All Forum Posts by: Phillip Dwyer

Good stuff here from Bill and JScott. I want to be clear on the question I posted earlier. You'll see it asks about presenting all offers to the seller not the bank. If an agent holds back offers from the seller so they can profit, that's a huge no no.

Aren't you required to present all offers to your seller client?

Josh,

Sounds like you hired a lemon the first time around. That said, any appraiser you hire for your own purposes should be asking you the following questions:
1). What is the intended use of the appraisal?
2). Who are the intended users?
3). What interests are to be appraised (fee simple, leasehold, etc)
4). What type of value and what definition?
5). What effective date?

The appraiser is required to analyze any current listing, offer, or agreement in order to comply with USPAP. If you call an appraiser and she or he doesn't ask you these types of questions, move on.

Jeremy statistical analysis is used in appraisals quite often now. Typically large data samples are used in regression analysis. However, like someone mentioned before, garage in is garbage out. Unless this data is combed through to check for errors and such, it can be quite misleading. Larger data sets typically produce better results than trying to extrapolate from only 3 data points. Regression, AVM's, and other automated tools do not work in environments with little data and especially with little data that is not similar. Take a look at Zillow in your area and tell me how the results turn out.

Is your house over-improved for the area?

Brian makes a good point. You should be networking regardless. Real estate is a business of relationship building.

I could be wrong here, but it may refer to the location of the zip code in relation to the inner core of a metro area.

Matt,

Take a look at the question Jon asked. It sounds to me that this is not a cash transaction, because you are borrowing the funds. Did you write the offer as a cash transaction or contingent upon obtaining your private financing?

Hello Brandon.
I know a few people in the multifamily management game. Keep me posted on your success.

Are you flipping, renting, or wholesaling? What's your definition of a good school district or area? Have you interviewed local agents, title companies, trades?