Drive By Or "windshield" Appraisals

[Rich Heyn]

Greg,

Maybe this will help put the 2055/limited appraisal issue in perspective.

Say you have an older home and the cost approach is simply not applicable. No departure is involved because there is nothing from which to depart. A 2055 could still be a complete appraisal.

Say you have a new, or newer home in a cookie cutter subdivision with plenty of comps. The cost approach would be applicable so a 2055 would be a limited appraisal. Plenty of comps means you could still produce credible results without the cost approach.

Say you have a new, or newer home but the comp selection is very poor. You don't feel you can produce credible results without a cost approach. You can't depart.

Not applicable = no departure.

Applicable but not necessary = departure OK.

Applicable and necessary = No departure.

Rich Heyn

 

[Ed]

Look Guys and Gals (You To Dan)...... I'm certainly not to judge ones work or how it is done. I've only a few years of experience under my belt and Yes, I'm open to change.

I'm just trying to understand how other people (that's where you come in B) ) do Appraisals in other parts of the counrty so I can better understand this Profession I've chosen. I'm not telling you, look you are all doing this wrong and you need to do it my way..... . I'm just gathering information and other opinions.

This Post is getting long and drawn out.... I think I'll start a new one.

See You Soon

 

[Jungle Boy]

Originally posted by Ed@Oct 17 2003, 06:03 PM
What's the Sunday Afternoon Test?

The Sunday Afternoon (evening) Test is:

On Sunday afternoon, are you dreading the thought of going back to work ( or not looking forward to ) Monday morning?
Basically, you pass the test if you're o.k. with the thought of work next day.
If you pass, then consider yourself luckier than 95% of the populace who don't pass the test.
Passing also goes to show that it probably would not serve you too well to search for a different line of work.
Once you stop passing the test, you may consider a new field.
:idea: :idea: :idea: :idea:

 

[Kate]

That is a great test. It's a real shame that the percent is so high for people who hate their job. Because most people spend most of their life working, people relate their job to their life. To bad.

Sorry, I'll stop, I know this has nothing to do with the topic.

 

[Kate]

On the topic of drive by's.

Before I ever thought about getting into Appraisals, I looked into a second mortgage years ago where the bank asked me what I thought the house was worth. I gave them a high number. A little while later they were ready to close. They were willing to give me 90% LTV on the number I gave them. I didn't go with it.

Skip forward a year later I was $50,000 high on my quote when my house was actually appraised. In my area around that time values were all going up. I was way off. If I had been gready and desided to take a loan for 90% I would be upside down on a loan today. Ouch. They said they had someone do a drive by appraisal. Didn't seem to work Heh?

Just my opinion from a very inexperienced trainee.

 

[Stone]

You can get "make the deal work" interiors or exteriors. Number hitting has nothing to do with drive-by appraisals. There are plenty of number hitters who see the house and go to all the comps, put in the correct research information. The two do not necessarily relate.