hal380
Senior Member
- Joined
- Apr 26, 2003
- Professional Status
- Certified General Appraiser
- State
- Connecticut
Got an order today for a $2,000,000 home to appraise. Should not be too much of a problem, cus is in ritzy neighborhood and it is COD at the door hehe.
Called the borrower to set apt and he said (all power talk) "What do I get for my $750. I thought to myself,
are you competant to ask that question. I told him that he would be getting a complete summary USPAP compliant appraisal report which is composed of an analysis of recent sales most similar and proximate to the subject. That these sales will be adjusted for differences from the subject, utilizing matched pair analysis, to reflect market reaction to the various amenities offered by the subject. In addition I will develop a cost analysis to determine the cost to replace the subject and then make allowances for physical, functional and external obsolescence and with then reconcile any differences between the indicated values of the sales comparison and cost approaches. Further this analysis will be based upon a thorough interior and exterior inspection, and full verification of observations with relevant public records. He said "Oh" ..... recovering somewhat ......."And you will give me the report" I said "No you will have to ask your lender for that, because my relationship is with the lender, but he is required to provide you with one". "Oh ok"
I just love people who have to be in control at all times. Their lives must be miserable when they are not.
Take care
Hal
PS ( I dont feel any need to develop a value based upon the income approach do you?)
Called the borrower to set apt and he said (all power talk) "What do I get for my $750. I thought to myself,
are you competant to ask that question. I told him that he would be getting a complete summary USPAP compliant appraisal report which is composed of an analysis of recent sales most similar and proximate to the subject. That these sales will be adjusted for differences from the subject, utilizing matched pair analysis, to reflect market reaction to the various amenities offered by the subject. In addition I will develop a cost analysis to determine the cost to replace the subject and then make allowances for physical, functional and external obsolescence and with then reconcile any differences between the indicated values of the sales comparison and cost approaches. Further this analysis will be based upon a thorough interior and exterior inspection, and full verification of observations with relevant public records. He said "Oh" ..... recovering somewhat ......."And you will give me the report" I said "No you will have to ask your lender for that, because my relationship is with the lender, but he is required to provide you with one". "Oh ok"
I just love people who have to be in control at all times. Their lives must be miserable when they are not.
Take care
Hal
PS ( I dont feel any need to develop a value based upon the income approach do you?)
When he got the closing statement and saw what I charged, he *itched and whined like I took his last dollar!! Could not belive I charged THAT much. Said he doesn't charge anywhere near that much! I said, you need to re-visit YOUR bizniz plan. :mrgreen: That made him real happy. 
nfire: 