Yellowbook Appraisals

[Michael S]

Now that I'm on the other side of the table (fed) I look at appraisals a lot differently. Now it's just a hurdle to overcome and an excuse for the US Army Corps of Engineers or GSA to charge a ludicrous amount for "review" and "oversight". $15k for a simple appraisal of some vacant land worth maybe $1,000/acre. The appraiser would probably get $3k and they would keep the rest. At least for the last one I was able to just write a one page letter and conclude a value of $1,500 for a small easement. It would have been ridiculous to pay $15k for the same result.

 

[Greg Graybadger]

Autumndawn03, there is some Yellow Book work available, even as a Certified Residential Appraiser. Most highway projects use Federal aid money, and therefore the appraisals for right of way require Yellow Book compliant reports. When a project is passing through residential areas, it is often within the scope of your licensure. Moving into this segment of our business is demanding, but it is also rewarding. The IRWA courses may be a good starting point, especially for networking with potential clients. You should try calling the right of way appraisal staff at State highway departments to inquire about work as either a contractor or employee. You are handicapped until you have the Certified General Appraiser credential. It is very rare for the federal govt. to hire appraisers without the CGA, and some jobs also require a professional designation. (Incidentally, IRWA offers a designation.) In any event, to get this work you need a strong understanding of USPAP and of the Uniform Appraisal Standards for Federal Land Acquisitions (UASFLA or "yellow book") before you try. Good luck.

 

[cnyvalues]

I complete numerous YB-compliant appraisals each year, if you are unfamiliar or have not previously attempted to complete YB-compliant appraisals, clients and reviewers of this appraisal typically are very fastidious i.e. the YB format must follow exactly the review format that is mandated by UASFLA (i.e. the Unif. Appraisal Standards for Fed. Land Acquisitions); you need to build your YB appraisal template around the review format (the YB reviewer pays very close attention to ensure that, all mandated items are included), thereafter you need to pay strict attention to adjustments i.e. try not to take any adjustment you cannot support. Lastly you should become familiar with the "larger parcel" concept which is set forth in the UASFLA Yellow Book itself. Once you get the hang of it, the YB reports are not difficult, in my view. Do them diligently and make sure your conclusions, use of selected comparables and logic are defensible. Good luck!!

 

[Terrel L. Shields]

you should become familiar with the "larger parcel" concept

and the unit rule.

One thing i recall being zinged over was instead of saying Smith-Jones B 2003 P 1234, You need to put the full name like John B. and Catherine T. Smith to William and Samantha Jones, Book 2003 Page 1234, Jones County, Mississippi. And each comp will need the deed numbers and names.

 

[Alamo Cowboy]

and the unit rule.

One thing i recall being zinged over was instead of saying Smith-Jones B 2003 P 1234, You need to put the full name like John B. and Catherine T. Smith to William and Samantha Jones, Book 2003 Page 1234, Jones County, Mississippi. And each comp will need the deed numbers and names.

I just remember the specific way one has to take and record photos as well as what Terrel says.