Texas MLS

[sputnam]

Who do you call to value a hotel, C store, airport hangar, or say, mineral rights or timber rights? Who is the most competent? The appraiser next door, or the specialist for a particular property type?

Your question assumes that the appraiser next door isn't well versed in the particular assignment type and it assumes that the specialist is better. Neither assumption is supportable. The only correct answer is... you call until you believe you have found the best appraiser for the assignment. Unfortunately, that isn't how AMCs or Lenders usually work.

 

[Terrel L. Shields]

Your question assumes that the appraiser next door isn't well versed in the particular assignment type and it assumes that the specialist is better.

Out of any 10 appraisers you know, how many can value a hangar on rented land and do it right?

 

[sputnam]

Out of any 10 appraisers you know, how many can value a hangar on rented land and do it right?

More than you might think. Many appraisers would decline such an assignment... either because they know they aren't competent for the assignment.. or... because they just didn't want to do anything that wasn't easy. The appraisers who are competent and willing to take on such an assignment, already know where to get the data that's needed. They learned either through working with a mentor who knew.. or by spending way too much time on the first few similar assignments they took on.

Not too long ago, I reviewed some residential appraisals that were completed by someone who is licensed in 15 stated. He never visited any of the properties. I would bet that he has never visited many of the states he is licensed in... and certainly not the cities/towns where the properties were located. I had some concerns. I chatted with my appraisal board about it and was told something along the lines of 'well, maybe he went to school in that town' or essentially, we don't care enough to investigate.

I don't know what your MLS looks like.. but the MLS in every place I know about is about residences. Having a national MLS wouldn't help anyone to value a hanger (I've appraised an entire airport). A national MLS would simply make it easier for an appraiser in Georgia to complete the appraisal on your house in Arkansas the next time you decide to refinance. I don't know about you but, I'm certain that an appraiser who works and lives elsewhere does not have the same understanding of the market where I live as someone who lives in the area.

 

[Terrel L. Shields]

the MLS in every place I know about is about residences

Most of our commercial brokers are members of the MLS. Therefore they must list the property in our MLS. There are out of area listings and a significant number are not sold by agents. Same with ranches. And there are firms that specialize in large properties over a national or regional area.

maybe he went to school in that town' or essentially, we don't care enough to investigate.

Sure. I spent 20 years working the Southwest. You do get a flavor of local nuances but those change over time. I worked a year in Alamogordo NM. But returning 20 years later was surprised it was now a major pistachio producing area. I watched SW Colorado go from ranch and dryland bean farming to expensive California Lite homes. Rich Californians now dominate local politics and many of my poorer relatives have had to move out and moved to NM & AZ. Only the most remote farms are safe from developers cutting up land into 5 acre tracts. Having said that, specialists still have a decided advantage over local appraisers who rarely encounter certain property types. Do you want to value a golf course, refinery, timber, minerals, a mall, mega-warehouse, or similar? I don't. Well, except minerals, of course.

I've had a large estate where a hangar and airstrip were part of the problem and I tried subbing it out to no avail but found a distant appraiser who gave me some tips. And hangars are generally on leased land, but this one was owned by the airstrip owner (estate) but generally most local appraisers are clueless about dealing with leashold property.

I would think it would only take a modicum of study to do a passable job of appraising a common house 200 miles away. Especially if you got multiple assignments in that area.

 

[sputnam]

Come to think of it, there is another question. Why would a professional appraiser be in favor of a service that would allow the lowest bidder in another state to do work that you might be doing? I can sort of see it for commercial guys or specialty appraisers... but as already stated. MLS is pretty useless for those sorts of properties anyway.

 

[Joe Flacco]

Come to think of it, there is another question. Why would a professional appraiser be in favor of a service that would allow the lowest bidder in another state to do work that you might be doing? I can sort of see it for commercial guys or specialty appraisers... but as already stated. MLS is pretty useless for those sorts of properties anyway.

I don't see how a national MLS is stopping a low fee bidder from another state from taking your orders. Bright does five states and I'm pretty sure people are not coming from Philly to do low bid appraisals in DC.

 

[Mark Sargent]

You'll need to find out what realtor association covers the area you want to work in. Google what MLS covers zzz area or what realtor association covers this county. Then you have to join the realtor association as an appraiser broker associate and then join the MLS of the association.

In rural areas now, instead of the books or just the realtors, they have the Texas Association of realtors which uses paragon MLS to cover the areas not covered by the bigger associations. You have to join the texas association of realtors and then join the MLS

 

[sputnam]

I don't see how a national MLS is stopping a low fee bidder from another state from taking your orders. Bright does five states and I'm pretty sure people are not coming from Philly to do low bid appraisals in DC.

I said... a national MLS would HELP appraisers who have never been to your state take orders.