Appliance Listing Question

[CANative]

Property rights.

Before I got sick of appraising in Lake County CA I used to do a lot of lakefront appraisal work. There is an adjustment to be made for properties that CAN have a dock or pier versus CAN'T have a dock or pier... whether or not there is actually a dock or pier in place. Then there is also an adjustment for the size and quality of the pier.

Fun Stuff.

 

[stangtime]

Stepping away from the dock issue; so if there is a $29.00 microwave from Target on the counter, a "P" is supposed to be placed on the form? For 20 years if there is a built in microwave I've checked X. If it is not built in I've left it blank.

Dan

 

[CANative]

Stepping away from the dock issue; so if there is a $29.00 microwave from Target on the counter, a "P" is supposed to be placed on the form? For 20 years if there is a built in microwave I've checked X. If it is not built in I've left it blank.

Dan

Same here. But this thread keeps switching between Page 1 (descriptions) and Page 2 (valuation grid).

 

[Mr Rex]

In the other box I put toaster. X or P depending on if its built in or not:icon_mrgreen:

I have a can opener attached to the bottom of the cabinets, X it is.

 

[Mike Boyd]

I just check the box on page 1 if the item is there. In the grid I use the term "Standard Appliances" or "Upgraded Appliances" or "No Appliances" or "SS Appliances" SS means stainless steel.

Often see appraisers who indicate, in the grid, Superior, Similar, or Inferior and adjust that way. Other appraiser will put something like "R,Ref,DW" in the grid and adjust accordingly.

While a refrigerator or range might be personal property, those items are generally included in the contract and usually affect the contract price somewhat so I include them in my value consideration. IN MY MARKET a large double door refrigerator could be as much as $2,000. Saw one the other day that was nearly $5,000 new and almost big enough to walk into.

I know this is contrary to what the FHA protocol is but then I don't like doing FHA appraisals...can't you guess?

I agree except if they are personal I do not enter them into the grid.

 

[DMZwerg]

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?

A dock is generally fixed property and thus more likely real estate.

A boat, tractor (with mower), and such are not attached to the property.

IMO built-ins are real estate but free standing are personal property and adjusted accordingly if included or not included in subject & the comps.

 

[CANative]

The dock issue was with regard to floating docks.

 

[Mike Garrett RAA]

30 years, more than 9,000 appraisal assignments and no one has ever rejected one of my appraisals because I put an X in the box for refrigerator, range/oven, dishwasher, disposal, microwave, washer dryer. Nor has anyone complained about me using the term "standard appl" on the grid.

I did just have a reviewer for an ERC company ask me the following:

"The other appraiser said the black appliances were a negative marketing factor, what do you think?".

My wife thinks stainless steel appliances are a negative because those show finger prints!

What do you think?

 

[DTB]

30 years, more than 9,000 appraisal assignments and no one has ever rejected one of my appraisals because I put an X in the box for refrigerator, range/oven, dishwasher, disposal, microwave, washer dryer. Nor has anyone complained about me using the term "standard appl" on the grid.

I did just have a reviewer for an ERC company ask me the following:

"The other appraiser said the black appliances were a negative marketing factor, what do you think?".

My wife thinks stainless steel appliances are a negative because those show finger prints!

What do you think?

Your wife is correct, however stainless is still in vogue. Whenever in doubt on these types of things, I go to some model units around the same price point or slightly higher.

The items, colors and finishes in these models are what buyers want. That is how I finish my rehabs, providing some of the features from the higher price point models. (cuurent example, I always include some glass tile somewhere)

 

[Mr Rex]

ERC has a different SOW, intended use, and value definition. ERC does allow personal property to be included in the anticipated sales price and asks specifically about personal property on page 3.

Nothing personal Mike, but "I've been doing it wrong all these years and no one has called me on it" has to be the worst excuse of all and does not improve the level of professionalism.