Having spent the past few years being the Chief Appraiser for a bank that, by the time I left, had acquired seven failed banks from the FDIC during the credit crisis, I started becoming a collector. Of course you can imagine the types of appraisals that had been engaged by the failed banks, but more importantly, I was able to work with some of the best appraisers in our market areas doing new appraisals trying to figure out the crazy real estate deals that these banks had done.
I do pre-foreclosure and home equity work for several clients, and their assignments include some Exterior-From-Street appraisals. Insurance companies and agents request this type of report as well. Recently, I heard from an appraiser who doesn't do "drive-by" Exterior-Only assignments. I understand, as part of managing businesses appraisers make different business decisions related to the nature of the work they will and will not accept. And I'm never about to tell another appraiser what work to accept and what work to avoid.
"Paired Sales are a joke" …So some folks say.
Okay, I agree that paired sales are not the be-all and end-all of adjustments, and that there are other methods for supporting adjustments, but the paired sales method really can be valuable.
Once upon a time there was a young man named Steve. Steve lived in California in his parents' house. He decided he wanted to try his hand at making computers and used his parents' garage as his workshop. The first computers he put out were… well… they weren't very good. Over time, Steve learned that in order sell computers, he had to make a quality product. Long story short, Steve grew up. Steve made good computers. Steve Jobs made a lot of computers. Moral of the story? It is possible to put out a good product in a high volume.
1903 to Present - Part 1
This is the first in a series of articles on property valuation theory and practice from 1903 to the present. Land economics developed as a discipline in the early part of the 20th century because the United States was rapidly urbanizing and homeownership rates and mortgage debt levels were increasing.
Both of my children play soccer, just as my father and I did. And as with any game, you have good games and bad games. But what is a “good game” really? What does it mean to “play well”, and do we mean as a team or as an individual player? If I say I “had a good season”, some folks might assume my team won most of its games, others might think we at least finished off the season strong, and others may even believe that I mean I improved my performance compared to the previous season.
In a recent survey conducted by the Appraisal Institute, the majority of real estate appraisers said they were optimistic about their future and that of the profession.
The 2013 Real Estate Appraisal Outlook found that demand for appraisal services has increased and that local markets were stronger than a year ago. However, while responses were generally positive when it came to overall business, the potential for training new professionals was slightly behind, with less than one-fifth of those surveyed saying they planned to add trainee appraisers to their staff.
I do a lot of traveling. Too much if you ask my wife. I enjoy traveling and seeing new cities, but dealing with airports, rental cars, hotels and the like gets old. Sometimes I travel a long distance, but much of the time my travels are somewhat regional. I am not a huge fan of Vegas, but it seems that I have business there at least 3-4 times per year. Now, the City of Sin is only about 9 driving hours from my home, but I usually fly. Every time I go through the process of getting from here to there on an airplane, I ask myself why I don’t just drive.
I have had the privilege of teaching appraisal classes in over 40% of the states in this country within the last three to four years. In every class I speak unremittingly about my appraiser trainee(s) and how I love my trainee. I usually ask the class if anyone is training appraisers and there are very few who actually are. I am often met with hesitation by the appraiser's in the classes.
As I write this, I am sitting in traffic court waiting for my turn to present my case. They say every story has two sides. I would guess that is why the officer who pulled me over is seated across the room waiting for his turn. I just hope the judge likes my story more than his. We shall see.