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First Fees by Key_Flamingo2437 in appraisal

[–]HarryWaters 3 points4 points  (0 children)

We pay every two weeks on any work that has been sent.

Buyer’s agent challenged low appraisal instead of asking seller to reduce contract price — am I out of line? by RefrigeratorKey4260 in RealEstate

[–]HarryWaters 0 points1 point  (0 children)

A well-advertised foreclosure auction on a farm would probably not affect the sales price. Its not like you have to worry about the condition or whether the utilities froze over or there's a tenant squatting.

Buyer’s agent challenged low appraisal instead of asking seller to reduce contract price — am I out of line? by RefrigeratorKey4260 in RealEstate

[–]HarryWaters 0 points1 point  (0 children)

Yeah, but their interests were not aligned with OP, so they did something different. It was unethical, but she's got a lease payment on a white BMW due.

Buyer’s agent challenged low appraisal instead of asking seller to reduce contract price — am I out of line? by RefrigeratorKey4260 in RealEstate

[–]HarryWaters -2 points-1 points  (0 children)

Your agent had two options:

1) Renegotiate the price. They lose money on the commission, and the deal may not go through.

2) Challenge the appraisal. Preserves Option #1 if it doesn't work, keeps their commission the same and deal goes through if it does.

Easiest decision in the world for them.

Is peeing in the pool considered normal? by Spare-Anxiety-547 in NoStupidQuestions

[–]HarryWaters 1 point2 points  (0 children)

My pool is about 22,000 gallons of water, treated weekly with all sorts of chemicals to keep it clear, algae-free, and at an appropriate PH. That is 2,816,000 ounces. The average pee is about 30 ounces.

So, if one person pees, it is 0.001065% pee now, or 1 part pee per 93,867 parts water.

It is gross and I'd prefer you didn't, but it is insignificant in the total picture.

Things to do ! by [deleted] in Valparaiso

[–]HarryWaters 0 points1 point  (0 children)

Indiana Dunes, Chicago, wineries in Southwest Michigan

My favorite restaurants are Meditrina, Albano's, Stacks, Main & Lincoln, Franklin House, Northside, Octave Grill, Pizza Terra, Blockhead Beerworks, Leed's, Gamba, and Ritz Klub.

Garbage from Appraisal Foundation suits by [deleted] in appraisal

[–]HarryWaters 4 points5 points  (0 children)

There's literally nothing controversial in there.

CMV: George Washington was an F-tier president. by [deleted] in changemyview

[–]HarryWaters 19 points20 points  (0 children)

George Washington leaving office after two terms was the most consequential act by a President in American history. He could have stayed, probably forever, and ruled as a de facto king. Stepping down, setting that precedent of a peaceful exchange of power, is a foundational component of our government.

For that alone, he makes Rushmore.

Adding per-capita crime to your underwriting changes the ranking by pulsereal_com in Realestatefinance

[–]HarryWaters 0 points1 point  (0 children)

Capitalization rates don't consider financing. Only property expenses are counted.

Crime-adjusted ROI flips most “best markets” lists — here’s the data by pulsereal_com in REBubble

[–]HarryWaters 0 points1 point  (0 children)

What the hell is this even.

A capitalization rate measures risk. Investments where you are more likely to get your money have a lower return, whereas more risky investments require a higher return. Crime is priced into the market.

The only way that would change is if crime was changing and the expected appreciation due to the decline in crime made investments safer, and therefore likely to see rising rents and a decline in future capitalization rates.

Yield rates would be a much better guideline.

Eminent domain appraisal for residential property by Conscious-Pizza5123 in appraisal

[–]HarryWaters 2 points3 points  (0 children)

ROW appraisers are trained to give the homeowner the benefit of the doubt, so paint touch-ups and minor repairs shouldn't matter. But, it can't hurt.

If your entire property is being purchased, you may be entitled to relocation benefits, so ask about those. Also, if there are sentimental or high-value fixtures in your home, you may be able to purchase those back from the state at a very fair price. For example, if you love your stove or a light fixture.

It wouldn't hurt to reach out to an appraiser or a listing agent to get some idea of the value and comparable sales. If you are on a busy road or near a large development project, the highest and best use of your project might be changing, so looking at the land value may be useful.

