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Replacement Reserve Schd

Discussion in 'General Appraisal Discussion' started by Pekejake, Dec 20, 2004.

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  1. Pekejake

    Pekejake Junior Member

    0
    Sep 25, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    Minnesota
    If one unit is owner occupied and other is tenant, do you figure replacement reserves for both unit's appliances? On the income expenses you don't count the owner's unit... Would this need to be consistent?
     
  2. Tawfik Ahdab

    Tawfik Ahdab Senior Member

    0
    Feb 19, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    Oregon
    Gee, Lori

    I'm starting to think that you NEVER had guidance on appraising a 2-4 fmily properties, based on your string of obviously never- by-your-mentor answered queries. You posts are step-by-step in accordance with 2-4 family form filling!

    Now, are you coming to this forum for competence? If so, you would be mistaken, as all this forum can do is assist you in your work, not instruct you as much or as well as you might wish.

    Your recent posts ask important questions, but just as importantly, you fail to acknowledge useful responses. A better etiquette and a less hidden agenda might place you higher in my graces...
     
  3. Pekejake

    Pekejake Junior Member

    0
    Sep 25, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    Minnesota
    I have always done the replacement reserves on all equipment.. but I guess im reading into the opex statement and thinking twice. I won't respond to your slanders, thanks though
     
  4. Tim Hicks (Texas)

    Tim Hicks (Texas) Elite Member

    19
    Jan 15, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    Texas
    Lori,

    When you appraise a 2-4 family unit, do you check the "attached" or "detached" box? The individual units are attached, but the entire property you are appraising is not attached to another property.
     
  5. Pekejake

    Pekejake Junior Member

    0
    Sep 25, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    Minnesota
    Ive seen this post before Tim. Alot of appraisers do this differently.. You see how one appraiser can do something different than the other. I put attached since the units are together and viewed as distinct units, if this makes sense..
     
  6. tommcsherry

    tommcsherry Senior Member

    0
    Mar 11, 2004
    Professional Status:
    Certified Residential Appraiser
    State:
    Nevada
    Main Entry: 2slander
    Function: noun
    Etymology: Middle English sclaundre, slaundre, from Old French esclandre, from Late Latin scandalum stumbling block, offense -- more at SCANDAL <dictionary?book=Dictionary&va=scandal>
    1 : the utterance of false charges or misrepresentations which defame and damage another's reputation
    2 : a false and defamatory oral statement about a person

    Truth doesn't qualify as slander.
     
  7. CANative

    CANative Elite Member

    62
    Jun 18, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    I check "attached" also. If they weren't attached to something they might float away or drift around into another neighborhood.
     
  8. Tim Hicks (Texas)

    Tim Hicks (Texas) Elite Member

    19
    Jan 15, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    Texas
    On the original question, Jake. You are appraising the property, not the borrower or owner. You would make your adjustments based on the entire property as if exposed on the open market for anyone to purchase. Owner occupancy does not matter, because you are dealing with the entire property and its replacement reserves.
     
  9. tommcsherry

    tommcsherry Senior Member

    0
    Mar 11, 2004
    Professional Status:
    Certified Residential Appraiser
    State:
    Nevada
    Lori? Jake?
    Nothing more need be said! :ph34r:
     
  10. Pekejake

    Pekejake Junior Member

    0
    Sep 25, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    Minnesota
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