Pre-Flood Appraisals Deadline Extended

From: DaveBiancuzzo@aol.com
Sent: Monday, August 18, 2008 12:40 PM
Subject: Fwd: Pre-flood Appraisals
Bob and all,

I had sent this e-mail regarding pre-flood appraisals, ans asked if it could be posted to the website. It seems as though it might have gotten lost in transit somehow, as MRS said they had very few requests, and someone else asked me for the information this weekend.

Because of the miscommunication, MRS will add another week to the deadline, given the apparant miscommunication, making the new deadline Friday, 8/22.

I am copying everybody on this, in case I am ending up in Bob's spam filter. Sorry for the miscommunication, and I hope some people find this helpful.

Dave BiancuzzoColdwell Banker Real Estate Professionals70 Sturgis Corner DriveIowa City, IA 52246319-887-7239 direct319-631-4232 mobile319-351-6889 faxdavebiancuzzo@aol.com(Licensed in Iowa)

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As requested at one of our previous meetings, I have contacted a local appraisal firm, MRS appraisals, to set up a possible group discount for PVT residents for pre-flood appraisals. MRS has agreed to a discouted rate of $275 per report for pre-flood valuations. If people are concerned that the City's formula for valuation (assessed value, plus 12%) undervalues their property for the purposes of determining "substantial damage" or for a potential buyout, then the appraisal will be the only and best way to make your case.In a few of the samples I looked at, there were some seriously undervalued homes. I am also concerned that the sample used to determine the 12% "bump" in values was both too small and not representative of the entire neighborhood. Those on the odd numbered side of Normandy should be especially concerned, since there appear to be either zero or only one property with river or park frontage (typically more desirable) included in the sample. At the same time, there were at least 2 sales of properties which were sold under assessed values that required extensive remodeling, which would have dragged the adjustment factor downward, affecting everybody.What I have done is asked MRS for a letter, outlining their instructions for ordering the reports, and listing the information they will need from each homeowner. That letter is copied and paste below. Any questions should be directed to MRS, rather than to me, please.If you would please post this, that would be great. I should have something from an engineering firm on the elevation certificates, as well. I hope that people find this useful.Thanks,
Dave BiancuzzoColdwell Banker Real Estate Professionals44 Sturgis Corner DriveIowa City, IA 52246319-887-7239 direct319-631-4232 mobile319-351-6889 faxdavebiancuzzo@aol.com(Licensed in Iowa)

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Dear Property Owners,

We have been contacted by members of your association in regards to providing appraisal services on properties that have been damaged by the recent flooding event in Iowa City.

We are a well established appraisal firm doing work in Iowa City, Johnson County as well as surrounding communities typically within a 60 mile radius. We have references as well as good client relationships with numerous lenders in town. We only value real estate the site and improvements, not personal property.

When you contact us please reference your neighborhood and the report is due to flood damage. We would require your name, property address, phone numbers and the best time to contact you.

MRS Appraisals LLC
465 Highway #1 West Suite 200
Iowa City, Iowa 52246
319-358-7827 phone
319-358-7829 fax
mrs@mrsappraisals.com

If a request for an appraisal is ordered by August 15th we have agreed to do flood damaged properties at the cost of $275 per property. If your property is valued over $400,000 or it is a unique property in design an additional charge may be applicable and this would be determined at the time of inspection. The value reported in the appraisal will be retrospective and reflect market value prior to the flood event.

If appraisals are required showing current damaged value or hypothetical prospective values different information and a new report or different style report may be needed. This value can be more difficult to establish, as the affect on the local area caused by the flood event has not yet been determined. It could take months or years to establish the true affect on market value. Detailed bids or estimates of cost to repair damage to the property will be necessary to complete this type of report. The fee for this assignment will be determined at the time of meeting with the property owner.

Payment for the appraisal is expected at the time of inspection or meeting with owner. We do not take credit or debit cards.

After August 15th properties will be assigned to various appraisers in our office and owners will be contacted individually. Assignments will be completed as quickly as possible but please keep in mind we are not sure how many orders we will be receiving from your area. Assignments will be done in order by date of request. We are also working in an active sales market and there are other deadlines that we must meet while working on your specific appraisal.

We do rely on public assessor records and historical MLS data. The assessor does not always have the most current information on your property. As properties all have individual characteristics or varied levels of finish and quality any information you can provide would be helpful. Pictures both interior and exterior are great. Also any records for recent changes or remodeling can be helpful. Past appraisal reports can also be useful for reporting house features. This information would be necessary at the time of inspection or meeting with owner.

If you have purchased or refinanced recently and an appraisal was generated you may wish to contact your lender or the appraiser that did the previous report. The former appraiser may be more familiar with your property and could generate a new report quicker. The former report may well meet your current needs and a new report may not be necessary. These reports are time sensitive and proper officials should be contacted as to how old an appraisal can be to still be suitable for your current needs.

Please feel free to contact us if we can be of assistance in your appraisal needs.


Sincerely

MRS Appraisals