Mary Cummins, Real Estate Appraiser, Real Estate Appraisal, Los Angeles, California, Mary Cummins.

Mary Cummins is a real estate appraiser in Los Angeles, California with 38+ years of experience. Cummins provides real estate appraisals for banks, lenders, mortgage brokers, Appraisal Management Companies (AMCs), lawyers, Courts, factors and private parties for lending, lawsuits, probate, estate planning, divorce and all types of litigation. Cummins provides 1004, 1073, 1025 and other form reports, narrative reports and historical appraisals besides real estate research and appraisal advice.

Showing posts with label diminution of value. Show all posts

Wednesday, February 19, 2025

Appraisal of Fire Damaged or Destroyed Properties for Insurance Purposes by Appraisal Institute by Mary Cummins

Attended the Appraisal of Fire Damaged or Destroyed Properties for Insurance Purposes webinar given by Charles Baker, SRA, AI-RRS with the Appraisal Institute. Webinar description: "The urban fires which swept through much of Los Angeles recently have resulted in significant losses of life and property. Economic loss estimates are in the range of $135 to $150 billion but could easily go higher. It is estimated that around 10,000 structures have been destroyed. In the wake of these fires there will be a huge need for timely, accurate, and professionally prepared real estate appraisals for insurance purposes. The Southern California Chapter of the Appraisal Institute will present a two-hour webinar addressing this topic. The webinar will provide participants with vital information on the appraisal process." Really good class covering important issues related to post fire appraisals. Charles included a few case studies which were really informative. #charlesbaker #appraisalinstitute #postfireappraisal #marycummins #realestateappraiser #fireappraisal #realestateappraisal #insurance #casualtyloss I included first six slides. Slide deck will be available at Appraisal Institute.

Mary Cummins of Cummins Real Estate is a certified residential licensed appraiser in Los Angeles, California. Mary Cummins is licensed by the California Bureau of Real Estate appraisers and has over 35 years of experience.

Mary Cummins, Mary K. Cummins, Mary Katherine Cummins, Mary, Cummins, #marycummins #animaladvocates #losangeles #california #wildlife #wildliferehabilitation #wildliferehabilitator #realestate #realestateappraiser #realestateappraisal #lawsuit real estate, appraiser, appraisal, instructor, teacher, Los Angeles, Santa Monica, Beverly Hills, Pasadena, Brentwood, Bel Air, California, licensed, permitted, certified, single family, condo, condominium, pud, hud, fannie mae, freddie mac, fha, uspap, certified, residential, certified resident, apartment building, multi-family, commercial, industrial, expert witness, civil, criminal, orea, dre, brea insurance, bonded, experienced, bilingual, spanish, english, form, 1004, 2055, 1073, land, raw, acreage, vacant, insurance, cost, income approach, market analysis, comparative, theory, appraisal theory, cost approach, sales, matched pairs, plot, plat, map, diagram, photo, photographs, photography, rear, front, street, subject, comparable, sold, listed, active, pending, expired, cancelled, listing, mls, multiple listing service, claw, themls, historical appraisal, facebook, linkedin

DISCLAIMER: https://mary--cummins.blogspot.com/p/disclaimer-privacy-policy-for-blogs-by.html

Mary Cummins

Mary Cummins of Cummins Real Estate Services has been in real estate since 1983, over 35 years. She is licensed by the Bureau of Real Estate Appraisers. Mary Cummins was an agent and broker licensed with the California Department of Real Estate selling residential income, commercial buildings, raw land and homes for Merrill Lynch Realty in Beverly Hills and Westside Properties in Los Angeles before concentrating on appraisals. Mary Cummins currently provides real estate appraisals, expert witness testimony, historical research, legal real estate research for mortgage brokers, banks, lawyers, factors, insurance companies, financial consultants and private individuals. Mary Cummins was born and raised in Southern California. Cummins attended Beverly Hills Good Shepherd Catholic School and Beverly Hills High School. Besides being on the Dean's list, Mary Cummins was a top ten national swimmer and competed on the men's water polo team. Mary Cummins began college at the age of 15 attending the University of Southern California on scholarship, majoring in Psychology/Sociology. http://www.animaladvocates.us http://www.facebook.com/AnimalAdvocatesUSA

Monday, July 11, 2022

Diminution of Value in Real Estate Appraisal and Valuation by Mary Cummins Real Estate Appraier Expert Witness

diminution of value, diminution in value, value, real estate appraisal, mary cummins, real estate appraiser, valuation, calculation, los angeles, california, expert witness, black's law library, property value, expert witness, litigation

Diminution of value in real estate appraisal refers to the reduction in the market worth or perceived value of a property due to various factors. Black's Law Dictionary definition: Rule of damages which provides the difference between “before” and “after” values of property, which has been damaged or taken. These factors can be external (outside the property) or internal (related directly to the property itself). Here are some common examples:

External Factors:

Neighborhood Decline: If the neighborhood experiences an increase in crime rates, deterioration of infrastructure, or a decline in nearby amenities like schools or parks, the property's value may decrease.

Environmental Changes: Events such as the construction of a landfill nearby, contamination of groundwater, or the installation of high-voltage power lines can negatively impact property values.

Economic Conditions: Economic downturns can affect property values, leading to diminished demand or lower prices in the area.

Changes in Zoning: If zoning regulations change, affecting how nearby properties can be used (e.g., from residential to commercial), it can impact the value of neighboring properties.

Local development: A new large scale development may be built affecting traffic and access. A new freeway may be contemplated affection pollution, noise, traffic...

Internal Factors:

Structural Issues: Problems such as foundation cracks, roof leaks, or termite damage can decrease a property's value unless repaired.

Outdated Features: Homes with outdated kitchens, bathrooms, or obsolete heating systems may be less attractive to buyers, reducing their market value.

Poor Maintenance: Lack of upkeep, such as overgrown landscaping, peeling paint, or broken fixtures, can make a property less appealing and lower its value.

Loss of portion of property or loss of use of portion of property: A neighbor's wall or building could be trespassing upon the subject property limiting access, use and enjoyment of the subject property.

Legal and Market Factors:

Legal Encumbrances: Easements, restrictions, or pending legal issues (like ongoing litigation involving the property) can decrease its value.

Market Perception: Negative perceptions about a property (e.g., a notorious event occurring there) can reduce its value beyond physical characteristics alone.

Example Scenario:

Consider a house located near a new freeway under construction. The noise, increased traffic, and potential pollution from the freeway may decrease the property's desirability and, consequently, its market value. This is an example of external diminution of value.

Alternatively, a property with an outdated kitchen and bathroom, which hasn't been renovated in decades, may not attract as many buyers as similar homes in the neighborhood with modern amenities. This represents an internal diminution of value.

In real estate appraisal, identifying and quantifying diminution of value involves evaluating these and other factors to determine the fair market value of the property under current conditions.

The DIV can sometimes be calculated by valuing the property as if whole then valuing the property as affected by the condition then calculating the difference or loss in value.