Michigan CG
Elite Member
- Joined
- Nov 1, 2006
- Professional Status
- Certified General Appraiser
- State
- Michigan
One of the recent articles written by someone concerned about fees and turn times for appraisers talked about appraisers doing two to three reports per day. I had to chuckle at the ignorance of that person. I have been on this forum for over a decade and there have been many threads about how long it takes to do a typical residential report.
The threads typically conclude that a residential appraisal takes 6-10 hours and most appraisers say they can do 1-1.5 per day.
Monday, late afternoon, I got a call of desperation. A report was assigned to an appraiser two weeks ago and the appraiser will not return phone calls or e-mails and there has been no inspection. The borrower was concerned. This client understands that turn times are up to three weeks here for residential.
They wanted a rush (one week is now a rush) and the fee was very good. I asked about the property and knew the street. It is a rare cookie-cutter neighborhood where I knew comps would be available within the neighborhood.
I called the borrower looking for an inspection time and he said he could do it that night. I had to pick up my daughter from band practice Monday evening which is half way to the subject. I figured what the heck. I spent an hour looking up comps, putting them in the form, made a map and then went to the property which is 14 miles from my home.
I decided I wanted to see how fast I could do a very simple residential report. Details are as follows:
-Looking up comps, putting them in the grid and creating a map;
-Drive the comps and inspect the 1,300 subject property which is 14 miles from my house;
-All comps were within 1/4 mile and comp driving time was less than 10 minutes;
-Drive home (pick up kid on the way home);
-Pull all assessor records and call the Listing Realtors for my four sales and one listing;
-I talked to four of the Realtors, one did not call back;
-Fill out form and write addenda;
-Four comps needed small GLA adjustments, one needed finished basement adjustment, one needed a market conditions adjustment (sale was in December, 2015) and the listing needed a SP/LP adjustment.
-All adjustments explained in report addenda.
-Highest and Best Use analysis is two short paragraphs.
-Reconciliation of value was three short paragraphs.
The total time to do everything for one of the easiest reports I have ever written was 4 hours and 5 minutes.
The threads typically conclude that a residential appraisal takes 6-10 hours and most appraisers say they can do 1-1.5 per day.
Monday, late afternoon, I got a call of desperation. A report was assigned to an appraiser two weeks ago and the appraiser will not return phone calls or e-mails and there has been no inspection. The borrower was concerned. This client understands that turn times are up to three weeks here for residential.
They wanted a rush (one week is now a rush) and the fee was very good. I asked about the property and knew the street. It is a rare cookie-cutter neighborhood where I knew comps would be available within the neighborhood.
I called the borrower looking for an inspection time and he said he could do it that night. I had to pick up my daughter from band practice Monday evening which is half way to the subject. I figured what the heck. I spent an hour looking up comps, putting them in the form, made a map and then went to the property which is 14 miles from my home.
I decided I wanted to see how fast I could do a very simple residential report. Details are as follows:
-Looking up comps, putting them in the grid and creating a map;
-Drive the comps and inspect the 1,300 subject property which is 14 miles from my house;
-All comps were within 1/4 mile and comp driving time was less than 10 minutes;
-Drive home (pick up kid on the way home);
-Pull all assessor records and call the Listing Realtors for my four sales and one listing;
-I talked to four of the Realtors, one did not call back;
-Fill out form and write addenda;
-Four comps needed small GLA adjustments, one needed finished basement adjustment, one needed a market conditions adjustment (sale was in December, 2015) and the listing needed a SP/LP adjustment.
-All adjustments explained in report addenda.
-Highest and Best Use analysis is two short paragraphs.
-Reconciliation of value was three short paragraphs.
The total time to do everything for one of the easiest reports I have ever written was 4 hours and 5 minutes.