Patrick Livingston is an investor in Dallas, TX and has been a full-time appraiser as well for over a decade. As an investor when we are flipping or rehabbing houses one of the most important parts of the whole process is the time when we have our final appraisal. If the house does not appraise for our asking or sales prices the bank will not lend on this house. It is rare for us as investors to get to see things from the perspective of an appraiser so in todays interview you will get to hear Patrick explain the process of appraising houses for real estate investors. Patrick Livingston Contact Details Company: Snipper Residential Appraisal Email: sniperappraisal@gmail.com Phone: 214-995-3093     Show Notes   0:00 – 2:01   Patrick introduces himself and his background as a long term appraiser…   2:02 – 3:25  Dodd Frank rules and how it affects appraisals post 2007 crash   3:26 – 4:35 The difference between an appraisal and an inspection….   4:36 –  7:30   FHA vs VA loan requirements you have to meet….discusses lead based paint   7:31 – 11:18 The risk of having a house coming in appraised for under what you hoped for….how an appraiser looks at comps     11:19 –  14:47 How much do you tell the appraiser do you share the repairs with appraiser or not….   14:48 –  17:15 Why there is a difference between what your agent tells you a house is worth and what the appraiser says it is worth   17:16 – 24:40 The fear of investors not getting a full appraisal and disputing appraisals   24:41 – 29:15 Freddie and Fannie Mae Guidelines   29:16 – 34:04 Looking at comps values for houses that have garage conversions or additions…gross living area and how it is determined   34:05 – 36:37 What is external and functional obsolescence and how does this affect the value of the home…   36:38 – 41:17 Buying houses backing up to major roads does this affect the value?   41:18 – 45:21  What is GLA or gross living area and how do additions affect this?   45:22 – 46:21 What adds more value and extra bedroom or extra bathroom?   46:22 – 51:55 Curb appeal and valuing the outside of the house….how much does this affect appraisals?   51:56 – 53:49 why you cannot of a second appraisal on your FHA loan?   53:40 – 56:44 How to challenge the appraisal the right way?   56:47 – END How an appraiser measures the square footage of the house….