Appliance Listing Question

[CANative]

Listing appliances in a sales grid? I haven't done that since I converted my trainee license to a real license and didn't need my dad or brothers signature.

Appliances belong in the narrative description of the property.

 

[Mr Rex]

FWIW, I have another company that does Property Preservation on foreclosed bank properties. Take a guess at how many of those high end stainless appliances are left behind. Usually if the applainces are left behind, they would yard sale for under $100 each if they work, or the fridge has rotten food etc in it.

 

[Mike Garrett RAA]

Common sense? What about the 42 inch widescreens most new builders are including these days? Average household has 2+ TVs, and over 99% have 1. How many households operate without a washer and dryer? Are these "required" also? Maybe one day appraisers will actually grow a set and deal in the black and white rather than the grey areas the RE agents and Builders love so.

I guess I should start requiring a boat in the contract for all the lakefront houses around here, now only a small percentage include the boat, but what lakefront house would be without at least one?

With all due respect Mr Rex...that's bull sh it and you know it. If a builder includes a HDTV we adjust for that. If a boat was included, I am sure those who appraise water front properties would adjust for that too. Major appliances are different matter.

Now if that boat was a bass boat..hmmm!

 

[stefan olafson]

Acknowledge the presence of built in appliances after all they are a part of the real estate. Place a P in the boxes on page 1 for free standing appliances. I usually put a statement in the narrative that there are appliances present, both built in and free standing, list them and then make a statement that their presence does not affect the value of the property.

 

[Mr Rex]

Mike, see sdfentons quote from Fannie specifically about floating boat docks. Around here on Corps of Engineers lakes, floating docks are always transferred with the property. Some of the aluminum covered docks run over $50k, but guess what, they are considered personal property per Fannie. Some lakefront owners are going to be awfully pizzed when they refi and find out they are $50k below prior values...because the docks used to be included because it was considered customary for the market.:new_smile-l:

Common sense includes following the rules we are required to follow,

 

[CANative]

Mike, see sdfentons quote from Fannie specifically about floating boat docks. Around here on Corps of Engineers lakes, floating docks are always transferred with the property. Some of the aluminum covered docks run over $50k, but guess what, they are considered personal property per Fannie. Some lakefront owners are going to be awfully pizzed when they refi and find out they are $50k below prior values...because the docks used to be included because it was considered customary for the market.:new_smile-l:

Common sense includes following the rules we are required to follow,

If they're always transferred then the comps should have them. You don't back out the value do you? Besides, that's an underwriting issue, not an appraisal issue.

 

[Mr Rex]

No different than if 1 transferred with a boat and 1 without. Or if all transferred with boats, 1 a $30k bass boat, 1 a $10k pontoon, and 1 a $3k beater. Some transfer with all the furniture since many are 2nd homes. In any case all is treated as personal property whether a subject or comps. So yes it is backed out if it was part of the RE contract.

 

[CANative]

So if the subject has a $50,000 aluminum dock and each of the 3 sales have a $50,000 aluminum dock you make a negative adjustment to them?

 

[CANative]

IMO, appraisers should not allow themselves to be manipulated by GSE idiocracy. Things like the presence of appliances, boat docks, above ground pools, etc. represent non-realty components of a property and if there is a positive or negative market reaction to their presence or lack of a presence this needs to be accounted for in the development of the appraisal.

 

[Mr Rex]

Prolly not if they all have the same dock problem is most have some various level from a $3k treated wood on bare Styrofoam to the $50kers. I am waiting for the Fannie edict that says that the permit from the Corps that allows the docks can't be included in the value. They are first come first serve for folks with property adjacent to Corp property and have to be renewed every 5 years. They of course transfer with the property typically/customarily. Due to separation requirements, some "waterfront" (adjacent to corps property) can not have docks. Just did an appraisal on 1 like that, site value +/-$100k less than if it had a dock permit.