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Picture of the Week: What's Missing? - 09/30/11 04:44 PM
This is a kitchen of a duplex I recently appraised; can you tell me what’s wrong with this picture? Hint: every kitchen should have one.
Yes-believe it or not this rental unit has no kitchen sink. This is also a sale, so I’m not sure why anyone would think that this wouldn’t be an appraisal issue. By not addressing this before having the appraisal done only creates suspicion as to what else might be wrong with the property. If you ever have a situation like this and your wondering what to do, please call me! … (65 comments)
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Nice Doggy, Nice Doggy! - 09/29/11 09:30 PM
Yesterday was a pretty hectic day, not to mention I got the scare of my life. When I showed up for my appraisal appointment, the renter poked her head out the window and asked who I was. I explained that I was here to do the inspection for the sale of the property, which she replied, “No problem, just do your thing and holler when you’re ready to come in.” I started measuring the duplex, turned the corner and that's when I came face to face with “Fido.” Apparently she forgot about the guard dog in the backyard. … (2 comments)
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Would You Drink Water From This? - 09/27/11 09:05 PM
I always like to tell myself that I’ve seen just about everything, and then I seem to run across something like this. This is shallow sand point well that services the homes water supply. The water test may indicate that everything is ok, but would you want this type of water supply in your house?
FHA Guidelines:
· FHA doesn’t automatically require that the water to be tested unless there is a safety concern, which this most certainly is.
· If private wells are not within a hardened casing of at least 50’ deep, they … (9 comments)
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Shared Driveways and FHA Appraisals - 09/25/11 05:25 PM
Something as simple as a shared driveway can turn-out to be a huge challenge. One of the things appraisers are required to check for when doing an FHA appraisal is for any adverse easements and/or encroachments. For this appraisal the subject property is situated on a site that was divided off from a relative, which they built their new home on. It’s usually these types of situations that a proper easement wasn’t put in place.
FHA States:
Private streets and shared driveways must be protected by permanent recorded easements or be owned and maintained by a Home Owners Association (HOA).
… (4 comments)
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What's Wrong With This Picture? - 09/24/11 09:33 AM
If you were doing an appraisal inspection for this home, and just did cursory view of the utility room, you wouldn't of probably of noticed a few things. The big question is, why is there newer block walls in a 1940's built home? The reason is because the original foundation wall was caving in, and this was most likely done to prevent any further damage. So why did it happen in the first place? Most likely water, they also added drain tiling and a sump pump to this room, to help alleviate the water penetration.
This … (3 comments)
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Picture of the Week - 09/23/11 09:14 AM
Being a real estate appraiser does have some hazards. Spiders don’t’ necessarily bother me, so when the homeowner told me she hadn’t been in her basement for a few years and there might be a few spider webs, I didn’t think much of it. She wasn’t kidding, this was something out of a horror movie.
By the time I finished my inspection of the basement I had spider webs in my hair, all over my shirt and pants, on my clip board….good thing had a belt on. I felt like I had spiders on … (7 comments)
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Demystifying the Appraisal Process - 09/21/11 08:37 AM
I recently wrote on my appraisal blog the 21 things that appraisers look for when doing an appraisal. My goal was trying to help the public understand the appraisal process, more importantly what it is that we do. One of the hardest things for me is when I’m given specific instructions by the lender not to discuss anything with the borrower about the appraisal being done on their home, and the homeowner is sitting there asking me one question after another. I feel like the biggest jerk when I have to tell them, “I’m sorry the lender won’t let me … (6 comments)
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Creating Credible Appraisal Reports - 09/14/11 11:11 AM
Creating credible appraisal reports sounds like basic good business sense. However, given the amount regulatory guidelines that appraisers have to follow, some appraisers are foregoing completing credible reports in favor of speed.
The MN Commerce department doesn’t typically go after appraisers because of their opinion of value, they concentrate on how the appraisal was completed. Click here to see a sample of complaints against appraisers.
The bottom line is creating a credible report needs to be job one!
If you have any questions, or real estate appraisal needs (divorce, bankruptcy, tax appeal, or estate planning) please … (2 comments)
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Michael S. Bolton-MN Appraiser
Zimmerman,
MN
More about me…
Michael S. Bolton,Inc.
Office Phone: (612) 599-2581
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