Webbed Feet
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- Feb 11, 2005
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- Certified Residential Appraiser
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Help! Value the Improvement only
- Thread starter Mike Keller
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Webbed Feet
Elite Member
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- Feb 11, 2005
- Professional Status
- Certified Residential Appraiser
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Mr. Keller,
Try thinking like a buyer of such a house, instead of thinking like a real estate appraiser that has only worked for mortgage purposes only using Fannie forms.
Next, recall what USPAP demands of an appraiser that is not skilled in the assignment being asked for.
Webbed.
Wayne Tomlinson
Senior Member
- Joined
- Jan 25, 2005
- Professional Status
- Certified General Appraiser
- State
- Illinois
You are doing a personal property appraisal.
Among many other things that I have done is to move houses.
The highest price that was paid for a house the we moved was an older double wide.
Most of them, by a wide margin have been for $0000.00.
When you move a house, you leave a great amount of value right there on or in the ground,
Think foundation or basement, all the landscaping.
One little home that a church was going to pay a guy to demolish, I found out and had a good place for it. He was going to get $1,000. to remove it and fill the hole. I took the house for free, paid for the filling of the hole, about $250. and moved and made it into a small rental.
Believe me. You cannot do it right. There is no good basis for the value what ever it is.
A church near me had a good parsonage and planned to build an addition to the church in the spot. They asked $10,000 and had no takers, after several months, they allowed a guy to take it for nothing just to clear the site.
They are worth whatever the owner and the buyer agree on.
You can do an appraisal same as a new house on the hypothetical that the house is actually sitting on the new site ready for occupancy.
Wayne Tomlinson
Among many other things that I have done is to move houses.
The highest price that was paid for a house the we moved was an older double wide.
Most of them, by a wide margin have been for $0000.00.
When you move a house, you leave a great amount of value right there on or in the ground,
Think foundation or basement, all the landscaping.
One little home that a church was going to pay a guy to demolish, I found out and had a good place for it. He was going to get $1,000. to remove it and fill the hole. I took the house for free, paid for the filling of the hole, about $250. and moved and made it into a small rental.
Believe me. You cannot do it right. There is no good basis for the value what ever it is.
A church near me had a good parsonage and planned to build an addition to the church in the spot. They asked $10,000 and had no takers, after several months, they allowed a guy to take it for nothing just to clear the site.
They are worth whatever the owner and the buyer agree on.
You can do an appraisal same as a new house on the hypothetical that the house is actually sitting on the new site ready for occupancy.
Wayne Tomlinson
Michigan CG
Elite Member
- Joined
- Nov 1, 2006
- Professional Status
- Certified General Appraiser
- State
- Michigan
I know...quick read, no thought, I deserve what ever comes my way.
Webbed Feet
Elite Member
- Joined
- Feb 11, 2005
- Professional Status
- Certified Residential Appraiser
- State
- Canada
To All,
Some great answers!
Only we still have a problem. Mr. Keller, not in either of his two posts, has so far botherd to tell anyone what the intended use is! Just because we know the house will be sold, and moved to another location, does not mean we know the prospective client's intended use.
Why would this be important? ... Well, we have no idea if the client is concerned with some sort of tax matter related to loss in real estate value due to contributory value of the improvements. Or if the client wants the opinion for use in sales negociations with a prospective buyer. Or some other matter with an unspoken intended use.
So continues the admirable and fine tradition of the Appraiser's Forum regarding original posters, with appraisal licenses or certification, asking questions that have answers dependent on the INTENDED USE of the assignment, not bothering to tell anyone what the INTENDED USE of the assignment is. And everyone sending back copious answers to the questions with all involved answering having to guess about the INTENDED USE.
Did I mention many posters, that are licensed or certified real estate appraisers, should know to include information about what the intended use is, versus leaving everyone guessing, with their questions yet? Silly me, perhaps all of them are quoting fees and trying to solve identifying the appraisal problems without bothering to ask their potential clients what the INTENDED USE is. That would certainly explain a whole lot of questions asked by our original posters that need our help.
In the meanwhile, it will remain my pleasure and honor to keep mentioning "Intended Use." I'm sure someone will say they guessed it correctly so I should have been able to guess it correctly too! So therefore I am a poor person for not guessing. I'll work on that. Next time a potential client calls me I'll ask them to remain silent on the phone while I attempt to practice on my mental powers that enable me to guess what they need.
Webbed.
Some great answers!
Only we still have a problem. Mr. Keller, not in either of his two posts, has so far botherd to tell anyone what the intended use is! Just because we know the house will be sold, and moved to another location, does not mean we know the prospective client's intended use.
Why would this be important? ... Well, we have no idea if the client is concerned with some sort of tax matter related to loss in real estate value due to contributory value of the improvements. Or if the client wants the opinion for use in sales negociations with a prospective buyer. Or some other matter with an unspoken intended use.
So continues the admirable and fine tradition of the Appraiser's Forum regarding original posters, with appraisal licenses or certification, asking questions that have answers dependent on the INTENDED USE of the assignment, not bothering to tell anyone what the INTENDED USE of the assignment is. And everyone sending back copious answers to the questions with all involved answering having to guess about the INTENDED USE.
Did I mention many posters, that are licensed or certified real estate appraisers, should know to include information about what the intended use is, versus leaving everyone guessing, with their questions yet? Silly me, perhaps all of them are quoting fees and trying to solve identifying the appraisal problems without bothering to ask their potential clients what the INTENDED USE is. That would certainly explain a whole lot of questions asked by our original posters that need our help.
In the meanwhile, it will remain my pleasure and honor to keep mentioning "Intended Use." I'm sure someone will say they guessed it correctly so I should have been able to guess it correctly too! So therefore I am a poor person for not guessing. I'll work on that. Next time a potential client calls me I'll ask them to remain silent on the phone while I attempt to practice on my mental powers that enable me to guess what they need.
Webbed.
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