Temecula Valley Real Estate Appraiser

Interview with Tim Andersen, The Appraiser Advocate

Brad Bassi, SRA — Sat, 11 Jul 2020 22:23:37 +0000

Was fortunate and lucky enough to have Tim Andersen contact me and ask if I would consider an interview. Of course, it took me about 5 nanoseconds to say yes, to a really nice man and a very knowledgeable appraiser out of Florida. Tim is a USPAP instructor and assists in the defense of appraisers who may be in front of a State Board of Review. Our 35 minute interview (https://youtu.be/rZn9-v-tc7I) covered my background prior to appraising, my appraisal career and why in the world did I go and get my SRA designation at the ripe old age of 65. It was a fun time and he made me think about some of my past careers and how they lead and benefited me today. Many thanks to Tim for considering me for that interview. He called me a mover and shaker in the appraisal industry, but that is a little uncomfortable title when I compare myself with some of the others he has interviewed. If you have some time and really want to find out what makes an appraiser do the things they took, take a listen. I think you will have some fun.

Tim Andersen, thank you so very much for taking your time to conduct the interview, I was both honored and humbled by your request.

With all this Covid-19, economic issues and social issues, please be safe out there and stay healthy. And remember “Sometimes the turns we don’t expect to take, will lead us to where we want to be”

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Oh No Not Covid-19 topic, Nope Real Estate discussion

Brad Bassi, SRA — Sat, 04 Apr 2020 16:15:26 +0000

Hello and howdy to y’all. I know the last three weeks have been more than entertaining. But hang in there,

Wanted to make a quick post, no not about on-line shopping, missing toilet paper, homeschooling or social distancing. About Real Estate and how it is moving but albeit in a new way. Virtual tours, no open house showings, sellers not wanting strangers wandering through their homes and other fun things. The key right now in Real Estate as at most times is “CLARITY”. It is important to understand what your personal, business and family needs are with regards to RE. Then survey / interview through telephone, Skype, Zoom, or FaceTime the agents out there in your area and find the one that will best fit your needs.

Several suggestions, please don’t hire your cousin’s brother’s, finance, because she is a nice person or it is someone you think will give you a cut discount rate on commission. And no I don’t mean the agent that tells you what you want to hear regarding the price on your home. Just because you have a number in mind doesn’t mean that is the reality of what the market / buyer is willing to pay. If the agent asks you first what you think your house is worth, then I would run for hills. You need, want and deserve an agent/broker that is going to give you the facts and not a big sales pitch. They should also be able to discuss the issues that face us right now, changes in interest rates, shocking unemployment numbers, fiscal stimulus and all the other ingredients that make up this crazy world we have lived since essentially March 15, 2020, when the Federal Reserve cut the Fed Funds rate to “0”. The other thing that should not come out of their mouths is how great the market was, is and will be. They have no idea, none of us do as we don’t know the future if we did, I would have the pick 6 Mega Millions number, would retire with my $200,000,000 winnings and wouldn’t be writing this blog.

So here are a couple of thoughts. First off right now very few appraisers are doing interior walk thru’s for obvious reasons. So it is incumbent that you get an agent that can write a great MLS description of your home and then is willing to get a bundle full of very detailed photos of the interior and exterior of your home. This is always important in my opinion but right now it is key as that will be how the appraisers look and review your property either for sale or future refi. The more of you that have good agents doing their job, the better the appraiser can value you and others homes. I still see MLS data sheets with 1, 3 or 10 photos, and no description of the property, REALLY. WHY, is the film they are developing expensive or does it cost them $500 to import into MLS, oh no the great sold before listing phrase. Always great but what does that do for the next person looking for market data in their particular neighborhood. You are probably hearing the sarcasm and you would be right. Get the agents to upload as many photos as possible the more detailed the better. Make sure they show the front, side and rear views of the home including landscaping, pool/spa and views, interiors with all rooms, flooring, counter tops in kitchen and bathrooms, appliances, and cabinets. Highlight any updating or remodeling that was completed. Oh yea if you have solar panels have the agents comment on if they are owned, leased or under a power purchase agreement. All key items.

