Residential Appraisal
Facts are Facts, Right?
Appraisers find from their very first day in training that property information collected from a source that "is deemed reliable" like the county Assessor or from an owner about a property may not be factual. For example a gross building area may be indicated to be 2,100 square feet by the Assessor but when you get to the property you measure it to be 2,200 square feet. Or the Assessor's data may say there are 2 bathrooms when there are in fact 3. Facts are only factual when you confirm the data through a first hand inspection. Continue reading →
Appraising Homes on Tribal Land
My experiences with appraising a single-family residential (SFR) home on an Indian reservation I am sure are not unique, but there were important differences between a typical appraisal and the tribal one. Most important is the fact that the property owner held a leasehold estate and not a fee estate in the real property. The lease indicated that 65 years remained on the leasehold and a provision in the lease indicated that it could be renewed at the end of its term. The SFR building that I appraised was noted to be over 10 years old and with an age-life expectancy of 55 years the building Continue reading →
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