View Full Version : Real Estate Appraisal

26th April 09, 03:47 PM

I have a cousin who is a realtor.

She's got me thinking about real estate appraisal as a job.

It's a bit of a process to get a license, but it seems like...well...a total fucking racket.

Anybody here have experience with this? On the receiving end of the racket or from within?

26th April 09, 04:21 PM
Is appraisal the same as what we call surveying in the UK?

A Surveyor doesn't just use give an assesment of what the market value of a property is based on commercial knowledge, they also are qualified for checking for structural problems, dampness, rot and infestation. Is that what you're looking at?

When you buy a house in the UK, you usually engage a surveyor, and they offer a range of survey types, depending on the detail you want. People usually go for a detailed structural checkup if they're buying something more than 50-100 years old. My house was built in the 1930s, so I got a detailed one and they were accurate on the structural stuff, but missed some cosmetic stuff which I think should've taken the valuation down, but not really stuff worth suing over.

If you're looking at doing that kind of work, it sounds like the sort of thing that will get you sued hard if you fuck up by missing some dry rot or a crack in a load-bearing beam.

26th April 09, 04:23 PM
I have an uncle who is a real estate appraisor. For him it was a job he took in his 50s after he'd retired from his own business quite wealthy. And yes, it was a total fucking racket.

I've had 2 real estate appraisals done on properties I've owned. Each time they said, after some token looking around, "what do you think it's worth?" I named a figure. Each time the appraisal came back exactly at that figure.

26th April 09, 04:43 PM
They do that in the UK at the cheapest level, unless you to pay them to take legal responsibility to look for structural defects and they find some, I've never known them to disagree with the sale price offered by the estate agent.

One thing I should note that I think is different in the UK than the US, here when you're buying a house you don't really hire a real estate agent to represent and negotiate for you, it's just the buyer dealing directly with the agent the seller has hired to sell it for them.

26th April 09, 06:12 PM
In California, appraisal != inspector. Both are rackets, but the appraiser works for the loan company, while the inspector works for the buyer or seller (the buyer has to get an inspection, but sometimes the buyer gets their own done.

I think appraisal is a decently well paying racket, but not spectacular.

26th April 09, 06:37 PM

I recall during the real estate boom in Sydney a few years ago, There was a proliferation of young real estate agents who had no fucking clue driving around with their designer sunglasses in their new 4-WDs'. They had little idea as to even some of the basics of property valuation and were setting ludicrous house prices (I had questioned a few of them and they were clueless). Of course the stupidity of the buyers with the then new government first home owners grant only fanned the flames higher and in recent years we see the fallout from this (many new home owners defaulting on mortgage repayments, banks repossessing homes etc.).

Johnny - I'm not sure in the current economic climate how well you'd do as a newcomer but good luck anyway.

26th April 09, 11:25 PM
Well, in my state it takes long enough to get that I figure things will be on the way up, and the way it works is the credentials are additional instruction on top of any degree, so all I really have to do is finish college, take the trainee course, and then I sort of have a backup career.

26th April 09, 11:35 PM
Uh any appraiser who asks the homeowner what the house is worth is an idiot.

This is what a real appraiser does:

27th April 09, 01:08 AM
Appraisers are only slightly above used car salesmen in terms of weaselness (weaselocity?)

27th April 09, 01:12 AM
The one appraiser that I know is nothing like that, in fact, he won some kind of award for having one of the best ever scores for accuracy.

27th April 09, 05:23 AM
I have no doubt there are good appraisers around. I think I may even have met one once. I also have no doubt that unscrupulous and lazy appraisers are major contributors to toxic property booms.

As a general rule the answer to the question "what is a property worth?" is "whatever the stupidest/most desperate buyer is willing to pay for it."

27th April 09, 12:46 PM
Appraisers are only slightly above used car salesmen in terms of weaselness (weaselocity?)

I don't give a fuck. I need money. My alternatives are "Bounty Hunter" and "meth dealer"

Spade: The Real Snake
27th April 09, 01:04 PM
If you can cultivate a reputation for being fast and fair and accurate all the way around, you should do well.

It is essentially just basic mathematics.

27th April 09, 01:11 PM
There is nothing personally weasely about the job. It's a bit of a racket how various incidental costs get added onto every real estate transaction, including appraisals, but the job itself is pretty straightforward. Look up comps, do math, profit.

27th April 09, 01:13 PM
I don't give a fuck. I need money. My alternatives are "Bounty Hunter" and "meth dealer"


I dont know how it works where you are but generally I have to do some house valuation for the work that I do, any many people ask me do inspect or appraise a property before they buy it informally.

This is how you can value a house accurately (if thats what you want to do).

1)Learn to estimate the cost of construction of the house. I do this partially every time I bid.
2) Find the value of the land its on.
3) Factor in the likelyhood of an increase in the desirability of the locale over time.
4) Deduct the cost of any pending work.

Violla. You'll be on within 5%


27th April 09, 06:19 PM
Johnny wants a paycheck, not a job as a speculator.

27th April 09, 07:22 PM
I don't give a fuck. I need money. My alternatives are "Bounty Hunter" and "meth dealer"

A big guy like you might make a living as a bounty hunter you know. A good living. A living that a certain kind of fucking messed up but hot stripper might like.

Secondly, have you considered making money by donating sperm?

Thirdly, have you considered dealing pot that you grow at home ? less risky as I understand it.

Fourthly, why not join the Army ?

27th April 09, 07:23 PM
or be a cop. or a sheriff's deputy. or a state trooper. or a drummer.

? yes? no? why not?

27th April 09, 08:08 PM
Drummer. Pssht. Get real.

Spade: The Real Snake
28th April 09, 08:25 AM
What is the Medical Experiments scene like in Wyoming? Any good drug labs where you might sell your services?