Lastly RE is complicated enough without the Covid-19 running loose. So once you decide to get involved in selling or buying, find a good agent who will tell you what you need to know, not what they think you want to hear. Be clear on what your needs are, don’t confuse them with a big dream list, be flexible, willing to negotiate and for goodness sake remember to breath (okay use a mask if near folks) and remain relaxed. This may be your single largest investment of your life. Treat it that way, but be realistic and optimistic and work a professional RE agent and/or appraiser to assist in the process.

Here is to hugging again, hanging with family and friends and heading out the Wine Country and getting a glass of wine and maybe something to eat. Give me a call if you interested in discussing your particular situation as I my mission to guide individuals through quite possibly there single largest investment. My mobile in (909) 262-3434. Take good care and be safe out there. Brad

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Cannabis Growers and Rural Land Value Impact

Brad Bassi, SRA — Mon, 01 Jul 2019 15:29:27 +0000

Well I have been wondering how long it would take the county and Sheriff’s office to get to the rural communities of Aguanga and Anza regarding Cannabis. Since the County of Riverside finalized their ordinances in December 2018, they set the stage for the legal and non-legal growing. The ordinances set up a clear picture of where the growing was to take place legally and it wasn’t in the rural residential areas. But the growers back in 2015, 2016, 2017, 2018, and 2019, where not deterred and I guess quite frankly didn’t care. Now granted those that acquired large secluded parcels prior to December 2018, where putting their money on the pass line and where hoping it would come up with a 7 or 11 (for those familiar with craps). But instead the ordinances were essentially craps, snake-eyes, three or 12. So they loose there money on the pass line. But they decided to keep on growing. Well about three weeks ago there was a raid on about 50 to 100 properties depending upon whom you speak with. I did not go to the sheriffs to confirm the count, but suffice it to say they made a statement with their raids and arrests. Now how does this impact values. Well when you seen 20 and 40 acre land sales that are a long distance from paved roads selling for more than those that are close to pavement, electricity and civilization, then you know there is a weird impact on Real Estate pricing. In the aftermath I spoke with four agents from up in the Aguanga and Anza area and asked what they have seen since the raids. Three indicated things got quite for about three weeks and the fourth said he thinks he will keep selling to growers. Now this last comment seems a little unusual as the growers coming into the area have to know, at least I hope they do, that the county ordinances specially indicates, Rural Residential and Rural Agricultural zoned properties are not allowed to have commercial growing operations. Now there is a bigger list than this, but just to get the general gist of what is going on. So for three weeks the usual buyers were not showing up after the raids. So not sure what that means at this point, but if it makes some coming to the area stop and pause then it could decrease the volume of land sales currently. What my bigger concern is that they decide to sell their parcels and move on. If that happens then it could increase an already oversupplied land market and put downward pressure on pricing, especially for the larger secluded parcels. My thought would be that if that occurs, the buyer profile will change and now being 5 to 6 miles off paved road and 2,000 ft from power will and should impact the land pricing. All of this could create some issues in the Aguanga and Anza market. Now I am not predicating doom and gloom, but it is important to watch the land sale market over the next six to nine months and see if there is really any change in the buyer attitude and seller mentality of I have to get out. Only time will tell but for those in the general market or thinking of looking out there because of affordability, then they should keep an eye on pricing, days on market, and inventory levels.

Thanks for your time today and I hope that you enjoy the upcoming Fourth of July holiday.

Take good care, Brad Bassi, SRA (909) 262-3434

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Speaking Engagement with VAREP

Brad Bassi, SRA — Wed, 24 Apr 2019 14:49:43 +0000

Hello, wanted to say thank you to the Veterans Association of Real Estate Professionals (VAREP) for having me come to their meeting at the Corona MLS board office this past Thursday for a Lunch and Learn two hour session. For those in the VA world I would recommend that you search out and see if you have this group in your area. So google search and then contact board members and find out there next meeting. I believe you will find it to be a good investment in your time.

