GXX001 Not Invoked After Work Completed

[shrubberyvaluation]

Yes the 650 is below the 1150 and both are below grade and finished to the exact same finish. I its 8.5 ft ceilings with a bathroom and a fireplace. I can only go back 18 months, but I might be able to drive around the area to find another though I do doubt that. Is the ROV sent back to the same appraiser? They seemed on the fence about using the exemption even though the initial ARV appraisal did.

ROV is sent to the same appraiser. Not sure how you can tell how the appraiser was on the fence unless they said so in the report which would be odd in my opinion.

 

[Zoe]

I hope someone has mentioned it, but don't base your market value on sales prices per sq ft and apply that number to your new appraisal or old appraisal. It is a factor, but likely only a small indicator to final opinion of market value appraisal. Your appraisal after remodeling would likely need totally different comparables or huge adjustments in other areas in the appraisal process.

I can easily believe your remodeled house could contribute the same indicated value per sq ft whether above grade or below grade. Your below level may even contribute more value per sq ft. than above grade. If the above grade is lower in quality and condition to the below grade? See?

 

[Zoe]

I'll give you one more hint. Most real estate agents focus on sales price per sq.ft.

Most real estate agents (licensed professionals) do not focus on indicated market value per sq.ft.

Licensed Appraisers consider many, many more factors than sales price per sq.ft. in the appraisal process for value per sq.ft.

I could explain more but I don't have time right now how the differences are between sales prices per sq.ft. and market value per sq.ft.

I have a strong feeling many of the appraisers that posted before me have explained some of it to you. Many of them are very good professional appraisers.

 

[JTip]

This looks fishy.
Never seen M&S with rounded price per sf after applying local and national multipliers. Could it mathematically happen? Perhaps, but on both the dwelling AND basement at the same time?
And the effective date of cost data, the 1st qtr of '23 does not get sent out on the first of the month. Maybe the online service was used, but that doesn't change the frequency of the quarterly updates being issued.

 

[MoistMitten]

This looks fishy.
Never seen M&S with rounded price per sf after applying local and national multipliers. Could it mathematically happen? Perhaps, but on both the dwelling AND basement at the same time?
And the effective date of cost data, the 1st qtr of '23 does not get sent out on the first of the month. Maybe the online service was used, but that doesn't change the frequency of the quarterly updates being issued.

This was more so something I noticed that was in the appraisal itself and I do not think that it is a reflection of the locations value, but IF they used the exception then by that logic this value would show as around 560k which other comps show as well that were used. Are you suggesting that these numbers were just tossed on there for the sake of speed?

@Zoe
Yeah I know, just a thing I noticed and stated just above. Comps support a value around 500-560k when taking some of the others into account it would likely land around 515-530k on average.

 

[Zoe]

This was more so something I noticed that was in the appraisal itself and I do not think that it is a reflection of the locations value, but IF they used the exception then by that logic this value would show as around 560k which other comps show as well that were used. Are you suggesting that these numbers were just tossed on there for the sake of speed?

@Zoe
Yeah I know, just a thing I noticed and stated just above. Comps support a value around 500-560k when taking some of the others into account it would likely land around 515-530k on average.

I am not giving you a value opinion on anything because I am not geographically competent. All I was focusing on is it appears you are focusing on sales price per sq ft on your analysis. I informed you don't do that.

I informed you appraisers focus on sales price per sq ft and many other factors. I can tell you don't know.

I'll forgive you.

Trust me. You can't afford me to give you an appraisal.

 

[Zoe]

Michigan, Idk. Let's look at $3k plus travel expenses? Can you handle that?

I need temporary license too if they will allow. So your looking at possible $5k to $6K?

I'll need at least a week room and board. Your in the $5k to $6k range.

I promise you when you get through you will know my market value opinion. You have to pay me up front.

I don't really like to drive. You could be looking at $10k up front.

I am not sure what I will have to shell out once I get there. Your at least $10k in up front.

 

[Zoe]

See? I'm ready willing and able with temporary license. Can we do it?

3 week turntime. It will work depending on how fast I can get temporary license and airline ticket and accommodations. Your probably looking at least a 6 week turntime once I get my money.

 

[sputnam]

This looks fishy.
Never seen M&S with rounded price per sf after applying local and national multipliers. Could it mathematically happen? Perhaps, but on both the dwelling AND basement at the same time?
And the effective date of cost data, the 1st qtr of '23 does not get sent out on the first of the month. Maybe the online service was used, but that doesn't change the frequency of the quarterly updates being issued.

Plenty of appraisers round at this stage. Of course, it's better to round at the end but, some don't do it that way. If you think that the appraiser simply SWAGed the RCN/square foot... you can verify the data for yourself. You have the source, the quality level, and the date of the data.

 

[JTip]

This looks fishy.
Never seen M&S with rounded price per sf after applying local and national multipliers. Could it mathematically happen? Perhaps, but on both the dwelling AND basement at the same time?
And the effective date of cost data, the 1st qtr of '23 does not get sent out on the first of the month. Maybe the online service was used, but that doesn't change the frequency of the quarterly updates being issued.

1st quarter 2023 residential just arrived in the mail today.

So stating a 3/1/23 cost effective date from M&S is impossible unless one owns a DeLorean with a Flux capacitor.

Just saying.