Ben Vukicevich SRA
Senior Member
- Joined
- Feb 9, 2002
- Professional Status
- Certified General Appraiser
- State
- New Jersey
OK,
Who's old enough to remember when FHA wanted a Cost Approach on condos???? They wanted you to calculate and use two different areas: Gross for the Cost Approach (measure the outside walls) and net for the Sales Comparison Approach (measure the inside walls.)
Then they just gave up and said, no Cost Approach. ALthough if you want to read the instructions for a condo Cost Approach, you can break out your old 4265.1 and read it for some laughs.
Then there was the special FHA panel just for roster guys who knew how to appraise condos......not to mention the other special panel for new/proposed construction condos. Such specialization. Hmm, maybe an early form of the USPAP competency provision????
Ben
Who's old enough to remember when FHA wanted a Cost Approach on condos???? They wanted you to calculate and use two different areas: Gross for the Cost Approach (measure the outside walls) and net for the Sales Comparison Approach (measure the inside walls.)
Then they just gave up and said, no Cost Approach. ALthough if you want to read the instructions for a condo Cost Approach, you can break out your old 4265.1 and read it for some laughs.
Then there was the special FHA panel just for roster guys who knew how to appraise condos......not to mention the other special panel for new/proposed construction condos. Such specialization. Hmm, maybe an early form of the USPAP competency provision????
Ben