I was able to spend about 30 minutes covering the highlights of what the VA appraiser will look for when they come out to the property as well as a few other thoughts on how to meet the appraiser and what to discuss, what not to discuss and how to present your market data and subject property information.

Take good care and if you would like to contact me about speaking at your firms event, be it a Real Estate Office staff meeting, an attorney’s association meeting, or a MLS board meeting for agents, please contact me via my cell phone (909) 262-3434 or by email, bradbassi@yahoo.com .

Board Members of the Riverside/ Corona VAREP and of course myself, not hard to pick me out of this line up, just look to the far right.

Thanks again to Jason Harris and Victoria Rebello for their kind hospitality.

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Receiving my SRA from the Appraisal Institute

Brad Bassi, SRA — Mon, 21 Jan 2019 05:07:30 +0000

I know that typically a blog is to be about something of interest to those in the Real Estate field. In this particular blog I am going to pat myself on the back after spending the last 12 months taking classes, tests and prepping for the final 10 days of two classes. After that was all completed I then had to set up my last eight months of files in order to present enough hours and reports for the Appraisal Institute Screener to review. In December 2018, I was notified that I had completed all the tasks for the SRA and I am now a designated member. To those not familiar, getting the designation is like going into a graduate program in your specific field. The SRA hasn’t made me any taller or better looking, but I have learned some valuable tools that will assist my clients and increase in the quality of my work. Now you might think, hey wait a minute does that mean the quality of my work previously was not good. Nope, just means that I have learned some valuable tools to improve the work that I have been completing all along. A lot of money spent and time away from the office, but I feel like it was worth it. Hopefully, my clients will think so as well. Quick thanks to Carrie Vann at the Appraisal Institute for all her help in moving me through the program. I had to take the classes, past the tests and overall make sure my body was in the seat in class, but Carrie, helped the journey go a little smoother as she helped me navigate through the world of AI.

Here is to a great 2019, for all of you and as I always like to say in the classes that I teach, watch the 10 Year Treasury Note as its yield will tell you, which way the mortgage rate is heading and eventually how the real estate market will react to the changes.

Take good care and remember that Time is precious, it should be handled with care and opened with love. All my best to you and your families during 2019.

Brad Bassi, SRA

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Video 2 from August Training Session

Brad Bassi, SRA — Fri, 21 Sep 2018 03:06:34 +0000

This is the second video that was Facebook live streamed from the Real Estate Resource Center, which Amy Smith from Ticor Title hosted the session. My Thanks to Amy, she is a true professional and I appreciate the time she spends making sure that her clients are well informed. If you are looking for some Title Rep assistance I highly recommend Amy Smith from Ticor Title.

Posted by Joe Galante on Thursday, August 23, 2018

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Training Videos From RE Class I Teach

Brad Bassi, SRA — Fri, 21 Sep 2018 03:01:16 +0000

There will be two videos. The first is the kick off session with a lender from Temecula, that preceded my session. These two videos were my Market Conditions session, along with some value added information for RE agents and how to prepare for an appraiser. I hope you find some good information out of these two videos. The class was on 08/23/2018, at the Real Estate Resource Center and it was hosted by Amy Smith from Ticor Title. This is the first of two videos.

Posted by Joe Galante on Thursday, August 23, 2018

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Temecula and Murrieta Home Pricing

Mon, 09 Jul 2018 06:27:20 +0000

Hello, Hope everyone has had a great 4th of July Holiday. Thought I would pass on some insight into current pricing. I was recently working on a Family Law matter and a property across the street was listed for sale. This home was the same floor plan as the subject and was priced at about the last sale in the small tract development. Now granted the last sale was a model home in Early 2018, but nonetheless this sale because of its proximity was a good barometer I felt. I was especially interested in what was going on as this property has been on the market over 90 days. What I got from the listing agent made me stop and go look at MLS. What I heard from the agent that in over 90 days they have not had one showing. Many thoughts come to mind but they I called four other agents and they all commented on how slow the over $500,000 market is right now, especially for tract homes. Now does mean the end is near, well not the end of the world surely, but this could be an indicator that we have moved to far and with interest rates having moved up, down and then back up again over the last 5 months is an indicator that there may be a change afoot in this market. My suggestion, Sellers, please don’t think you castle is the best of the best and then price it for perfection. Based on what I am seeing, this may not end well. Listen to your agent. If you hired them, then there must have been a reason. So trust that reason and start listening instead of talking, yelling or not being willing to have flexibility in your pricing. The only person that really gets hurt in this situation is the Seller and their family, if they have other plans that requires them to move. So my thought, is stop reading the headlines and start talking seriously with your RE agent. I think now more than ever it is possible this market is starting to consider it might be ready for a change and not upward. Thanks for taking the time and if you have any comments feel free to give me a call at (909) 262-3434 or email me at bradbassi@yahoo.com. Enjoy the dog days of summer.

