sammiboii
Freshman Member
- Joined
- Sep 6, 2007
- Professional Status
- Certified Residential Appraiser
- State
- North Carolina
Hello everyone. I just moved up to North Carolina from Florida. I’ll first provide my appraisal experience. I have been appraising since June of 2002 and have appraised from the standard cookie cutter house up to $13,000,000. I have done numerous appraisals over $2,000,000 as I was referred by some realtors of the high end market as someone who knew what they were doing. I had my own company in Florida and have never been blacklisted or had any issues with any appraisal I’ve ever done. Even after some ridiculous appraisers reviewed and tried to slam my work to get me taken off some lists I have always been able to support my work. If you do good work no amount of mal-intentioned appraisers can harm you. I have moved up here and am working with an appraiser in Raleigh. However, the more I work with this appraiser the more some issues are coming up and I’m trying to understand whether they don’t know what they’re talking about or whether I am wrong in my thinking. Who knows, maybe appraisers just do things differently up here.
1. Quality of construction. When I think of quality of construction I think of just that. I think of the materials and craftsmanship used to build the house. I look at whether it has a metal, shingle or tile roof, concrete driveway or brick pavers, extra architectural designs, the design of the roof and basically the overall feel of the construction of the house. I don’t really look at counters, cabinets, appliances, light fixtures, the type of fans, crown moulding etc because after all you could put that stuff in any house of any quality of construction. This appraiser I am working with states that they believe that if a house has something as simple as granite counters, stainless appliances and upgraded fans that the quality of construction is higher. I believe these items are upgrades and not necessarily indicative of the quality of construction. If you have a boxy house put together by someone who has no clue or doesn't care no amount of upgrades will change that quality of construction from turd to average to good.
2. This appraisers states that all appraisers in North Carolina, at the lack of land sales, estimate the land value anywhere from 25% – 30% of the appraised value. This really winds my clock, because I believe there are three and only three ways to get land value. Land sales, which is usually the most preferred choice, Land Extraction which is choice number 2 and Land Allocation which is the final choice. I can’t see all appraisers in North Carolina following this thinking. Not all areas are 25% – 30% of appraised value.
3. Prior sales history for subject and comps. This isn’t that big of a deal I’m just curious more than anything. They report the last sale whether it happened within 36 months or 360 years. Now the form states they want the sales history for the subject within the past 12 months for the comps and 36 months for the subject. I mean if the subject sold, I don’t know, say within 40 – 45 months then yeah I agree I think that should be on the report. But if the last recorded sales of a subject appraised today happened, June 30, 1946 I think you can leave that one out.
4. Also this appraiser makes no adjustment if the effective ages are within say 5 years higher or lower than the subject. If the comps warrant no adjustment then the effective age is the same as the subject. If there is a difference there then there should be an adjustment made.
Please let me know what you guys think on these areas. I am more open minded than this appraiser I’m working with, so whatever your experience is let me know.
1. Quality of construction. When I think of quality of construction I think of just that. I think of the materials and craftsmanship used to build the house. I look at whether it has a metal, shingle or tile roof, concrete driveway or brick pavers, extra architectural designs, the design of the roof and basically the overall feel of the construction of the house. I don’t really look at counters, cabinets, appliances, light fixtures, the type of fans, crown moulding etc because after all you could put that stuff in any house of any quality of construction. This appraiser I am working with states that they believe that if a house has something as simple as granite counters, stainless appliances and upgraded fans that the quality of construction is higher. I believe these items are upgrades and not necessarily indicative of the quality of construction. If you have a boxy house put together by someone who has no clue or doesn't care no amount of upgrades will change that quality of construction from turd to average to good.
2. This appraisers states that all appraisers in North Carolina, at the lack of land sales, estimate the land value anywhere from 25% – 30% of the appraised value. This really winds my clock, because I believe there are three and only three ways to get land value. Land sales, which is usually the most preferred choice, Land Extraction which is choice number 2 and Land Allocation which is the final choice. I can’t see all appraisers in North Carolina following this thinking. Not all areas are 25% – 30% of appraised value.
3. Prior sales history for subject and comps. This isn’t that big of a deal I’m just curious more than anything. They report the last sale whether it happened within 36 months or 360 years. Now the form states they want the sales history for the subject within the past 12 months for the comps and 36 months for the subject. I mean if the subject sold, I don’t know, say within 40 – 45 months then yeah I agree I think that should be on the report. But if the last recorded sales of a subject appraised today happened, June 30, 1946 I think you can leave that one out.
4. Also this appraiser makes no adjustment if the effective ages are within say 5 years higher or lower than the subject. If the comps warrant no adjustment then the effective age is the same as the subject. If there is a difference there then there should be an adjustment made.
Please let me know what you guys think on these areas. I am more open minded than this appraiser I’m working with, so whatever your experience is let me know.