
    State:
    Florida
    I think what everyone is getting at, is that if you don't know how to do something (as a trainee), and your mentor won't give you the required guidance to complete the assignment (as he is responsible for it, because he reviews and signs off on it), then you really shouldn't be doing the assignment.

    I've been Certified in the state of Florida for 9 years, and I turn down PLENTY of jobs that I do not know how to do, or are too complex. It is a competency issue.

    It is better NOT to do an appraisal, than to do a BAD appraisal.
     
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