I think Brad just completed a BPO for Pine (you're a sneaky devil P).

Making sure I can count on hm when I need him - lol

Everyone must be watching Basketball because I think there might be more considerations to take into account - maybe not - maybe so.

What do you think HB?

My adjustments are as follows...GLA $25 to $50 (depends on location and age), no adjustment for bedroom count, 1/2 hath $4,000, full bath $8,000, garage space $5,000, pool $10,000, pool with spa $15,000, monthly appreciation/depreciation factor, lot adjustment if over 50%, acre adjustment is based on local land values, patio or deck $1,500, fireplace $1,500.

These are the basics I run by. Our MLS and county tax records doesn't give enough information, so I have to generalize.

Rural properties can be fun with barns, irrigation district, fenced, cross fenced, riding arenas, etc....values are then considered "a shot in the dark" for improvements and so stated in my report. I had one last month that was on 6 acres, of which, 4 acres were unuseable (just short of being a cliff). Even with that adjustment, the agent was still $135k under priced.

The numbers I use are based on past appraisals I've seen. I also have a friend that's an appraiser. I take him to lunch once in a while and pick his brain. So far, my numbers appear to be valid.

The difference between the midwest and Cali - besides all the sunshine? Pools have no value here - hot tubs really don't either - but the last one I had listed had a dead squirrel in it - so it did have a good gross out value.

Sucks - like pulling hen's teeth here

So what I see so far indicates that bedroom 6,7,& 8 have the same value as bedroom 1,2, and 3.

Is this really true? Why or why not?

Answer's so far seem to be only partially correct or not fully answered.

What factors help determine values - such as in bedroom adjustments.

After this we can revisit the answers given and see when they might be correct and when they might not be - trust me - it can be either way

I have a new adjustment question.
exterior bpo:
Acreage property. subject has a tennis court built in 1979. I am assuming since the property is in visible good condition that the court had improvements thru the years.Many acreage comps none with a court. How much would you adjust?

Thanks.

Fred:

Does tax records recognize and give an assessed value of the tennis court? That might be a good place to start. That's the only thing I can think of.

Good luck

Kinda like a pool - it is based on the area and if it is something that in a buyer's mind adds value. Pools here - don't really add value - I would think it is the same with a tennis court - Is it a "oh isn't that nice" kinda feature/upgrade or is it something that is gonna make the property sell for more money. Does it come with a tennis pro named Pierre? If so - it adds value for me.
Here we can do an MLS search by picking words in the comments - if you can do that there - search the word tennis - see if anything comes up compare that house to others that are similar in that area and see what the price difference was. I'm gonna make a guess that unless Pierre was part of the deal - its not gonna add that much.

thanks. no tennis pro named Pierre. You've given me something to think about. No, unless a buyer specifically wants a court, it's probably not a plus. It does eat up alot of the acre. The assessed value is 7,000.

I would give it a token value of $5,000 then Pats, and comment that you dervived at that value per assessed value of $7,000. The county is probably overtaxing it like everything else, so I wouldn't want to use full assessed value for the report. GL.

It was in one of those rare communities were sold prices are scattered all over the place. I am sure I will be contacted for clarification. One home sells for 625 another for 450. geez, makes it tough on a exterior bpo with no mls listing history. thanks for your help.

^^ $537.5 ?

Seems like we got the proximity requirement just about a year or so ago ... really don't know why would they think that asking us to comment on why the comps are farther than 1 mile would help them in any way shape or form ... especially when you deal in a suburban area that can go for miles or on an island that is less than 1 mile wide and stretches for 3-5 miles ... I get the feeling that they have not stopped from trying to standardize the bpos or even the appraisals for that matter ...

And why would NABPOP put out a BPO Guildeline Manual ? I certainly don't follow most of that manual's guidelines ... 'cause it's BS in my book !!

And what is this new rule that you are not aloowed to use expired, pending or under contract listings ???

I can see why one would not use expired ... because they are not valid listings anymore ... that is why !! for all of you who may have used expired as listings !!

But can't wrap my head around why would I should not use Pending ... or even Contingent ... especially if I interviewed the listing agent and got sufficient information that would make me determine that it's an almost done deal and all it needs is to close ... and besides I can also get a current price (if the listing or selling agent is nice enough to tell me) and get more details about their marketing tools, traffic, number of offers before getting under contract, percentage of contract price to last asking price, etc.

What is up with that ???

"How f'ng stupid is that????" to quote my broker

It's ironic you posted this tonight. I'm currently working on two orders....both short sales......have the same guidelines as what you just described......by using their comp guidelines one is $45k over value and the other is $85k over value.....DOM averages 300 to 400 days......wonder why these aren't under contract?..........lol. It's pretty apparent what they're trying to create........cows will fly first before these will ever appraise for these bogus values. This is a great way to kill a short sale......The powers to be must think they'll net more if they foreclose...good luck. Now, I have to generate a canned comment to cover my fanny....This is going to be another late night.......I expect QC to get involved on both orders..

Oh ... sorry ... my mistake ... appraisals have standards !!

Have seen many appraisals that have not been done based on those standards first !! No matter what the client's request is an appraisal should follow the USPAP standards first ... you think ?

Have an appraiser in my office who turned down an assignment for a 1900 built improvement in my area (Florida that is ... very few sales or active built in that era arround here) ... and kudos to him !! He just felt that he is not skilled enough for doing that kind of assignment no matter how much they would pay.

How many of us really turn down a bpo on a difficult assignment ? I can bet that not many.

And then you wonder why a 2-3 acre ranch with a lower than average improvement that has at least 8 horse stables, a horse run and pasture gets a bpo price on it like any other one similar in size in the neighborhood within 1 mile which doesn't have all of that and is not running as an equestrian type property :(((

What kind of adjustments would be made for this type of property ? Subject: 1500 sqft on 2 acres with 8 horse stables, horse run, and a pasture, long history of being an equestrian property. Comp next door: 1750 sqft on 2.25 acres, no horse stables, no horse run, large yard which could be used as pasture, no history of being an equestrian type of property.

Watch out ... your answer may be wrong