• Welcome to AppraisersForum.com, the premier online  community for the discussion of real estate appraisal. Register a free account to be able to post and unlock additional forums and features.

Wouldn't this be a Consulting job?

Status
Not open for further replies.

Jeff Horton

Thread Starter
Senior Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Alabama
Just got a call from a young man that is going to put his house up for sale. According to what he told me he has 1200 SF of unfinished basement. He wants me to come out look at the house and tell him how much more it would bring if the basement was finished out. He wants to know if the return on his investment is enough to make it worth it. (Smart young man I think)

Now my question, can/is this a consulting assignment?

If not I am thinking that I could write a very detailed scope like George suggested in his post on writting the scope. Explaining exactly what I did and not have to do two full appraisals to determine a value for the basement. Maybe I could just appraise the basement??

Regardless it will be a interesting diversion from the norm!
 

Verne Hebert

Senior Member
Joined
Feb 25, 2002
Professional Status
Certified General Appraiser
State
Montana
I think it could be if you approached it by applying your known extracted finish contribution (market driven gain per square) for this type of property and hand it to him-He knows (presumably) his construction costs.

I often do this as a courtesy. Guess I ought to hand them a bill.

If you back in from a market value, your are ending up with a market value--thats an appraisal.

Bill It!
 

Jeff Horton

Thread Starter
Senior Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Alabama
Thanks for reply's. This one turned into a full appraisal after all the preliminary work. Once I got there found out the gut had the basement framed out, wired and plumbed with shower/tubs installed. He realized he didn't have that much left to spend and decided to just have the whole house appraiser. Easier on me to.
 
Status
Not open for further replies.
Find a Real Estate Appraiser - Enter Zip Code

Copyright © 2000-, AppraisersForum.com, All Rights Reserved
AppraisersForum.com is proudly hosted by the folks at
AppraiserSites.com
Top

AdBlock Detected

We get it, advertisements are annoying!

Sure, ad-blocking software does a great job at blocking ads, but it also blocks useful features of our website. For the best site experience please disable your AdBlocker.

I've Disabled AdBlock
No Thanks