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Name:	F1Fan -	Reply
Subject:	Recommended Appraiser?
Date:	7/11/2008 7:42:09 AM

There was a discussion about this 4 years ago, but I'm interested in any current recommendations you folks have for a property appraiser to use, or any that I should consider passing over.

I need an appraisal on a cabin on the Dadeville side of the lake, off of Highway 34. I'd like to have someone who can give me a realistic and supportable value rather than a "drive-by" $3,000 per frontage foot, etc. It's a deeded lot with an APCO early 60's block cabin on it. It's in good shape, but it's still an old, basic cabin. This makes comparables somewhat "challenging" from what I've seen and I need to get a feel for value of the underlying lot as well as the improved property.

Any recommendations welcome and appreciated. BTW, no need to post offers to list/sell/buy the place or to e-mail me with those - it's not going anywhere. Heck, I don't even plan to contest property taxes with this, just need a good solid valuation!

TIA

Name:	Kizma Anuice -	Reply
Subject:	Recommended Appraiser?
Date:	7/11/2008 10:34:05 AM

In most areas of the lake the lot would be worth more if it did not have that structure on it.

Name:	Harborcon -	Reply
Subject:	Recommended Appraiser?
Date:	7/11/2008 10:44:34 AM

Yep; that's what the appraiser told me - both times. Said the lot would be worth $50k more without the cabin on it. But if it's not for sale, I don't guess it really matters.

Name:	AC KT -	Reply
Subject:	Recommended Appraiser?
Date:	7/11/2008 11:58:20 AM

Kenny Riley - 256-234-2131
Skip Lowery - 256-749-1972
Will Dean - 256-496-2552

All are located in Alexander City.

Name:	SandyCreekman -	Reply
Subject:	Recommended Appraiser?
Date:	7/11/2008 1:03:53 PM

usually better to do yourslelf based on comps or get a realtor or two who knows the market to give you idea. Once an apraiser looks it over and puts in writing, that can cause issues down the road if you get a very favorable offer. Could be harder later to support the price you get.

Name:	F1Fan -	Reply
Subject:	Recommended Appraiser?
Date:	7/11/2008 1:25:50 PM

Thanks for the advice Sandy, but this is for an estate valuation and I need something that could stand up to potential IRS scrutiny down the road. I don't think a realtor's opinion or my own estimate is my safest bet. I'd rather not go with the original acquistion price from 1967 either.....

Name:	Swimmer27 -	Reply
Subject:	Recommended Appraiser?
Date:	7/11/2008 2:28:09 PM

I would make sure that whoever I used included a statement regarding 'highest and best use'. What I mean is that an apraisal should always be based on this and if it as you stated, it very well could be worth more without the 'cabin'. On an high value lot the old cabin may be more of a liabillity than an asset because any 'reasonable' buyer would be expected to improve the lot and the older cabin has costs associated with removal. Of course this depends on where it is and what the neighborhood has done. If it is surrounded by old cabins it may not apply, but if the neighborhood has seen regentrification it could very well be the case. Highest and best use is the same principle that comes into play when property is rezoned commercial. Commercial property is typically more valuable so any appraisal after the rezoning would be done as commercial property as opposed to residential, it's "highest and best use".

Also I would want as high an appraisal as possible so as to lower any capital gains taxes that may come into play later in life because the value now becomes the basis for later capital gains taxes if you are recieving the property through an estate. You may already know these things. If so no harm, if not it may help you make informed decisions. Best advice I can give is be careful, there are some good and some horrible appraisers working in the area. I have dealt with both.

Name:	roswellric -	Reply
Subject:	Here's one
Date:	7/11/2008 3:13:57 PM

Lives on the lake in your area too :

Dennis Price 334-728-0576

Name:	FanofLakeMartin -	Reply
Subject:	Recommended Appraiser?
Date:	7/12/2008 9:17:33 PM

http://reab.state.al.us/appraisers/searchform.asp

From the link you can search for appraisers by name or county.

Name:	Spot Remover -	Reply
Subject:	Recommended Appraiser?
Date:	7/14/2008 11:16:39 AM

Remember one thing, an appraisal is based upon the market value. So no matter what the structure is that is located on the property, it is what it is. And that the structure could very possibly have a negative impact on the market value of the parcel. (cost to remove) Normally, other improvements, such as a seawall, dock, etc. will more than likely offset the cost to remove the residence.
The value, as already stated, should be based upon the highest and best use of the property. I've seen very few of the parcels with cabins on them, appraise for anything but the actual value of the site.
A contingency in the market approach to value might be to get 2 appraisals done, with one vacant of any residence, and one with a similar structure.
I definitely would not attempt to evaluate the property myself, in that it could be questioned as to the qualifications of the person performing the appraisal. Your market value, unless you are a licensed appraiser, would amount to little in any future proceedings.
No matter how close you come to the actual value, you would be considered to have a "vested interest" in the value, and constitute a direct violation of USPAP requirements. The USPAP requirements are directly associated with the reliability of any appraised value, and "non arms length" evaluations would be shot down very quickly.

Name:	LakeAppraiser -	Reply
Subject:	Recommended Appraiser?
Date:	7/16/2008 6:02:58 PM

I am a life long resident of the Dadeville area and an appraiser who would be glad to do an appraisal for you. Jennifer O. Petty, AL R00843, Real Property Appraisals, LLC. I can be reached at 256-825-6040 or by email at jpetty70@bellsouth.net.

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