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New Client Hard-money & Arv Appraisals

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Workbox

Elite Member
Joined
Mar 2, 2005
Professional Status
Certified Residential Appraiser
State
Colorado
Hello guys, finally after so long or since August 2016, a good fee lender is in line to become a good client. It all started out with me inquiring on purchasing properties for investing as rentals and flipping. It became an inquire if I could do appraisals for them. Currently waiting on fictionalization of docs with their lender source.

I have already gave them a sample of what I could do for investment properties and they were impressed. I should not have an issue valuing "subject-to" and "as-is" conditions.

My only rough edges that I have are on the repairs. I have a 85-90% competency skill level, due to my own experience with FNMA REO's and working at the Home Depot at the Pro Desk and my own construction experience.

I know there are a lot of on-line resources out there, but would not mind getting some extra pointers, additional good source websites, classes, docs, or advise to make sure I am giving the client the best that I can.
 
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Randolph Kinney

Elite Member
Joined
Apr 7, 2005
Professional Status
Retired Appraiser
State
North Carolina
Hey there, good to see you posting.

There are the typical web sites to go to but I am out of appraising now being retired in Pisgah Forest, North Carolina.
 

EddieB

Elite Member
Joined
Feb 17, 2005
Professional Status
Certified Residential Appraiser
State
North Carolina
Your experience should be more than adequate if you use local costs. You are not a contractor or home inspector. State what you see and estimate the repairs.

Estimating EI will be the key to the equation. Good luck!
 

Workbox

Elite Member
Joined
Mar 2, 2005
Professional Status
Certified Residential Appraiser
State
Colorado
Hey there, good to see you posting.

There are the typical web sites to go to but I am out of appraising now being retired in Pisgah Forest, North Carolina.
Hey RK, yeah been under the radar, just reestablishing roots. So far so good.

Awesome you finally made to NC!
 

J Grant

Elite Member
Joined
Dec 9, 2003
Professional Status
Certified Residential Appraiser
State
Florida
I agree, your experience sounds fine, you can always ask or look up a thorny issue. I like to give repair estimates as a range, for example $5000-$6000 / Even contractors quote and charge different amounts for the same job so good to leave yourself a bit of variance room
 

Randolph Kinney

Elite Member
Joined
Apr 7, 2005
Professional Status
Retired Appraiser
State
North Carolina
I use home Depot or Lower for appliances and flooring when doing form 216 for replacement cost.
 

Meandering

Elite Member
Joined
Feb 26, 2006
Professional Status
Real Estate Agent or Broker
State
Pennsylvania
and working at the Home Depot at the Pro Desk

And ditto on the "good to see you back posting"
Glad to see you back in the industry also.

Use your HDepot time to make contact with the builder's and their buyers. A local builder's price list is the best, and the best way to get that, is to be friendly with the builders. Also, they occassionally need their own private appraisals, they don't want the office staff to know about, hint on private work there too.

.
 
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