bjbjs How to get an appraisal in a rising
market Todd: Hello. Welcome to Todd Miller TV joined here today with Mark Gonzales who
Signature Appraisals here in Las Vegas. Thanks for being on the show today. Mark: Thank you.
Todd: OK. So, we re in a hot market in Vegas. You re probably aware of that. Mark: Yes.
Todd: OK. Getting a lot of offers on the properties and sometimes they re cash and sometimes they
re financing. Of course you know when it s financing, appraisal has to be done pretty
much all the time, right? Mark: Correct. Todd: OK. So how does here s a scenario. There was
a sale six months ago and it was a $100,000. In the same subdivision [indiscernible] [0:00:35]
two months later, there was one for $105,000. Two months later, another [indiscernible]
in the same subdivision for $110,000. Now two months later, we ve got a property under
contract for $115,000. So we just went $100,000, $105,000, $110,000, $115,000. How would you
appraise that knowing that two months ago the last sale was only at $110,000? How do
we bridge that gap so this person that s getting a loan can get the house? Mark: That would
be called a time adjustment. We make a time adjustment if we can support that the market
is increasing. You can use time adjustments for decreasing market as well. And then once
you support that value with documentation, we can make, as I said, the time adjustment
for the extra additional $5,000. Todd: OK. Are you given are there like any standard
limits you can use for percent increase or for time or whatever? Mark: Not necessarily.
It just needs to be supported. Todd: So if you can prove that every month every two months,
it increased five grand that this is kind of in line? Mark: Right. And we also look
at current listings and we usually generally called the realtors at our listing and discuss
what, maybe they have their properties under contract for. Todd: Do they ever tell you?
Because I call them all time and they re like, I am not telling. You will find out when we
close. That s what they tell me. Mark: I generally find they tend to open to up to appraisers
a little bit more than other realtors. Todd: OK. Mark: And they usually don t have a problem
talking about it with us. Todd: OK. Because they call me and I tell them. When they say
appraiser and I verified who they are, I don t have a problem letting them know just because
they are trying to get their work done and everything. But like another agent, I m not
going to tell him. Because then the seller, they maybe the person writing the offer next
time with their person. Mark: Exactly. Todd: OK. So with you said listings, using listings,
how do you deal right now in this market when you have the short sale listings? And we ll
use that same scenario, a $100,000, $105,000, $110,000, $115,000, right? But then you see
this $95,000 short sale listings that eight months ago were listed. They were in under
contract status. How do you deal with that, with the short sale listing that s really
old and really low, artificially low value? Mark: Well, you have to understand what a
short sale is and what the typical buyer is going to have to spend a lot more time waiting
to move into that property. Todd: OK. Mark: And so, they generally tend to be lower sales,
lower listing. And that s the benefit of waiting for that sale to close, a short sale to close,
is that you re going to get a lower price. Todd: OK. Does that hurt the do you think
that hurts the values that all of a sudden the short sale closed at $95,000 and somebody
else is maybe paying $115,000? Mark: No. As an appraiser, you want to generally look at
the entire market, not just one sale. Todd: OK. Mark: So you look at maybe some of the
areas [Phonetic] [0:03:50]. Another thing that you look at is if the sale on the property
is a [indiscernible] transaction. Maybe they had purchased a property and renovated it.
Todd: OK. Mark: And modernized it, new rugs, new landscaping, new appliances. That could
be in itself an entirely different market. Todd: OK. Mark: And so, you take that into
consideration. Todd: With that being said for renovations, you could just basically
go in the house and take pictures. You know what they look like on the inside. Mark: Right.
Todd: How much let s say, you see granite and stainless steel appliances and really
like hardwood floors and stuff that s really nice compared to what the neighborhood typically
you look at MLS pictures and see what other houses look like, right? How do you deal with
that as far as making adjustments? Mark: Well, first of all, we re going to look for other
properties in similar condition, maybe it s an older neighborhood and people are revitalizing
that area. And the market is willing to pay for that. So if we can demonstrate that with
other sales, then absolutely, it s a secondary market that s looking for that in that neighborhood.
And we appraise it with other similar properties. Todd: OK, very good. You ve done thousands
of appraisals. Mark: Correct. Todd: People can, they may not realize this but they can
just call you and hire you to do an appraisal. Mark: Right. Todd: OK. That s typically what,
300 bucks or so, 350? Mark: Right. Todd: OK. How do they get in touch with you if they
want to hire you? Mark: They can reach me at 702-278-8840 and that s my direct number.
They can reach me seven days a week. Todd: Awesome. OK. Thanks a lot. Mark: Thank you
Todd. Todd: So, that s my update for today and hope to see you on another video. Thanks.
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