Crazy Appraiser Stories

In the Trenches, Crazy Appraiser Stories

Appraisal Buzz Staff April 25, 2018

You’ve all got them… The crazy car chases, the surprising living conditions, the exotic assignments and the unique collectors. Here are a few of our stories we found buzz worthy.

This was a beautiful 3,200 sq ft home with all the extras. After measuring, I was standing by the fireplace taking an interior photo being careful not to step on the expensive rug next to the hearth. The lady of the house looked a little alarmed, so I had to ask, “is everything okay?”  “Oh yes, it’s just that the camera will have a click.”  I’ve heard weirder things, so after assuring her it was a very quiet click, the button went down, the picture was taken and the excitement started. Something hit the back of my head; a soft, but very strong hit. The equivalent of a 10 mile an hour wind passed over my left shoulder and a shadow landed on the other side of the sofa which was 14’ in front of me. It seems that the fluffy 6’ rug was a once wild, African Savannah cat, stretching 6’ long as it napped on its belly. It looked like a leopard rug! With teeth longer than some fork tines, I was happy to let it hide in the bedroom, but she coaxed it out of hiding to demonstrate that it could easily jump 10’ high for a kitty treat.
– Carolyn S. Richards

Years ago I had an appraisal on a very exclusive island off the north shore of Long Island. There are about 100 homes at most and many celebrities and CEO’s live there. Homes are in the MULTI-million dollar range. When I arrived at the subject house, the owner answered the door. As I walked into a house, I noticed all the interior outer walls were covered with aluminum foil. When I gently asked the owner what the foil was for, he seriously told me that it was to keep out the rays from the aliens. It made for a very interesting valuation.
– Leigh Pollet

I was out doing a rural appraisal. The owner was showing me his outbuildings and all of a sudden he says, “my goat is in labor.” He told me that he had to stop the appraisal for the moment and tend to his goat. He also told me that since his wife wasn’t home that I had to help him. So, I put down all of my appraisal tools and took off my appraisal hat. The man instructed me on how to help and together, we delivered a kid. What a day in the life of an appraiser!
– Linda Cheers

I had to appraise a vacant REO property last year. My husband (a Cop) and my German Shepherd accompanied me because the neighborhood had a problem with squatters. After my husband and dog cleared the house, my husband went to sit in the car and wait for me to finish the inspection with my dog. I finished all my photos. I got back to the office and started to download them onto the report. As I was editing the photos, I noticed a person standing behind me in the bathroom mirror. It appeared to be a young boy with dark hair but I couldn’t make out the face. My dog was right there with me and never made a sound. If there would have been a person in the house he would have alerted me. I never really believed in ghosts but every person I have shown the picture to swears it is!!!
– Kris Morris-Devitte

I live and appraise real estate in the Tampa Bay, Florida market area. Interesting critters abound including all manner of exotic birds and primordial beasts. I had an appraisal assignment for a residential purchase not far from my office. As I measured the dwelling for the sketch, I was asked to hold off a few minutes by the sellers so they could distract the alligator in their pool. Subsequently, they placed a raw chicken at the end of a broom stick and enticed the gator to the far side of the pool while I measured the rear of the house. Evidently, the alligator was purchased at a pet store as a hatchling when it was only about 8″ long. Later, I was told by the loan broker the alligator was removed prior to closing and the pool was cleaned and ready for use by non-gators.
– Bob Edwards

I have been appraising for over 20 years. I guess you can say that I have seen a lot. Some of the worst were dead animals, a dead bird between the window panes, cat and dog poo everywhere, and a unit painted entirely black including the windows with a stripper’s pole in the middle on the floor in the living room. But the worst was a dead body sitting in a chair that was totally decomposed so much that I didn’t realize that it was a body. I thought it was a Halloween decor, because it had on clothing until I found out later that it was a dead body.
– Rosa Howard, SRA, MSA

I asked the homeowner (before I measured) if there were gates in the fence and if they were open, and he said there was only one, but it is “kind of tricky” so he went out there with me to open it
– Tom Williams  

 

 

 

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Five Reasons : Realtors Should Consider Getting an Appraisal

