Showing posts from 2019

Why I Don't Use A Laser

by Mike Armentrout From personal computing, to the internet, to unlimited mobile apps, technology has revolutionized our lives.  It's hard to imagine how we functioned before the advent of this modern age.  Many of the tools we have at our disposal are nothing short of amazing.  As an appraiser and a business owner, I have always embraced new technologies once they became affordable and reliable.  If something claims to increase productivity and profitability, I am eager to look into it.  From the early days of training, I was never fond of the idea of tape measures since they required significant work or outright assistance.  I instead opted for a small measuring wheel with a retractable handle.  As laser measuring devices came to the market, I eagerly purchased a more basic model to see if this was something that would really benefit my inspections. After several weeks of using it, I started to realize it may not be what I was hoping for.  While there were some uses where

The Elusive C2 Condition Rating

by Mike Armentrout Applying UAD condition ratings has proven to be more subjective than was intended when Fannie Mae introduced the system in 2011.   To be fair, the definitions do offer a fairly complete spectrum of condition options for appraisers to assign.   Like most appraisal matters however, there are endless interpretations of when to apply the various ratings to real properties. One example is the C2 rating.   It is a designation that may be under-represented compared to the routinely cited C1, C3 and C4 ratings.   C2 does have specific identifiers such as “no deferred maintenance” but “little to no physical depreciation” implies some subjectivity.   Even the commentary regarding renovated properties leaves some level of decision making when there are some original components. It might help us to gain clarity by placing the UAD rating system alongside of the economic life analysis.   If a particular property has an estimated economic life of 70 years and is new