Session 10 – Real Estate Appraisal Principles and Procedures

Welcome back to real estate appraisal
principles and procedures, this is your instructor
Matt Boxberger and for week ten, we’ll cover the first part of chapter eight and we’ll
get into the real world practical application of filling out the bulk of your example appraisal
report so the chapter talks about data collection and
reporting and you’ll see in chapter eight, it really is a
review of chapter six and steps in the appraisal
process and so it reviews and emphasizes that you start with identifying the
problem, starting with property rights in
determining scope of work; step three – gather record and
verify the necessary data is where will spend most of the time. And so the
approach I would suggest for you is to go ahead and read through the assigned portions of
chapter eight looking at the examples but that use shortly thereafter starch on the
appraisal report and then can use chapter eight as a reference as well as the other documents
that I posted in our weak eight folder and so the chapter after going through those
initial steps in the appraisal process presents
what they call a data bank and this may be a little bit over key role I would say from a
practical standpoint at praise are may have 456 sources of data that are use regularly but there’s
some special occasions where you may need to make phone calls to some of these,
secondary sources or national sources do to fill
in holes, in your knowledge or what you as keloids and that then leads me to my other
comment that much of the data you will gather
in using your appraisal reports will be a reusable so you may only update the market day that
every the corner or so im us there are some significant
change and similarly once you’ve described to a
neighborhood that boundaries that type of
improvements of homes are there are you may only need to update that cover year or two and
so your first time through an appraisal report for
the first time working in the neighborhood there’s gonna be
quite a bit more time required to build up this foundational knowledge and it to gather the data
you need so without saying you can refer to the list in the
book that starts on page 206 and they shall see
they have 50 potential data sources and 45 am filled in another of the instructors your west
valley Mike Ingalls has accumulated a similar kind of list of web
based police forces and that’s another, link I gave you in the folder for this week you can look
at that would also give you potential sources for information in the
book figure a fairly a labyrinth mapping of those data sources to the kind of information they can
provide an Indian team you a starting point and as you build up your experience in find your list
of array your sources you’ll know where to go to I think that having a lot of options here helps you
understand that you need to make sure your
sources are reliable and you would see that if the same kind of information is reported several
places so you’re you’re confident that you’re not relying on a bias or incomplete
sewers and so with that said then we’ll go ahead and look at D your AR form and the sections that will fill out
we finished the the subject section at the top of
the report and is a say in my instructions for the week for
this exercise we’re assuming that this is a
refinance transaction and so there’s not a purchase contract it needs to be analyzed and
so that second section of page one of the your
AR will be filled out the bowels of the page than is
presenting information in these three areas the
neighborhood data the site data and the building data they call it the improvements which would
include the exterior features injured features if you do that kind of a report
where you go inside a home and then accounting for each appreciation are describing
the the condition of improvements so with that all
conclude the lecture piece from the slides are
presented as a signal want to go through the reading in the book to cover once and then use
that as a resource as we go forward

2 thoughts on “Session 10 – Real Estate Appraisal Principles and Procedures

  1. I found these sessions very interesting. Thank you for placing them on Youtube…

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