Ken in Arkansas
Junior Member
- Joined
- Jan 20, 2002
- Professional Status
- Certified General Appraiser
- State
- Arkansas
As I see it Jeff, with proposed construction you have a floor plan before you to forecast the utility of the improvements upon completion of construction. Additionally you have materials list to provide additional detail, but yes, you do have to make some assumptions concerning the quality of workmanship. But if your data source on a dirve-by is a perimeter sketch from the Assessor's Office, how do you know for instance how many bedrooms are present, or how do you know that the access to those bedrooms is not bedroom through bedroom through bedroom? Another example: I had another case some years ago where the brick veneer dwelling looked great from the street. Upon entering the home, I found myself standing in a bricked-up mobile home. That fact was not reflected on the Assessor's card. Would that property have the same value and market acceptance as a conventionally constructed dwelling? I don't think so.
I can do a drive-by and cover my rear if I write enough caveats. But who is going to cover that lender when he takes a bath?
I can do a drive-by and cover my rear if I write enough caveats. But who is going to cover that lender when he takes a bath?