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Got An Order Today

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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 :beer:

PS ( I dont feel any need to develop a value based upon the income approach do you?)
 
Joined
Jan 16, 2002
Yep (sigh), it does wear ya out. I run into these types all the time. Thank God for the occassion nice people. I had a 8300 sf mansion a couple of weeks ago (highest end for the area at +-$3.3 million). I anticipated the same thing when I rang the bell. The owner looked exactly like "Paulie" from the movie "Goodfellas". Wasn't to sure of what to expect at that point, but as the inspection went on he turned out to be a really nice guy with a sense of humor and not impressed with himself. He understood that the value was limited by the comps available and didn't even bother to question the process. He paid a high fee without any complaint. Wish I could find more of his type.
 

Richard Carlsen

Elite Member
Joined
Jan 15, 2002
Professional Status
Licensed Appraiser
State
Michigan
Hal

You hit the nail on the head. I'm surprised he did not try to get you to do it for $450. It's always those with lots that want to keep it the most.
 

Smokehouse

Junior Member
Joined
May 7, 2003
Professional Status
Certified Residential Appraiser
State
Florida
Originally posted by Richard Carlsen@Aug 12 2003, 05:24 PM
Hal

You hit the nail on the head. I'm surprised he did not try to get you to do it for $450. It's always those with lots that want to keep it the most.
and thats why they got it
 

Richard Carlsen

Elite Member
Joined
Jan 15, 2002
Professional Status
Licensed Appraiser
State
Michigan
No, I disagree.

They got it somehow but it is part of their psyche to try to pay less. It is part of a control mentality I think.
 

Mountain Man

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified General Appraiser
State
Georgia
Richard, try doing a 1M lake home for a buyer who IS an appraiser! :angry: :rolleyes: 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. :eek:nfire:

:D
Show me the BenJam'ens, or leave me alone. :mrgreen:
 

Ghost Rider

Senior Member
Joined
Apr 27, 2003
Professional Status
Banking/Mortgage Industry
State
Connecticut
Most of the really rich ones are people you would NEVER know it.........The ones who have big houses and drive the $100,000 S Class Benz's.......they are living paycheck to paycheck - they live big, but they need to get their next paycheck to keep it......I have seen 3 multi million dollar properties go into foreclosure in the past couple weeks........what a mess!!!!
 

Rich Hahn

Senior Member
Joined
May 2, 2003
Professional Status
General Public
State
Colorado
Doing a 1.8 for in a nice hood. The guy just built it(lives in it, he is not a builder just doing it for his wife), cost 1.2. He told me he just sold his other home which he designed also. It is the same size, 2 blocks away and closed in June, 1.8... How lucky em I. How rich is he????
 

Terrel L. Shields

Elite Member
Gold Supporting Member
Joined
May 2, 2002
Professional Status
Certified General Appraiser
State
Arkansas
They got it somehow but it is part of their psyche to try to pay less. It is part of a control mentality

Had to chuckle on that one. One of my hired help has a rich aunt from Texas who came up in her $600,000 RV to file papers to take title of her late mother's property which was 30 acres laying on Beaver Lake - of course, she expects her neice to provide a free appraisal, line up a lawyer to do probate, find a surveyor, a real estate broker, and to do it all for free. She will just to keep peace in the family.

As she said about Auntie....never thinks twice about laying $10,000 on the Cowboys with a bookie (her vice is gambling) but belly aches when she had to pay 69 cents for a Taco when Taco Bull down the street was having a sale 2 for a buck. Said auntie has a walk in safe in her new 6000 SF home that probably holds more cash than Lu's whole family net worth. Doncha luv people like that?
 
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