March 30, 2011 - Appraisal Pictures

They say a picture is worth a 1000 words. This is true for appraisals also. I had a conversation with a client the other day. She was telling me about an appraisal she received and how bad the pictures were in the report.

My first thought to myself was, “the appraiser inspected the property, he saw everything, does it matter how good the pictures are?” After a second, I said “yes”. An appraisal is a report, and someone, in some other location who has never been to that house and does not know the neighborhood, is going to rely on your report. They are going to look at the pictures in your report, so why not take the best pictures you can? I am not talking about learning to be a professional Architectural Photographer, just know how to take a good picture that accurately represents the home, room or condition.

Here are a few tips:

1. Know the direction of light. Try not to shoot into the light.
2. Use a wide angle or fisheye lens. How hard is it to get those interior photos, a wide angle lens can capture an entire room.
3. Depth, try and get as much of the yard, house and pool as possible. Step back, but be careful of those “yard bombs”.
4. Try and center what you are taking a picture of.

Let me know what you think?

If you have any appraisal needs or referrals, please call me at 562-673-1138

March 10, 2011 - External Factors that influence perception and values.

I was up in the Mid-City area of Los Angeles today doing an appraisal. The subject house was located close off a major east west street. I pulled a few comps from different neighborhoods. I knew the range was different but I wanted to see the other areas that had higher values. Once I got to the other neighborhood, it was quiclky obvoius that the homes here are of higher value. The homes had curb appeal, all nicely landscaped and maintained. But what really let me know when I was in a higher priced area was the street. All the streets were recently repaved and or slurry sealed. This had me stop and think about how something out of the homeowners control can possibly influence the perception of buyers and how this might contribute to higher values in the long run.

What do you think?

If you need have and real estate appraisal needs in the greater Los Angeles and Long Beach Area, contact me at 562-673-1138, www.wallaceres.com

December 13, 2010 - APPRAISERS THAT TYPE IN ALL CAPITALS…

By Craig Wallace – Long Beach Appraiser

I have been doing a bunch of Enhanced Desk Reviews for Bank of America lately. I enjoy doing these, because it gives me the opportunity to see what my peers are doing. I find things that other appraiser might do that I can use in my reports and things not to use or do. For the most part they have all been very competent reports with the exception of one.
However, the one thing that I run across that really bugs me the most, is when appraisers TYPE REPORTS IN ALL CAPITAL LETTERS! I understand that they want the information they are typing to “stand out” from the rest of the report. But it makes it really difficult to read. Is this really necessary?

A reviewer and underwriter know what they are supposed to be reading and where it is in the report.

So please no more TYPING REPORTS IN ALL CAPS

December 8, 2010 - Appraising Real Estate in Long Beach

Appraising Real Estate in Long Beach

By Craig Wallace, Long Beach Appraiser

Long Beach can be a difficult city to appraise in for a non-local appraiser there are many factors that contribute to the complexity that an appraiser must consider to perform and accurate appraisal. Long Beach is the 38th largest city in the United States, and the sixth largest in California, with a land area of approximately 50 square miles. That’s Big!
Zoning – Long Beach has a large mix of zoning that changes rapidly in residential areas. Some home have “granny flats” or additional units that were legal when built, but now the zoning has changed.

Location – Values can change by crossing a street. This can change the school district. Then there is the proximity to the beach for some locations. This can change in an area like Belmont Shore. Is the property located on the beach side of 2nd street or the other side?
In other parts of the city you must consider the flight path and airport noise, or location to freeways. Is the property located across from a park, is this a high use park and are there parking issues. Is the property located in or near the Port or a commercial center?

There are area that are less complex, those are usually areas made up of “post war 1940’s to 1950’s tract Homes.

Neighborhood – Long Beach has 52 Neighborhoods, each are unique and require the appraiser to have an understanding of each of them and how they can effect comparable selection. Here is the list of the 52:
• 4th Street Corridor
• Alamitos Beach
• Alamitos Heights
• Arlington
• Artcraft Manor
• Belmont Heights
• Belmont Park
• Belmont Shore
• Bixby Knolls
• Bixby Village
• Bluff Heights
• Bluff Park
• Broadway Corridor
• California Heights
• Carroll Park
• Central Area
• Craftsman Village
• Downtown Long Beach
• Drake Park
• East Village
• Eastside
• El Dorado Park
• El Dorado Park Estates
• El Dorado South
• Hellman
• Imperial Estates
• Lakewood Village
• Cambodia Town (Little Phnom Penh)
• Long Beach Marina
• Los Altos
• Los Cerritos – Virginia Country Club
• Memorial Height
• Naples
• North Long Beach
• Park Estates,[13]
• Peninsula
• Ranchos
• Rose Park
• Shoreline Village
• South of Conant
• Stearns Park
• Saint Mary’s
• Sunrise
• Terminal Island
• Traffic Circle
• University Park Estates
• Poly High
• West Long Beach
• Willmore City
• Wrigley North and South
• Wrigley Heights
• Zaferia

Historic Preservation Zones – Long Beach has 17 designated zones.
Perhaps a future post will include photos, video and history of each of the neighborhoods and Historic Zones.

When you need a local appraiser that knows Long Beach, call Craig at Wallace Real Estate Services.

December 2, 2010 - Pre-FHA Appraisal Inspections

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