Actual - Real Estate

The Louisiana Road Home Program has been ordering appraisals to determine the pre-Katrina value of the affected properties. As the owner of a residential appraisal company, along with my wife Wendy, we

According to USFDA, a combination product is one composed of any combination of a drug and device; biological product and device; drug and biological product

have been getting several of these orders.

Specifically, they order a Form 2055 which is a Fannie Mae Desktop Underwriter Quantitative Analysis Appraisal Report. In the appraisal business we refer to it as a “short for

; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.

Examples of combination products may in

m” as it’s not quite as in depth as a full length single family appraisal. You basically arrive at the final determination of value the same way you would with a full form; it’s just not as detailed.

For example there

lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.

are three approaches to value:

The Cost Approach

The Income Approach

The Sales Comparison Approach

The 2055 form leaves out the cost approach and the income approach is only used for income producing or rental properties.

The reaso

here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe

n I’m brining this is up is because I’ve heard people calling the talk radio shows concerned that their properties would be undervalued using this short form appraisal. If their properties were undervalued, it was more likely because so

d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.

Combination pro

eone was unfamiliar with their particular neighborhood.

It’s not the form’s fault!

When we first started, I would actually measure the properties but it just wasn’t feasible with all the properties we had to do. On most of the applica

ucts have become life saving products for the pharmaceutical companies who doesn’t have many innovative molecules in their product pipeline and have been inc

tions there is a square footage estimate. I’m not sure if the number came from the applicant or if it was calculated from a Road Home Inspector.

***that’s the guy who determines your damage

***I’m the guy who figures out what it was w

easingly used in the product life cycle management. Even the companies having product patents are trying to extend their product life cycle through the combi

orth on 08/28/2005

If the square footage provided seems reasonable, I usually give folks the benefit of the doubt and I use it. Most of the square footage estimates I’ve seen were accurate, but some were obviously inflated. I pretty m

nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically

uch know from experience about how much living area a house has by looking at it. Either way, we research the house, the street, and the neighborhood. If we can’t find data on the subject property, we do know what types and sizes of ho

and physically. They need to rightly judge the benefits of the combination products and they have to even look at the risks involved when combining the produ

mes conform to the neighborhood. If that doesn’t work or for whatever reason I can’t be sure, I’ll measure the house (sometimes you have to measure a slab or frame if the house was razed.

If I had the time and energy, and the R

ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi

ad Home Program was paying for a full appraisal I would measure every property but that is not the case and it’s simply not feasible - it would take forever. Of course at this point most people think it’s taking forever anyway!

ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.

Following aspects would a

***If you feel that the pre-Katrina value of your home is less than what it should be, check the square footage on the Road Home Appraisal to see if it matches with your previous paperwork if you have it.

The square footage used is li

dd to the challenges in developing combination products:

Which markets to tap where the combination products can do fairly well?
Which combination prod

ving area only; therefore, garages, basements, patios, storage, etc are not included in this. Those areas are given value elsewhere on the form. . As far as quality and condition I usually give folks the benefit out the doubt on that

cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin

as well.

As much as I listen to Walter Leger on the Garland Robinette show on WWL radio, I’m still not exactly clear on what LARHP, LRA, ICF do and how they coordinate. From the appraisal perspective they have just changed companies.

tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen

We were brought it by eAppraiseit LLC in Poway California which is owned by First American Financial Corp. They were brought in by ICF which is in Fairfax, Virginia. EAppraiseit hired a company called JVI which is somewhere in Florida

t?

As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel

JVI hired a company called appraisalport.com to accept and review the appraisals. I think I have that straight.

I guess JVI was fired or lost their contact because now we submit our reports to a company in Grammercy called Hammerman

ping new procedures for reviewing their safety, efficacy and quality.

Professional from academic institutions, pharmaceutical industries, health care indust

and Gainer, Inc (HGI or HNG). At least they are local and can understand the neighborhood differences.

I spent about a month appraising properties in Lafitte. Trying to explain Lafitte to some chick in Boston with Appraisalport.com

y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products

proved difficult and presented unnecessary headaches that I don’t have anymore with HGI.

I spent one week on Treme and was asked to go back to Lafitte. Then I did Marrero’s Lincolnshire and Westminster.

For now, I’m working on Laplace

.

As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de

and Kenner.

To protect yourself, you may want to consider ordering your own short form appraisal. Some of our call-in clients are people who question the value of their Road Home appraisal. Not any we did mind you!

elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.

Companies that provide selfless information through particip

Most appraisers I know charge $150 -$200 for a 2055 short form appraisal. Doing this will give you the peace of mind that your home was appraised fairly by the Road Home Program and you’ll know if your square footage was in the ballpark

tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products

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