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Old 12-20-2004, 09:22 PM
Ray Miller's Avatar
Ray Miller Ray Miller is offline
Join Date: Feb 2002
Location: Southwest Wisconsin
State: Wisconsin
Professional Status: Licensed Appraiser
Posts: 12,000

So far in the past two weeks I have gotten three REO appraisals on subject that I did the original appraisal on two three years ago. Except for the damage done and a 2% drop in the market for these older rural homes I am coming in tight on the REO value compared to the original value. And I think they still can get them sold in 120 days and not loose but 1% to 3% on the deal.

I am staying close to my original value using current comparable sales and and listings.

Makes for a good bench mark I am thinking. As well as keeping one honest, knowing someday you may need to state why your appraisal was such and such a value three years ago and now it worth 25% to 50% less. I would sure hate to be off that much on an original appraisal.

Do you think skippie ever thinks about this?
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Old 12-20-2004, 10:28 PM
G-man's Avatar
G-man G-man is offline
Join Date: Feb 2002
Location: Northwest Ohio
State: Ohio
Professional Status: Licensed Appraiser
Posts: 607

The reverse, I think, is also true. When I appraise an REO, I'm always curious as to what it ultimately sold for. This is especially true for either the really trashed houses where the final value is hard to place, or for the home in decent shape that just needs some minor touch ups, if that. It is getting harder to get the value spot on, as there are so many REOs in certain parts of my market, the realtors are marking them down 20% to 30% to get them sold. The banks just want to liquidate their holdings sometimes, and that kind of discounting is sometimes hard to calculate.
Over the last year or so, I've probably done two or three homes as REO's that I've previously appraised. Several of them were in such poor condition, water -fire damage/mold/interior destroyed, that my final value was way lower than the original, but for obviouis reasons. The last REO was a Fannie Mae field review of a property I appraised 3 years ago. It's listed for $95K, and I and the other appraiser came in at about $145 - $150K. I explained the market at the time of the original appraisal, which was quite active, and the current market for Repo's and the trend of heavily discounting
repossesed homes. I am under the opinion that the current listing is a little light, but when you got to move the product, price is the ultimate motivator.
All we know is,
he's called The Stig!
Old 12-20-2004, 11:26 PM
Oregon Doug Oregon Doug is offline
Join Date: Jan 2002
Location: Westcentral Oregon
State: Oregon
Professional Status: General Public
Posts: 1,963

I've done hundreds of REO appraisals over the past few years. I always get a copy of the last warranty deed (sometimes going back to the mid 90's), a copy of the trustee's deed and copies of any listings since the date of the warranty deed.

As an example: a home that sold @ $96,500 in 9/99, listed @ $127,950 in 3/04, trustee's deed @ $118,743.37 in 6/04. Appraised @ $115,000 in 10/04 - sold @ $115,000 in 11/04. Although I can get the sales/listing history, I usually don't know about any refinancing that the owner has done.

It's not uncommon at all for a home to appraise & sell for less than it sold for only a couple of years ago.

It's interesting to track the sales after I've done the appraisals - I find that I'm not usually off by much.

Oregon Doug
Life's short, play dirty.
Old 12-21-2004, 12:23 AM
Lee in L.A.'s Avatar
Lee in L.A. Lee in L.A. is offline
Join Date: Jan 2002
Location: Los Angeles / Reseda, CA
State: California
Professional Status: Certified Residential Appraiser
Posts: 8,305

I thought this was gonna be another redneck style joke thread. Guess I should have read the second half of the title.

Oh well,

You might be a Skippy if:

-You shoot the subject photo so you can't see the nuclear power plant cooling towers it backs up to and the gas station next door.
-You fail to mention that the interior is gutted for remodeling. (We just need a few bucks to finish up).
-You pick the highest sales for comps no matter what.
-You never think of this stuff, and never heard of this site.

Hmm, maybe it wouldn't be so funny after all. :lol:
Reach out your hand, if your cup is empty.
if your cup is full, may it be again.
Old 12-21-2004, 08:36 AM
Karl Karl is offline
Join Date: Jan 2002
Location: Arizona City AZ
State: Arizona
Professional Status: Licensed Appraiser
Posts: 7,602

Trouble with REO's in my area, to many California's have watched to many Infomercials On get rich quick in Real Estate we now have REO's selling for more than List. We have one holder of REO's wants em gone within 30 no more than 60 days They now have multiple offers & some have sold for more than newly constructed homes with some "UPGRADES" in them.

PS any Caifornians seen the Erick Estralia commercials about AZ City AZ??
How much BS is he saying? People have gone absolutely NUTS buying here. He is definately a better saleman than actor.

I know a contract with willing buyer & seller supercedes an Appraisal.

We are no longer protectors of the public trust, we are to fill in the form properly so everyone can have the American dream of owning a home. Even IF it is for a very short period of time.
Old 12-21-2004, 08:40 AM
Edd Gillespie Edd Gillespie is offline
Join Date: Oct 2004
Location: Kansas Territory

Posts: 1,113

Looks like Lee in LA gave you what Skippy thinks-Skippy don't think!
Good job Ray and you to Lee.

Karl, don't give up-the guy your describing is Skippy, FANNIE, etc, but not Joe Appraiser. Our job is yo do right. We gotta ride this out without giving in. Hang in there guy-let Skippy do what Skippy does. We can't see where this is going yet and it doesn't look bright, but keep reading these posts. Every so often somebody posts something about the form fillers getting pinched and if you haven't figured it out a lot of people are coming to the conclusion FANNIE needs antibiotics.
Old 12-21-2004, 09:11 AM
Ray Miller's Avatar
Ray Miller Ray Miller is offline
Join Date: Feb 2002
Location: Southwest Wisconsin
State: Wisconsin
Professional Status: Licensed Appraiser
Posts: 12,000

Erick Estralia commercials about AZ City AZ??

He doing them for Hot Springs Ark. in our area.

Must pay better then riding a big hog across the little tube. ( Flat Screen to you pups)
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