The majority of listings may not require an appraisal, but Realtors® should consider getting one in certain cases. For example, every so often the oddball listing comes along and trying to determine a list price presents a case of “value-block,” where determining an accurate value is proving impossible. There is good news, though: we provide high-quality appraisals in a timely manner, and can offer a variety of appraisal products tailored to your, your clients’, and the property’s needs. Here’s my top five reasons real estate agents should consider a professional appraisal:

1. Seller Bias

This one is probably the most obvious. Typically, sellers are very attached to their property, and even though you’ve presented plenty of market analysis and data on competing properties, the seller still believes their property is superior to all the sales and listings in the neighborhood for one reason or another. This can lead to higher list prices, which can, in turn, have the property on the market for longer than competing properties. Properties that remain on the market for too long can become stigmatized, which can make marketing more difficult for the agents. Appraisers are the only truly neutral, non-biased party to a real estate transaction. Use that to your advantage! Allow the appraiser to provide their analysis and determine the market value for the property, taking the pressure and liability off you.

2. Cash Sale

In a cash sale, an appraisal is not required, but having an appraisal completed during the pre-listing phase of the process may help put a buyer and seller at ease, and eliminate any “surprises.”Further, a deal done without any input from a certified appraiser presents liability concerns. In a cash transaction, with the buyer and seller being represented by their respective individual or mutual agent(s), any liability falls squarely on the agents. Most cash transactions can be overseen by a qualified and ethical agent, however there are occasions when relying on a professional appraisal to determine highest and best use of a property is warranted. The cost of an appraisal, in comparison to the value of a home, is a minimal expense. While an appraisal will not absolve an agent from their ethical responsibilities, it can be a reassurance to both the buyer and seller, and mitigate any potential complaints after closing.

3. Confirm the Gross Living Area

Last month I received a phone call from an agent. He was holding an open house for one of his listings when a neighbor stopped by (looking for home décor ideas). The neighbor informed the agent that tax records showed that the listing and the neighbor’s house were model match homes, but that his home did not have the additional rooms on the second floor. The agent asked that I measure his listing to determine an accurate GLA. The difference between tax records and the actual measurements was almost 800 sq ft. Las Vegas Appraisal Co. offers home measurement services independent of an appraisal. If an appraisal with a full interior inspection is required let the appraiser know you may want to use the sketch in your marketing materials for the listing. A listing with an accurate gross living area could save your buyer or seller thousands of dollars.

4. Unique Property

This is the most common reason we get calls from listing agents: the property is unlike anything in the neighborhood, and the agent cannot determine an accurate listing price. These assignments are always complex in nature and require a specific scope-of-work to determine value accurately. In these cases, you want an experienced, qualified appraiser for the job. Not all residential appraisers are experts in specific type of properties. While I have the education and experience needed to appraise green/high-performance homes,for example, my partner is more suited than I to appraise high-end equestrian properties. Agents are best served by providing the appraiser with as much information as possible, and sometimes even meeting the appraiser during the inspection to answer any questions they may have. Due to their complex nature, be prepared to wait longer than is typical for the appraisal report when dealing with unique properties.

5. Affordability

Most agents think the cost of professional appraisal services are expensive, and that a full interior inspection is necessary for every assignment. However, there are a variety of products available to agents that won’t break the bank. Appraisal assignments can be completed without an inspection. An agent could submit photographs of a property and provide the appraiser with a detailed description of the condition, upgrade features, energy efficiency, or other items that may offer contributory value, or any features that could have a negative impact on marketability/value. These “desktop” assignments are perfect when cost and/or time is a factor. It should be noted that a desktop appraisal may not be suitable in all scenarios. It is up to the appraiser to determine if credible results can be obtained from a desktop assignment.

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Upgrade Features: Are they worth the cost?

As a full-time appraiser, I look at bathrooms practically every day.  From older homes with “all original” décor and upgrade features to newer contemporary designed modern homes.  The styles contrast considerably and it’s easy to see how society has changed over the years simply based on bathroom designs especially when energy efficiency is considered.  My house is of the older variety, relatively speaking as in Las Vegas 1975 is considered “older”, and one of the bathrooms is original to construction.  So this week my wife and I decided it was time for some much need renovation.  What a welcome relief to view real estate wearing my homeowner hat and not my appraiser hat, or so I thought.   We began the process of hiring contractors and getting estimates for the remodel.  It was during this process when I became aware that contractors, much like appraisers, share differing opinions on what constitutes an upgrade and how the market reacts to them.  The upgrade feature, or what I had previously considered an upgrade, was centered around my old spa tub.  I must confess, since we moved into the house 2 years ago, I have only used the spa tub once.  As someone who falls on the above average scale for height and weight, it was just too small, as is every bathtub I’ve sat in since I was 12.

