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  #1  
Old 07-02-2010, 03:52 PM
JFWeb JFWeb is offline
 
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Default Retrospective Appraisal After Flood

i have been assigned to do a retrospective appraisal for a home that was extensively damaged during a recent flood. All i have is the homeowner’s word about condition of property prior to the flood. The property has been gutted so i could not verify any of the existing materials like flooring, baseboards, kitchen equipment, cabinets, fixtures, all the windows and exterior covering has been removed, it is a shell of a home. My intention is to determine fair market value as of April 30th just prior to the flood. Since it is retrospective do i have to include recent photos or just leave all pictures i have out of the assignment and use extraordinary assumption for condition and market appeal?
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  #2  
Old 07-02-2010, 03:58 PM
Thomas Fiehler Thomas Fiehler is offline
 
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If there are no photographs of the proeprty on that date you could use current and just note it. I would base it on EA as to condition. Does your county/city have recent pictures?
  #3  
Old 07-02-2010, 04:14 PM
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Peter LeQuire Peter LeQuire is offline
 
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Property assessor's data is one source - while not ideal data, it at least is an objective assessment of the improvements' age and condition. Does the homeowner have photos available? (Or perhaps the HO has family or friends who may have photos.) Many of the companies writing homeowner's insurance require the agent to provide photos. The owner can certainly provide factual information about what was there, but you're still going to have to make assumptions about materials and their condition: you have to cover yourself about the assumptions you make about condition - EA all the way.
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  #4  
Old 07-02-2010, 04:17 PM
Denis DeSaix Denis DeSaix is offline
 
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Quote:
Originally Posted by JFWeb View Post
Since it is retrospective do i have to include recent photos or just leave all pictures i have out of the assignment and use extraordinary assumption for condition and market appeal?
I would include some current photos of the site; that may, for practical reasons, include portions of the improvement in it its current condition.
  #5  
Old 07-02-2010, 04:28 PM
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CANative CANative is offline
 
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Get a DETAILED description from the client and use that as the basis for the EA. Have the client date and sign it. Scan a copy into the report.
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  #6  
Old 07-02-2010, 04:32 PM
JFWeb JFWeb is offline
 
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Thanks for the input. Ive looked at the photos on Google from the street and Bing for the airal views at a 45 degree angle, but i cant find out when those pictures were taken. Here is a photo i took yesterday. As you can see not the best shape LOL

  #7  
Old 07-02-2010, 04:40 PM
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I don't think there's a need for any photos in this type of report. It's irrelevant to the assignment what the property looks like now.

If your client is the property owner he/she may have some interior photos (photos taken at Christmas or other holidays, birthdays, beer busts, etc).
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  #8  
Old 07-03-2010, 02:05 PM
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Webbed Feet Webbed Feet is offline
 
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Default Why did the ASB bother?

Quote:
Originally Posted by JFWeb View Post
i have been assigned to do a retrospective appraisal for a home that was extensively damaged during a recent flood. All i have is the homeowner’s word about condition of property prior to the flood. The property has been gutted so i could not verify any of the existing materials like flooring, baseboards, kitchen equipment, cabinets, fixtures, all the windows and exterior covering has been removed, it is a shell of a home. My intention is to determine fair market value as of April 30th just prior to the flood. Since it is retrospective do i have to include recent photos or just leave all pictures i have out of the assignment and use extraordinary assumption for condition and market appeal?
Again, another post, from a certified appraiser, that apparently doesn't think telling any of us what the intended use of the appraisal is for, or a thing about the client's needs, is relevant at all to getting good responses to questions.

Somedays I wonder if any of you ponder why the SOW Rule in USPAP was placed prior to the Standards in the USPAP manual.
  #9  
Old 07-03-2010, 02:08 PM
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Webbed Feet Webbed Feet is offline
 
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Quote:
Originally Posted by Peter LeQuire, IFA View Post
<...snip.....>- EA all the way.
Yes, just like trying to answer over half of forum posters questions....
  #10  
Old 07-03-2010, 04:02 PM
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PropertyEconomics PropertyEconomics is offline
 
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Quote:
Originally Posted by Webbed Feet View Post
Again, another post, from a certified appraiser, that apparently doesn't think telling any of us what the intended use of the appraisal is for, or a thing about the client's needs, is relevant at all to getting good responses to questions.

Somedays I wonder if any of you ponder why the SOW Rule in USPAP was placed prior to the Standards in the USPAP manual.


If its retrospective, and its for market value .... would the value be different depending on the scope of work if the total property prior to the flood was to be appraised????
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