Before & After Real Estate Hurricane Irma / Stigma Damage Appraisals

By
Real Estate Appraiser with Appraiser, Ken Rossman Cert General RZ3504

Before & After Real Estate Environmental Storm/Hurricane Irma and/or Stigma Damage (fuel oil spills. gasoline spills and plumes, trichloroethene [TCE] spills and plumes as well as Storm Damage - Hurricanes, Tropical Storms, Tornados, Windstorms Etc.) Discounts estimated for stigma damage as well as entrepreneurial incentive - Real Estate Only Appraisals - Single Family Residence from $950.00 & Up and Commercial / Industrial from $2,350 & Up.

 

I offer a somewhat short (but still comprehensive) form type report which represents a significant cost savings over traditional narrative and even typical residential form reports, while essentially providing the same level of research, analysis and valuation methodology - presented in a logical, easy to understand format.  It is primarily targeted for non- (mortgage) lender type Real Estate Appraiser Appraisals assignments. This format could ultimately save you quite a bit of money, while providing essentially the same level of usable information necessary to help you make an informed decisions.

My Format is suitable for many, if not most purposes (intended uses): This offer is for storm damaged properties for insurance or Fema etc. purposes. We are a quality orientated  real estate appraisal firm serving Palm Beach County, Florida. extremely experienced in appraising one and two family storm damaged or environmentally impacted  homes. Appraising environmentally stigma damaged and storm damaged Real Estate for Over 25 Years. Accurate, Reliable, Clearly Written Appraisal Reports By a Highly Seasoned Professional Real Estate Appraiser. Fast Turnaround - 7 to10 (working) day average on most one and two family residential real estate appraisals of storm damaged properties (hurricanes, etc.) Environmentally stigma damaged properties take a little longer.

STIGMA COMPONENT OF DAMAGE: Stigma damage is typically the difference between "impacted or contaminated," value and Fair Market Value.  It represents the discount in addition to the cost to completely correct the problem as well as any residual stigma caused by uncertainty of any danger posed to the occupants even though the property has been sufficiently remediated to receive a "clean bill of health".  In this type of situation the property suffers from somewhat restricted salablility except at discount, because a typical purchaser would not pay market value after full disclosure (required by law) and assessment of the potential for health risks posed in the current situation. 

A typical purchaser when contemplating a purchase would be reasonably expected to offer less for an impacted property (environmental contamination or water intrusion and damage) than they would offer for an identical "un-impacted" property.  In addition, the subject presently represents a higher mortgage risk since few lenders would lend against it in its present situation with full disclosure (which the law demands) at the same mortgage interest rate they would offer on an otherwise similar but un-affected property.  They would demand a higher rate to offset the perceived additional risk.  It may also be difficult to obtain insurance with full disclosure for the same reason.  The subject is likely to remain impacted by stigma to some degree for some time. Contaminated and water damaged properties unquestionably have a "stigma" attached to them.  An informed purchaser would be very reluctant to purchase except at discount due to the potential for health risk and the unknown potential length of the contamination (mold etc. behind walls etc.) period. The more uncertainty there is regarding the precise nature of the contamination, the more exaggerated will  be the probable negative effect on impacted properties.                                                                                                                                                                                                                I have previously appraised many impacted properties, many of which were settled with sealed settlements for damages.  In preparation for such assignments I have studied many Appraisal Institute Journal articles and monographs on this subject.  I have had extensive correspondence and/or discussed this phenomenon with numerous other experienced appraisers in several on-line real estate appraisal related E-mail discussion groups.  I have attended the Appraisal Institutes Seminar "Valuation of Damaged Properties/Detrimental Conditions in Real Estate" as well as their seminar "Measuring locational obsolescence due to contamination and/or fear".  Based upon information derived via the foregoing,  it appears that the range of impact to value, attributable to "stigma damage" would run from approximately 5% to in excess of 70% of market value of the property in question.  The specific amount is dependent upon the degree of contamination, the types of contaminants involved, the anticipated length of duration as well as the physical distance separating the contaminated parcel from the waste site if applicable. 

ENTREPRENEURIAL PROFIT/ENTREPRENEURIAL INCENTIVE - That cost in addition to the actual cost of repairs and any ongoing stigma damage, to induce a purchaser to take on the obligation and time commitment of overseeing the necessary repairs as well as additional unforseen repairs that are discovered in the process of repairing the subject property.

FEE SCHEDULE - (one and two family residential) - before and after appraisals insurance or tax related for storm damage includes a direct sales comparison approach (market approach)  $700.00 - single and two family desktop (you provide detailed before and after description of condition, modernization etc. and before and after digital interior and exterior photos, to the extant same are available. You also provide contractors estimates or paid invoices and or FEMA proof of loss statements of the storm related damage). There is a $100.00 surcharge if I have to individually download and label your photos from an online service such as shutterfly etc. You can avoid this surcharge by sending your individually labled photos to me by email. One and two family before and after appraisals with complete inspection start from $950.00. Palm Beach or Broward County, Florida commercial and industrial real estate (before and after storm damage insurance appraisals appraisals from $1,675.00-desktop and $1,950.00 with complete inspection). We accept all major credit cards via PayPal, money orders and business or personal checks.

http://www.eappraiser.ws/

Please Call Us Now Toll Free at 800-491-6380, 561-200-4478 (office)  or 561-254-7771 (cell) for a free initial phone consultation, for more information or to Order An Appraisal Email the address of the impacted property to mailto:ken@eappraiser.ws for an estimate of the cost for your appraisal Ken Rossman's curriculum vitae:  Ken Rossman's curriculum vitae  Ken Rossman's Client Reviews on Yellowpages.com:  http://www.yellowpages.com/nationwide/mip/kenneth-m-rossman-florida-state-certified-appraiser-20007774?lid=246732118

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Kenneth Rossman

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