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Odd Ball

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Alison Swain

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Senior Member
Joined
Sep 13, 2005
Professional Status
Certified Residential Appraiser
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Florida
Got a subject that is barn shaped with metal roof shingles that wrap it from the ground up to back down to the ground on the other side. There is a full, finished basement (extremely rare for central Florida). There is also a separate in-law apartment (no kitchen), a one-car garage/workshop, a 3-car garage/workshop and an in-ground pool. All one 5+ acres.

Of course, there are no real comps (nothing even really approaching "comparable").

How shall I tackle this one??? :unsure:
 

CANative

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Joined
Jun 18, 2003
Professional Status
Retired Appraiser
State
California
It almost sounds like a steel kit home.
 

ccooper

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Mar 9, 2002
Professional Status
Certified General Appraiser
State
Missouri
If you can't find homes of that same style in the past, you might try to use other "atypical" styles or designs. In the past when we have done "earth berm" style homes and there were no earth berms in the past 2 years, we have used "octagons" or "a-frame" styles since they are not your typical 3/2 ranch.

I would discuss these other options with your client before submitting the report. A heads up phone call to your client could prevent the "why did you use this comp from 35 miles away?" phone call.

Its times like these that I touch base with my colleagues and see if they remember anything unusual that might be available as a comp.

If not other "atypical" types of construction are discovered, you will have to use more typical styles. Then the next question is, how much of a design/style adjustment is necessary, if at all.
 

Mike Boyd

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Joined
Jan 18, 2002
Professional Status
Retired Appraiser
State
California
You might have to go outside the area.....as far as 25+-miles away for something equal or similar, or a property that is atypical as ccooper suggested. 2 outside the area would be better and you can extract any needed adjustment. Don't forget any location value adjustments. Now you are getting into the type of property that Greg and Ray specialize in.
 

Don Clark

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Joined
Jan 17, 2002
Professional Status
Certified Residential Appraiser
State
Virginia
I feel your pain:shrug: I just did a Ranch style with an inground pool in an area where pools are rare as hens teeth. But, I did find sales with pools and could form an opinion on market reaction. But, it was the full size tennis court in the back yard that threw me for a loop. No house that I have ever appraised has had a tennis court. But, I considered what amenity value a tennis court would have in such areas as a PUD or an HOA with tennis courts and came up with what I would consider a market reaction to that amenity. Underwriter has not called yet so I am guessing they don't want to touch the issue either. besides, the house sold for almost $20,000. below the assessed value and $15,000. below what I consider market value.

That's why I love this business. Something new all the time. Have fun!
 

Joker

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May 28, 2002
Professional Status
Certified General Appraiser
State
Ohio
First step- Be sure your client is aware of the situation and the increase in your fee.

Second step- Consider who would buy this thing and what ammenities would appeal to them.

Third step- Consider alternatives that buyers for your subject may also consider. These alternative properties may not be similar at all except that they are different.

Fourth- Analyze sales of these properties, abstract the land value and determine a contributory value per sf of the improvements, compare to each other and then to the subject.

Alternatively, you can analyze the price of these alternative properties in relation to more conventional houses. Price may be in terms of sf or other measurement deemed applicable.

Welcome to my world.
 

Alison Swain

Thread Starter
Senior Member
Joined
Sep 13, 2005
Professional Status
Certified Residential Appraiser
State
Florida
These alternative properties may not be similar at all except that they are different.


Don't know why, but I love that sentence.


Only an appraiser would understand that.


:rof: :rof: :rof:
 

lmichels

Sophomore Member
Joined
Feb 15, 2007
Professional Status
Certified Residential Appraiser
State
Washington
I called up a bunch of realtors to find out how they would market a similar "odd ball". One said that basically all weird shaped houses appeal to all weird buyers, so they are basically interchangeable as far as design, as long as they are weird. I think appraisal-speak for "weird" is "atypical". Once you've got a couple weird comps, you can extract the (usually negative) market reaction to "weird", and then do the rest of the appraisal as you would any other house.

The In-law apt without a Kitchen is probably just an office/shop/den in Fannie Mae's eyes - is this for a loan?
 

Couch Potato

Elite Member
Joined
Mar 15, 2004
Professional Status
Certified Residential Appraiser
State
North Carolina
Subcontractor.

Got a subject that is barn shaped with metal roof shingles that wrap it from the ground up to back down to the ground on the other side. There is a full, finished basement (extremely rare for central Florida). There is also a separate in-law apartment (no kitchen), a one-car garage/workshop, a 3-car garage/workshop and an in-ground pool. All one 5+ acres.

Of course, there are no real comps (nothing even really approaching "comparable").

How shall I tackle this one??? :unsure:
I know of a similar property in Saint Cloud, but it last sold in the 1970's. I think you will find the architecture of the house is a non-issue. There are some sales out there (at least there were a few in 2006) you can use to document no adjustment warranted for the style. The design gives better performance in high winds, which is fairly positive in that area. :new_smile-l:

There is an easy way to do the assignment; you could consider subcontracting the job out to Joyce or Robert. :rof:
 

Peter LeQuire

Elite Member
Joined
Jan 3, 2005
Professional Status
Retired Appraiser
State
Tennessee
Actually, I think Mr. Joker is about as right as one can be in dealing with a unique house. The process of comparing a unique property with other "odd balls" is about as good as one can do.

Beyond the appraisal issue, one concern might be whether the client is a lender intends to use the appraisal in the process of documenting a loan for the secondary market: your victim property's lack of conformity might make it ineligible for the FNMA/FHLMC.
 
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