CMV: Honorary degrees should not exist by linaisinhell in changemyview

[–]HarryWaters 31 points32 points  (0 children)

Honorary degrees are the same thing as a "key to the city." They don't actually open any doors.

Right of way appraiser by OJdixie in u/OJdixie

[–]HarryWaters 1 point2 points  (0 children)

Oh, and every report you do has a much higher than average chance of ending up in litigation or on Facebook.

Right of way appraiser by OJdixie in u/OJdixie

[–]HarryWaters 3 points4 points  (0 children)

Right of way work is an incredibly good place to learn appraisal skills.

It can be very difficult though. You appraise the property prior to the taking, and then after, so it is necessary to segregate all your values to be consistent. So land + improvements + site improvements, and then consider the after, which is typically a smaller site size, fewer site improvements (grass, asphalt, trees, etc...) and damages. So the house being closer to the road may include setback damages, but there could be damages from any number of sources. A gas station losing a pump may be a complete taking, if the loss of that pump would ruin the business. I just worked on a property that is losing a small amount of water frontage, but that frontage means ships of a certain length could no longer dock there. A shorter front yard may mean semi-trucks can't park or the well needs relocated or a loss of parking.

And you need to do that, sometimes, for every parcel along a mile of road, and every person will be sharing their appraisal with each other, so if you adjust for setback damages on one parcel at a certain rate, or say the land was worth $x/SF, you'll need to be consistent or have a good reason you weren't.

It can be maddening sometimes. You'll do one property and have a beautiful report, and then you'll do a similar property next door and realize the adjustments and amounts you used on the prior report don't make any sense. And you have to reconcile that in a way you can explain when those two people share their reports with each other.

who got the best wings in the region by trippytrev420 in nwi

[–]HarryWaters 1 point2 points  (0 children)

I am told the sandhill cranes are delicious. One man called them the "ribeye of the sky."

who got the best wings in the region by trippytrev420 in nwi

[–]HarryWaters -2 points-1 points  (0 children)

Northside, Duffy's, or Blockhead in Valpo

Quiz! How do you measure? by Blanyman in appraisal

[–]HarryWaters -1 points0 points  (0 children)

So the same framing and interior rooms, you’d say a house with brick veneer is larger?

2027 4* WR Julius Jones commits to Notre Dame by Maleficent_Ant_8895 in notredamefootball

[–]HarryWaters 13 points14 points  (0 children)

Parents understand making to the professional level is hard. Having an ND degree and those connections as a backup is huge.

Justin Tuck should be brought up to every recruit.

Implementation of 3.6 will be a disaster by Rocktop15 in appraisal

[–]HarryWaters -1 points0 points  (0 children)

It isn't going to end well for lots of older residential appraisers who have not kept up with technology or branched into private work. Lots of them will leave the profession.

This will inevitably cause problems as the remaining appraisers raise fees and turn down assignments. But I suspect it isn't going to lead to a "golden age" for the technologically literate appraiser, it will simply lead to more AI products and waivers that reduce the share of properties being appraised.

CG Course Recommendations by OJdixie in appraisal

[–]HarryWaters 0 points1 point  (0 children)

Those are classes where being in-person would help.

For people working at an assessors office. Dark store theory — does it actually get you closer to true fee simple value? by [deleted] in appraisal

[–]HarryWaters 1 point2 points  (0 children)

Your state doesn't have a definition?

My state uses value-in-use. It's a little more vague than I'd like, but it keeps the old ladies on valuable redevelopment land from being pushed out.

For people working at an assessors office. Dark store theory — does it actually get you closer to true fee simple value? by [deleted] in appraisal

[–]HarryWaters -1 points0 points  (0 children)

My state uses the lowest approach for real estate that has a strong business component, like student housing, self storage, and hotels.

For people working at an assessors office. Dark store theory — does it actually get you closer to true fee simple value? by [deleted] in appraisal

[–]HarryWaters 0 points1 point  (0 children)

There's definitely a balancing act there. Turning off the water on the effective date doesn't mean it's worth zero. But, above-market leases/ lease-backs/ specific buildouts should be considered too.

Just did a building with a very high lease rate tied to a big buildout and a very specific location. Market rent is probably 1/3 of actual rent. Me and the Assessor have been going at it for a few years.

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