1 Hour Report

[Mike Garrett RAA]

I can drive down Powers Blvd at 100 miles an hour too, but I wouldn't do it!

I can complete an appraisal in a couple of hours IF everything goes perfectly right. Verwwwy rare situation.

I spend, on a average, 30 minutes receiving the assignment, logging it in, looking up public record information, MLS, comps, and making the file.

Another 15 minutes reviewing the contract, calling the agent (or owner) and setting the appointment. Usually the agent has to call the owner and then call me back.

Minimum of 15 minutes driving time...most of the time I plan 30 minutes each way.

Minimum of 15 minutes inspecting the property.

Minimum of 30 minutes entering data on the form...sometimes an hour

Minimum of 15 minutes answering the phone, assisting the assistant....all while trying to concentrate on the report.

10 minutes printing out work file copy, printing to PDF, and sending EDI to lender.

I estimate most appraisals involve at least 5 hours of actual work time.

Remember to include all those pesty little things like bookkeeping, taxes, continuing ed, etc in determing an average time per appraisal.

Lastly, please don't cut fees based on a quick appraisal...the lenders will then expect it EVERY TIME. If they think we can do appraisals in an hour, guess what??? They will expect them in an hour. I am still saying one to two weeks depending on my work load.

 

[wyecoyote]

Bob,

Just to clarify for you. Typically it takes me 5-8 hours total to complete a report. This one is an attached house in a plat that has 86 attached houses in a city that has only 2 attached housing plats (the second has 14 attached houses no sales or listings in two years). The subject's plat has had 4 sales in 12 months and one active listing. All houses in the plat are 3 bedrooms 1 bathroom with one stall carport. Differences in remodeling are slight. The sales range from $109K to $115K. The prior report that I completed one month ago in the plat I cloned changed subject info researched plat and the competing plat and no new sales or listings. So yes in this case it took me about an hour oh by the way it is only 5 minutes from the office. Like I said this is a very rare case and first time in 6 years that it has happened other than a prior inspection of the subject (which IMHO doesn't save that much time). So as I said I can see how someone working in an area that has all tract housing can do 2 or more in one day here it is for the most part not an option. Although once in 6 years is something. But most typical it does take 5-8 hours to complete an appraisal for me including about 2-4 in writing the report.

Ryan

 

[Pamela Crowley (Florida)]

:mrgreen:

I want one like that!!!

 

[Mountain Man]

I did an easy, slam dunk one today. Looking at 2 more like it tommorow. Worries me though....... waiting for the bomb. Just when I think it's getting better ......... it's about time. nfire:

 

[Bob Alexander]

OK Ryan, I can live with that. It was just like so many claims I have read on the various forums about impossible feats that I just couldn't resist a shot. (all in good fun). The fellow that works rural areas with 50 miles between comps and he claims to do 8 to 10 inspections a day is something we have all seen and you just have to wonder who they think they are talking to. In any event, I have never had a one hour appraisal and knowing your experience gives me something to look forward to. And, as the wise man from Colorado says "Don't cut your fee" for all the reasons he mentions and also because it will help make up for the next one that falls apart on you.
Bob - San Jose

 

[wyecoyote]

Bob,

No problem it has never happend to me before thought I would share with everyone else that it can be done in very very very very rare circumstances. I know I can not do 8-10 in a day possibly the most 4-5 (inspections not writing) in a day during the summer if I got up at 6 am and inspected till 8 pm at night. Typically for me is 4-7 appraisals a week that is working 60+ hours a week with everything else I do.

Ryan

 

[Lee SW IL]

If I inspect the property and complete the report in one day, I still wouldn't submit it until the next day, unless they were paying a rush fee.

 

[Carnivore]

OK heres my war story.

Got a review request. Looked at the report 2055 interior with setch attached, and went "whoo haa" this should take about thirty minutes.

Subject 1 story ranch 3 years old, comps all one story, two of them according to report are 1 year old, the third is 6 years old. The gal bracketed square footage, sale price and all comps were in the same S/D no more than 4/10 mile apart. Only big difference is subject has .70 acre lot comps all have .40 acre or less. No problem I see she makes a nominal $2,000 adjustment on each one.

So her I go, I make up file pull MLS sheets, gis data and grab my camera and drive two miles to the s/d.
As I get pictures of comps i begin to think that it was odd that the subject had such a large lot. No matter I keep going and finally get to the subject. Then I see what is up. the subject has a double lot. But worse than that the lot is totally unusable except for a big garden because there is a giant High Tension lne with towers running directly across it. You all know the kind. The ones with the 100 foot wide right of ways. guess how wide this lot was.

Well guys/gals it was all down hill from there.

To begin with bacjk at the ranch I realize the old gal never did a cost approach, but did not identify the report as such. She had the no scope of work. She did not bother to put dimensions on the lot size. She did not mention the power line at all. she did not she did not she did not do anything like she should have.

It gets worse. no 36 month sale or listing history(report is 2/6/03 only a 12 month history. had she done her job she would have seen the house was listed as a new construction for 346 days. With a startiing price of $159,900, then lowered to $155,900, then lowered to $143,900, finally sold for $143,000 two years ago in 2001.

I did some analysis of the market and her plus $2,000 lot adjustments turned into minus $11,000 lot adjustments for view and obsolesence. thats a $13,000 dollar net.

We went from $170,900 her estimate to my estimate of $154,000.

So my 30 minute review turned into a 5 hour ordeal.