Real Estate Appraisal Reports: Analysis and Review


Course Date: February 15, 2018

Total: 5h 13min

Welcome and Introduction

Steven G. Coull, IFAS, DAC, Certified Appraisal Reviewer — Strategic International Appraisement Services Ltd., Parksville
John A. Hossack — John A. Hossack & Associates, Parksville

What Do Appraisers Do

  • appraisal
  • appraisal report

Steven G. Coull, IFAS, DAC, Certified Appraisal Reviewer — Strategic International Appraisement Services Ltd., Parksville

Sample Appraisal Report 

  • the quick check system
  • the big flaws in most appraisal reports

Steven G. Coull, IFAS, DAC, Certified Appraisal Reviewer — Strategic International Appraisement Services Ltd., Parksville

Appraisal in General  

  • why do the lenders need appraisals
  • what is an appraiser
  • what appraiser credentials and designations mean, the big myth
  • appraiser professional standards
  • what is a review appraiser
  • what is appraiser negligence
  • when do you need a review appraiser
  • relation of appraisal review to the legal profession
  • the interaction of appraisers and lawyers

John A. Hossack — John A. Hossack & Associates, Parksville

Final Value v. How the Appraiser Actually Got There

  • California judgment

Steven G. Coull, IFAS, DAC, Certified Appraisal Reviewer — Strategic International Appraisement Services Ltd., Parksville

Effective Age

  • the most important ingredient in valuation

Steven G. Coull, IFAS, DAC, Certified Appraisal Reviewer — Strategic International Appraisement Services Ltd., Parksville

Typical Life Expectancy

  • using the chart

Steven G. Coull, IFAS, DAC, Certified Appraisal Reviewer — Strategic International Appraisement Services Ltd., Parksville

Break

Cost Approach Mechanics

  • how to quickly review the cost approach section of any appraisal report
  • what goes where
  • land valuation

Steven G. Coull, IFAS, DAC, Certified Appraisal Reviewer — Strategic International Appraisement Services Ltd., Parksville

Basic Rules When Dealing With Appraisals 

  • when to hire a review appraiser
  • get the appraiser’s credentials, education, experience
  • have all appraisal reports reviewed
  • separate the reviewer and the appraiser
  • the appraiser is the advocate of their report only
  • preparing your case with input from the review appraiser
  • when you need a retro appraisal
  • subsequent sale of a foreclosed property and the listing description

Steven G. Coull, IFAS, DAC, Certified Appraisal Reviewer — Strategic International Appraisement Services Ltd., Parksville
John A. Hossack — John A. Hossack & Associates, Parksville

Networking Lunch 

Litigation Involving Appraisals and Appraisers

  • appraisal report format, form type or narrative
  • affidavits and other documentation
  • highest and best use analysis
  • choice of comparables
  • quality of adjustments, empirical v. judgment based

James D. Fraser — Lawson Lundell LLP, Vancouver

Sales Comparison Approach Mechanics

  • market abstraction and how it works
  • dissection of appraisal reports using simple market abstraction
  • identifying appraisal fraud

Steven G. Coull, IFAS, DAC, Certified Appraisal Reviewer — Strategic International Appraisement Services Ltd., Parksville

Break

Residential Appraisal Reports: Reviewing Case Studies 

  • condo appraisal report reviewing case study
  • the quick way to value condos

Steven G. Coull, IFAS, DAC, Certified Appraisal Reviewer — Strategic International Appraisement Services Ltd., Parksville
John A. Hossack — John A. Hossack & Associates, Parksville

Reviewing Commercial or Income Approach Appraisal Reports

Steven G. Coull, IFAS, DAC, Certified Appraisal Reviewer — Strategic International Appraisement Services Ltd., Parksville

Closing Questions and Comments