Real Estate Appraisal Forum

appraisersforum.com logo
The Premiere Online Community for Real Estate Appraisers!
 Fastest Way to Find a Real Estate Appraiser Enter Zip Code:
 
 
Go Back   Appraisers Forum > Real Estate Appraisal Forums > General Appraisal Discussion
Register Help Our Rules Calendar Archives Mark Forums Read


Closed Thread
 
Thread Tools
  #1  
Old 12-21-2004, 10:16 AM
Robert Gonsalves Robert Gonsalves is offline
 
Join Date: Apr 2003
Location: Northern California
State: California
Professional Status: Certified Residential Appraiser
Posts: 78
Default

Hello,
It seems lately I'm getting alot of Million Dollar Plus driveby requests from large lenders/banks.
Just got a request for a 2055 exterior on a property with an estimated value of
$4,000,000.00 with a lot of acreage.
I rejected this request, as others, stating I would accept the order as a full appraisal assignment.
Does anyone have a differant feeling about these, or am I the only one getting them.

Thanks for your Thoughts!
Robert
Sponsored Links

  #2  
Old 12-21-2004, 10:24 AM
Otis Key's Avatar
Otis Key Otis Key is offline
 
Join Date: May 2004
Location: Mile High
State: New Mexico
Professional Status: Certified Residential Appraiser
Posts: 15,970
Default

  #3  
Old 12-21-2004, 10:29 AM
Pamela Crowley (Florida)'s Avatar
Pamela Crowley (Florida) Pamela Crowley (Florida) is offline
 
Join Date: Jan 2002
Location: Wherever We Are Parked
State: Florida
Professional Status: Retired Appraiser
Posts: 25,254
Default

I'm with you, Robert!
__________________
All that is necessary for the triumph of evil is that good men/women do nothing.
Fight Back!
  #4  
Old 12-21-2004, 10:30 AM
dobie's Avatar
dobie dobie is offline
 
Join Date: Oct 2003
Location: Somerset County
State: New Jersey
Professional Status: Certified Residential Appraiser
Posts: 1,442
Default

I agree completely. I've had these before and I simply say that the driveby format is unsuitable for this property. They're just trying to avoid a large fee.
  #5  
Old 12-21-2004, 10:39 AM
J Grant's Avatar
J Grant J Grant is offline
 
Join Date: Dec 2003
State: Florida
Professional Status: Certified Residential Appraiser
Posts: 23,035
Default

One could theoretically charge a high fee for a 2055 driveby too- nothing says a form dictates our fee. A better reason to turn them down is having to make too many assumptions re only seeing the exterior of such an expensive property, that the report would not be credible.
  #6  
Old 12-21-2004, 10:48 AM
larryhaskell larryhaskell is offline
 
Join Date: Apr 2002
Location: Reno, NV
State: Nevada
Professional Status: Certified General Appraiser
Posts: 1,607
Default

I don't understand what the estimated value of the property has to do with the fact that you do a drive by on the property. I could understand if you had concerns about it being a complexity issue. I do lots of field reviews on multi million dollar properties @ Lake Tahoe and never step on the property but I do have a report to look at for some information which can help. I do charge as much or more for a field review on these properties than if I actually did the appraisal due to the time and exposure involved. I have actually upgraded requests to interior inspections for properties that had estimated values well below a million dollars due to complex issues or a lack of acceptable data from the county. I just believe that complexity should determine the report format rather than the complexity. Raise your fee high enough for the drive by so the incentive is there for your client to let you do an interior inspection. That way you don't have to decline work but you just want to receive fair compensation for your services.
  #7  
Old 12-21-2004, 11:09 AM
The Matrix The Matrix is offline
 
Join Date: Apr 2003
State: Colorado
Professional Status: Certified General Appraiser
Posts: 1,071
Default

I would not even consider doing a driveby (horse back appraisal) on a $ 1 million + property. Horse back appraisals sometimes work on cookie cutter houses, however, it is absurd to think any degree of reliability could be determined by driving past a large custom residential property. At best a driveby appraisal on a mansion is a WAG. Wild A_ _ Guess. I don't think most appraisers want the cultivate a reputation for preparing WAG's.
  #8  
Old 12-21-2004, 11:11 AM
Randy Beigh Randy Beigh is offline
 
Join Date: Jan 2002
Location: Spokane,WA

Posts: 3,334
Default

I don't agree that the fee is the problem. Turn time and type of loan are probably bigger issues for the lender. They, in all liklihood, already have an appraisal in the file, but they need additional paperwork for whatever reason.