The first contractor giving us a bid for the remodel asked if we wanted to replace it with a new one.  He said there are deeper ones available that could accommodate my height better.  I was intrigued, I asked if he could provide 2 estimates, with and without the spa tub.  The second contractor made no mention of the spa tub, said he would remove it and replace the tub with an oversized shower.  In his words “spa tubs have become obsolete, the larger shower is more practical, energy efficient, and the return on investment would be well worth it.”   For me as a homeowner, the expense is not justified, the difference in adding the cost of the spa vs. oversized shower was $5,000.  However, I began to ponder if I would have the same reaction as an appraiser?

Armed with my new perspective as a homeowner in the process of remodeling, I’ve been making it a point to ask homeowners with spa tubs how often they use it during my appraisal inspections.  The overwhelming response is not often.  In fact, I’ve asked many new home builders in my area if a spa tub is an option buyers can select when purchasing a new home.  Many entry level builders do not offer a spa tub as an option, the costs for the necessary electrical wiring alone is cost prohibitive.  Some higher-end builders do, but it is an option that is rarely selected, as in these markets most buyers will apply the additional cost toward a new pool with outdoor spa.  Therefore, even in a very homogenous new construction market extracting a quantitative spa tub adjustment is not possible.  In the resale market, even comparable properties vary significantly in upgrade features.  Itemizing each feature and extracting a quantitative adjustment is practically impossible due to limited data sources.  Some appraisers, will consider all theupgrade features qualitatively in their final reconciliation.  This has always been my approach unless there is quantifiable data available.  Armed with my appraiser knowledge of the market and my new “homeowner” perspective I am obligated to determine if a spa tub should even be considered qualitatively in future assignments based on specific markets.

So now that my views have changed slightly regarding contributory value for spa tubs, I began to ponder what other features were considered “upgrades” years ago, but have since become obsolete?  Again, every market is different and I’m only sharing my thoughts on my specific market, Las Vegas, Henderson, North Las Vegas, and Boulder City.  With temperatures reaching well over a hundred degrees on a daily basis in the summer months and a winter that last all of 2 months and rarely sees temperatures below freezing, I ask the question is a fireplace really an upgrade in this market?  For the most part gas fireplaces are installed for aesthetics and not practical use.  They are far more efficient was to heat a home.  Wood burning fireplaces have been outlawed in Clark County, only homes built prior to 1990 are grandfathered in and show a legally permitted fireplace.  Fireplaces are still options offered by many new home builders, but the number of buyers that select a fireplace option is probably only around 10-15%.  Now I understand that when dealing with homes at higher altitude in Clark County fireplaces begin to take on more of a practical purpose and, in turn, may offer more contributory value, than at lower altitude.  For purposes of this piece, I am not referring to these properties or larger custom & semi-custom built homes were it may be expected to have a fireplace installed based solely on aesthetics.  I am referring to the typical home in the valley.  Is a gas fireplace, something that buyers must have and therefore, considered even a secondary driver of value?

The reality is there is no way to know for sure; sech market and submarket is different.   However, appraisers would be well served to take off their appraiser hat from time to time and become a homeowner or buyer in their markets.  A different perspective may lead to an opportunity to, at the very least, consider changing the way they have always done things.  Which is healthy to explore from time to time since markets, tastes, decors, and designs are constantly changing.

by, Dan Byrne

All Grown Up

Descending into McCarran International Airport, New York’s real estate delegation will be welcomed by a familiar sight as it arrives in Las Vegas for RECon 2018 this weekend: Lady Liberty standing poised with torch held high.

However, this year, the replica statue stationed in front the New York-New York hotel will sport a slightly different look. A black and gold hockey jersey will cover her billowing robes in honor of the city’s newest attraction, the Las Vegas Golden Knights,…

To continue reading click the link below…

http://rew-online.com/2018/05/16/grown-las-vegas-starting-build-new-image/