All Forum Posts by: Bill Fennelly

@Olga Levin

Bill,

Thanks for your input.

Just curious, why would it be illegal? Seems like it could be a tool to fix a lot of variation in this industry?

Olga,

My opinion is that a national standard for adjustments would take the objectivity right out of the appraisal analysis, for example a 2 car garage in Florida somewhere with a $120,000 house would not be worth the same as a two car garage at a house in La Jolla, CA at a property priced at $2,500,000.  Plus, land costs / values and construction costs / materials and labor are dramatically different throughout the country, so a set standard wouldn't apply.

For the sake of argument here, I refer to a term that I use quite a bit which is a "test of reasonableness".  Is it reasonable that a Buyer would pay $20,000 more for a home with a 2 car attached garage vs. the same home with no garage, quite possibly depending on the market area, would a reasonable Buyer pay $50,000 more for that same house with the two car garages, probably not if its the aforementioned $120,000 house in FLA and that same 2 car garage could be built new for $18,000...but in La Jolla, CA that $50,000 could be a deal and an able and willing Buyer would considered the pricing difference more than reasonable.

Hope that helps some, and...just my opinion !

Bill    

As an appraiser I can tell you there is no national database for adjustments, and if there was it would probably be illegal, if you have questions regarding a specific property or say a two car garage vs. a property with no garages, you should call a local appraiser to get their input...just my opinion !

I sold a property last year that had one, they were getting about $185 a month, heavy commercial & industrial neighborhood, on a one way street, in a City just outside of Boston...try Clear Channel, or also try calling commercial brokers or appraisers that may be able to shed some light on it for you...just my opinion !

I would also be concerned of mold...just my opinion !

The reasoning for some is that broker, myself included sometimes, often feel as though they are doing all the work for half the pay, also some feel as though they will need to hold your hand (or a FSBO) through the process since not everyone knows their way through a transaction.

I feel that it is shortsighted for some brokers, I will at least make the call to make sure I will be compensated if we can put something together...however, if you say no dice to my commission, and they are a very good client or family member, I will send them your way anyway, but that's just me...I know lots and lots of agents/brokers that wouldn't give you the time of day and would skip right over your property and never bring it to the attention of their client.

Plus, I also figure if I show your place a few times, and we build a tiny level of trust along the way, you may call me if or when you need a full time professional broker in your corner.

Just my opinion !

Do not close until the property is vacant and cleaned...you don't want someone else's tenants or headaches...just my opinion !

@Sandy Thomashit it on the mark...work your network, referrals will come form people who know and trust you and building a client base to do that for you takes time...selling a $50k house can be more trouble, more time consuming and more aggravating than selling a $500k house so focus on a market and attack it...just my opinion !

She needs to proactive, chase expired listings, cold call, mailers to specific farm areas, work her network...if you are providing her "leads", and she isn't being proactive herself, maybe you should considered a new role for her...just my opinion ! 

Is OR and full disclosure State, like MA, if so the broker would be required to tell you problems that arose from the prior home inspections...clearly it would be wise to have your own, but if you ask the broker directly, he/she may tell you what the issues were...just my opinion !

I'd rather see an update or photos of your project then the lasagna you made for dinner, or a picture of your kids nursery school report card...plus you never know where that next deal is going to come from !