I do agree this is a difficult situation for the appraiser to do a complex appraisal as a driveby and I wouldn't do it, either. If they gave me a copy of the old appraisal, I might consider it. That is just a thought.

I like Larry's idea of raising the fee. Telling your customers/clients to go elsewhere is not a sound business practice.

As a support to the idea that fee is not the issue. These are expensive homes. If the homeowner doesn't have $400 or $500, the lender has bigger problems than the appraisal fee to worry about. :P
  #9  
Old 12-21-2004, 11:33 AM
Ross (CO) Ross (CO) is offline
 
Join Date: Jan 2002
Location: Colorado Springs
State: Colorado
Professional Status: Certified Residential Appraiser
Posts: 4,154
Default

I thought the new emerging trend was for the lender to have much LESS concern about the real market value of these $Million++ properties, and to simply lend on the mere power and influence of the other financial assets of the individual and their signature-promise to repay.

Why even consider the 2055 ?, and a drive-by, at that. Why not just do a 2075 ?

"Yuppp....there's a big house behind the gate at 11 Excalibur Court, as my photograph shows, and it appears from my roadway observations that there has not been a fire nor meteor impact at this property in the past 24 hours."

Value ?....who cares ?......lend them whatever amount you feel comfortable giving ! If they stop paying, you might become the new owner of the property, and you will not even have to bother the appraiser in that process.
  #10  
Old 12-21-2004, 12:04 PM
Mountain Man Mountain Man is offline
 
Join Date: Jan 2002
Location: North of the ATL.
State: Georgia
Professional Status: Certified General Appraiser
Posts: 15,389
Default

Quote them a fee for an APPRAISAL..... not for the FORM. If they question why the fee is so high for a 2055, tell them it's because of the complexity of the job. And that you will use what ever format or form you.... as the professional appraiser.... determine to be necessary.
__________________
Highest and Best Use... it is more than just a check box on a form. Look it up, learn it, use it.
Sponsored Links

Closed Thread


Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Forum Jump




Copyright © 2000-, AppraisersForum.com, All Rights Reserved
     Terms of Use  Privacy Policy
AppraisersForum.com is proudly hosted by the folks at AppraiserSites.com

Fastest Way to Find a Real Estate Appraiser Enter Zip Code:
Partner Sites:
AppraiserUSA.com - National Appraiser Directory AllDomainsUSA.com - Domain Name Registration
DeadbeatListings.com - Deadbeat ListingsAppraiserSites.com - Web Hosting for the Professional Real Estate Appraiser
Find FHA Appraisers - FHA Appraiser Search Commercial Appraisers - Commercial Appraiser Search
Relocation Appraisal - Find Relocation Appraisers Domain Reseller - Business Opportunity
Home Security Buzz - Home Security Info Radon Testing - Radon Gas Info
My Medicare Forum - Medicare Info Stop Smoking Help - Help Quitting Smoking
CordlessPhoneStore.com - Great Cordless Phones AndroidTabletCity.com - Android Tablet Computers

Follow AppraisersForum.com:          Find us on Facebook            Follow us on Twitter


All times are GMT -5. The time now is 10:45 PM.

SiteMap: 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37, 38, 39, 40, 41, 42, 43, 44, 45, 46, 47, 48, 49, 50, 51, 52, 53, 54, 55, 56, 57, 58, 59, 60, 61, 62, 63, 64, 65, 66, 67, 68, 69, 70, 71, 72, 73, 74, 75, 76, 77, 78, 79, 80, 81, 82, 83, 84, 85, 86, 87, 88, 89, 90, 91, 92, 93