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  #1  
Old 07-01-2011, 04:47 PM
Oceanic1's Avatar
Oceanic1 Oceanic1 is offline
 
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Location: Mouth of the mouse
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Default Anybody appraised a timeshare before?

I received a call from an out of town attorney today asking if I would be interested in appraising a timeshare in Hollywood Beach FL. I informed her that I have ZERO experience appraising timeshares, but she asked again if I would be interested. I really would because I would love to add that to my appraisal experience. I told her that I would get back to her about this in an hour or so after I contacted a few other appraisers that I know in the area to see if they have ever appraised timeshares. I figured that I need somebody to show me how it's done, and I give them 1/2 the fee or more so that I can get the experience, then disclose it in the report. None of my other appraiser friends had experience in this either. So I am wondering, is a residential appraiser qualified for time shares? Or is this something that requires a designation or a general appraiser? Any advice would be appreciated.
Oh, I did call back, and got voicemail. So for all I know, she may have found somebody already. But this is the same for any unusual order that I may come across. I've turned down some orders in the past because they were out of my league, but lets just say, I want to know the correct procedure to put them "in my league".
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Old 07-01-2011, 05:15 PM
Restrain Restrain is offline
 
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If you want to appraise a timeshare, there is plenty of data. It's on EBAY. Search the bids for the particular project and you will find out just how little people will pay for these things. Somewhere between $0 and $500, usually. The yearly maintenance fee drives people out, and they forfit all the money they put in the purchase just to get out from under it.
  #3  
Old 07-01-2011, 05:38 PM
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stangtime stangtime is offline
 
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ebay is also a tremendous resource for M&E appraisals.

Dan
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Old 07-01-2011, 07:38 PM
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Smokey Bear Smokey Bear is offline
 
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You mean they're actually worth anything once you've been suckered into buying one? I've heard of people that can't give them away.
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  #5  
Old 07-01-2011, 08:05 PM
JamesRockford JamesRockford is offline
 
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Quote:
Originally Posted by Oceanic1 View Post
I received a call from an out of town attorney today asking if I would be interested in appraising a timeshare in Hollywood Beach FL. I informed her that I have ZERO experience appraising timeshares, but she asked again if I would be interested..
An attorney that is informed upfront that the appraiser does not have ANY experience appraising a type of property is OK to proceed with said appraiser? WOW, genius lawyer.

If attorneys are involved a court appearance is possible and I can garontee the first question of you from the "other" attorney is going to be:

"Can you please tell the court all about your experience in appraising time share properties?"

Uh Oh......

Trust me, the answer "zero" will not be well received by the judge.

My suggestion is to politely decline the assignment.

Good luck.
  #6  
Old 07-01-2011, 08:06 PM
JamesRockford JamesRockford is offline
 
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Quote:
Originally Posted by Smokey Bear View Post
You mean they're actually worth anything once you've been suckered into buying one? I've heard of people that can't give them away.
Buddy of mine had one and it cost him attorneys fees of $200 to "give" it away.
  #7  
Old 07-01-2011, 08:09 PM
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Kathleen O. Farrelly Kathleen O. Farrelly is offline
 
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Location: Northeastern Pennsylvania
State: Pennsylvania
Professional Status: Certified Residential Appraiser
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Default Timeshares

It is important to first determine whether the timeshare is deeded or is a "right-to-use". Many resorts offer both and they are not comparable. Moreover, not all weeks are equally desirable and you need to know which weeks are prime, mid-season or off season.

I am in the Pocono area were timeshares are popular and have appraised quite a few over the years, generally for estate settlement or divorce. If you receive the assignment and if I can help, PM me.

Good luck!

Kathleen
  #8  
Old 07-01-2011, 08:34 PM
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J Grant J Grant is offline
 
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I would guess that anybody who appraises time shares had to do their first one, just like we all had to do our first type of any appraisal. I personally would not want my first one to be for an attorney. I would imagine the particular building the time share is in would have records of sales and comparable units in the building would be the best comps. Don't assume all time shares are worth zero or $500, you simply don't know. In Florida, the Xmas weeks and winter months would be most profitable with summer months less so.
  #9  
Old 07-01-2011, 09:23 PM
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Oceanic1 Oceanic1 is offline
 
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Quote:
Originally Posted by stangtime View Post
ebay is also a tremendous resource for M&E appraisals.

Dan
What is an M&E appraisal? Farm equipment? Personal property? Thanks to everybody for their input. I didn't get a call back from her so either she started her holiday early or she's found somebody else. Now an attorney who is willing to go with somebody who has been told up front that they have no experience in that particular type of appraisal may be at the end of their rope. For all I know she may have been hearing "no" all afternoon and I said that I don't have experience, but I would find another appraiser to work with me on the project. That is my requirement for USPAP as far as I know. And she may have no other choices. You never know. I may have been the first "maybe", so she made the offer.
Thanks Kathleen, I will. J, I agree. Florida is very seasonal, and certain parts of Florida are more seasonal than others. Hollywood has a very large Jewish population, so if it's during passover, the place may be worth some money. It's oceanfront, so I'm guessing it's not totally worthless. Anyway, thanks all again. Happy 4th!
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