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Being Seriously Dinged For Not Including The Refrigerator

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Atlanta CG

Senior Member
Joined
Jan 15, 2002
Professional Status
Certified General Appraiser
State
Georgia
Often sales include the refrigerator, either because it is old, inefficient, or would cost more to move than to buy a more efficient, new one at the next location. I have always considered this as a personal property item and not included it in the valuation unless there were a Personal Property Form included in the sales documentation. Received a 4 page request for revision and this was highlighted as a serious error (not certain by whom). Am I wrong? I did state in the report that it is a personal property item and did not check it off as part of the real estate so I did not ignore it but I did not place a value on it either.
Welcome your thoughts.
 

CindyR

Senior Member
Joined
Oct 26, 2003
Professional Status
Certified Residential Appraiser
State
Arizona
was it a built-in refrigerator?
 

hastalavista

Elite Member
Joined
May 16, 2005
Professional Status
Certified General Appraiser
State
California
I hope that four page request was 3.5 pages of boilerplate revision comments.

A "serious error" over a refrigerator? That seems out of proportion to me.

Here is what you already know:
We value property rights associated with the real property. Non-realty items can be included in the sale contract. When we include FF&E/personal property, we need to value that separately. When we don't, we need to state that such property was not considered in the valuation analysis. The expectation when the property is a sale is to review the contract, identify if any non-realty items are included in the sale, and comment on how they were addressed in the report (they were identified and valued or they were not... for whatever reason).

I'm with Randolph in it seems to me the reviewer is asking because this item may have been listed in the contract; so if it isn't specifically commented about in the contract analysis section, that creates the question. Even so, I wouldn't categorize this as a serious error.


If that is the only "serious error", I don't think you have much to worry about.

Good luck!
 

Terrel L. Shields

Elite Member
Gold Supporting Member
Joined
May 2, 2002
Professional Status
Certified General Appraiser
State
Arkansas
If labeled personal property, you made no error.
 

Michigan CG

Moderator
Staff member
Moderator
Joined
Nov 1, 2006
Professional Status
Certified General Appraiser
State
Michigan
Appliances depreciate faster than anything, buy a basic white frig today and you will get $150 for it tomorrow. It appears the AMCs really are hiring former Taco Bell employees if this is what they are coming up with.
 

peturner

Member
Joined
Nov 28, 2006
Professional Status
Certified Residential Appraiser
State
Virginia
No fridge lasts 30 years
 

Atlanta CG

Senior Member
Joined
Jan 15, 2002
Professional Status
Certified General Appraiser
State
Georgia
No, not built-in, yes FHA, no, not the only item. 4 pages of complaints, I believe from the agent based on the verbiage. Some of the comments are right-on and it is a wake-up call to remember to go over the report once completed to ascertain all was done correctly.
 
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