When doing appraisals, what criteria is used to determine material costs? Is it what can be had in the local market or what is readily available through any means?


Thank you!

When doing appraisals, what criteria is used to determine material costs? Is it what can be had in the local market or what is readily available through any means?


Thank you!

The underwriters look at both. You need to use somthing that they can also check on...Most appraisers use "Swift and Marshall" while others use " building-cost (dot) net ". I have used the latter without any problems. Of course none are perfect. I also use a blurb that says that the costs are supplimented with local building costs. The comment is important when I am doing jobs on Fire Island and the East End of Long Island.