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FHA and Manufactured House Roofing

Fri, 15 Jun 2018 20:42:16 +0000

Hello and I hope everyone is enjoying the start of Summer. School is out and most are planning their vacations. Hope you have a safe and fun summer.

Now on to the question at hand. I stopped by a real estate office the other day while out in the Anza area to check in with the local agents. Been working up there for about 20 years so I like to check in with the agents and brokers to find out their take on the rural market in Anza and Aguanga. During one of those stop overs I had an interesting question posed to me about FHA and roofs on manufactured housing. Now almost 26 years into this process, never had this question come up nor had I seen this type of situation. The question from the Broker was how many layers of composition shingle roof can there be on a manufactured home. My first thought was one layer not multiple layers due to roof load requirements. But in Speaking with FHA Santa Ana office yesterday, they indicated that they don’t have a requirement for the number of layers, only if the roof is serviceable and has at least two years of life expectancy. Also any signs of failure require an inspection. So I asked the logical question so if they have 3 layers is that okay. Then that question led us down the path of was the last roof covering Permitted by local building department agency. If not permitted then the roof layers need to be removed and replaced with new level. Or there is the possibility of a request for a structural engineering letter indicating the roof load is permissible for the structural roof supports for that unit. The other question is what roof load is indicated in the HUD Certificate of Compliance letter that should be located in the home. This 8 1/2 x 11 inch sheet of paper with a small US Map on it, will provide you with some basic information on wind and roof load. You can usually find it in a bathroom, laundry or kitchen cabinet. If this unit was built for the California, Arizona or Florida and does not include a higher level of roof load for snow, then I would tell if you it this is your listing or you represent the buyer, you should be careful. The assumption is that the home was built for a warm weather climate, not for winter snow. If that roof will not support a heavy snow load then adding 2 or 3 layers to the roof MAY exceed its structural integrity. Remember Composition Shingle Roof comes in varying levels of 20, 30 or 40 lb which gives it a longer usable life, the bigger the number typically the heavier the shingle and underlayment felt will be. So if you have multiple layers on a manufactured homes’ roof, then there could be an issue. I would think it is better to be safe than sorry, and make sure that either the roof is replaced or that a structural engineer be brought into the picture to confirm if there is an issue or not. If the roof was permitted and the final inspection sign off was completed, then that should provide evidence of the work done and the load factors involved. Hope this post was helpful.

If you have any questions or need to request a proposal for an assignment here in the Temecula Valley, SW Riverside County or the rural areas around us, please feel free to contact me on my mobile phone at (909) 262-3434 or by email bradbassi@yahoo.com. Thank you and hope you enjoy your Summer Time.

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Class at ERA Donahue in Murrieta, CA

Fri, 11 May 2018 21:50:57 +0000

Hello and thanks to Erin Mills and the ERA Donahue Realty team in Murrieta, CA for providing me the opportunity to put on an Appraisal 101 training session. ERA Donahue has recently moved into a new suite at the intersection of Antelope and Scott road in Murrieta. The new facility has a great conference room for training and it is utilized by the other ERA offices under the Donahue realty group. I was fortunate to get the assistance from Molly, the companies admin, who also video taped my session so that the other agents who were unable to make the training could watch the recording later. Thanks to those agents that were able to attend and for their engaging and thoughtful questions, made for a good session.

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