leiloeiro-avaliacao

## Overview

Expert appraisal of auction real estate. Market value, forced-liquidation value, ABNT NBR 14653, comparative/income/cost methods, CUB and margin of safety.

## When to Use This Skill

- When the user mentions "appraise auction property" or related topics
- When the user mentions "auction market value" or related topics
- When the user mentions "auction appraisal report" or related topics
- When the user mentions "abnt nbr 14653" or related topics
- When the user mentions "property assessed value" or related topics
- When the user mentions "auction property price" or related topics

## Do Not Use This Skill When

- The task is unrelated to auction appraisal
- A simpler, more specific tool can handle the request
- The user needs general-purpose assistance without domain expertise

## How It Works

You are a certified **Senior Appraising Engineer/Architect**, fluent in ABNT NBR 14653
and experienced in judicial and extrajudicial expert reports for auctions.

---

## Types Of Value (Abnt Nbr 14653-1)

| Concept | Definition | Use in Auctions |
|----------|-----------|--------------|
| **Market Value** | The most probable amount in a free transaction between informed, uncoerced parties | Basis of the notice (judicial appraisal) |
| **Forced-Liquidation Value** | The amount in a compulsory sale over a short window | Estimates the real winning-bid price |
| **Value in Use** | Value to a specific use or user | Analysis for the end buyer |
| **Reproduction Cost** | Cost to reproduce the asset under similar conditions | Appraisal of special/industrial properties |

**Practical relationship:**
```
Market Value (MV)
    × (1 - liquidation factor)
= Forced-Liquidation Value (FLV)

Typical liquidation factor: 0.20 to 0.40 (20% to 40% discount)
```

---

## Method 1 — Direct Comparison (Primary)

Used for: residential and commercial properties with market samples available.

## Step By Step

**1. Sample Research**

Collect at least 5 comparable properties (for ABNT Grade II/III):
- Same neighborhood or comparable area
- Same type (apartment, house, commercial unit)
- Same area range (±30%)
- Recent transactions (last 12 months — ideally 6)

**Data sources:**
- ZAP Imóveis (zap.com.br) — active listings
- Viva Real (vivareal.com.br)
- OLX Imóveis
- Quinto Andar (quintoandar.com)
- Property Registry Office — deeds (more reliable, but restricted access)
- Local broker appraisals (CRECI)

**2. Sample Homogenization**

Adjust each sample to make it comparable to the property being appraised:

**Homogenization factors (multipliers):**

```
Area Factor:
- Smaller properties tend to have a higher unit value (R$/m²)
- Formula: Fa = (Standard Area / Sample Area)^0.25

Construction Standard Factor (NBR 12721):
Luxury/High:  1.30
Normal/Medium: 1.00
Simple:       0.80
Minimum:      0.65

Condition Factor:
New/Renovated:   1.00
Good:            0.90
Fair:            0.80
Poor:            0.65
Bad:             0.50

Location Factor (relative to the sample):
Superior:    > 1.00
Similar:     1.00
Inferior:    < 1.00
(Calibrate by local infrastructure, retail, transport)

Floor Factor (apartments):
Low floor (1-3):    0.95
Mid floor (4-9):    1.00
High floor (10+):   1.05 to 1.15
Penthouse:          1.20 to 1.50

Parking Space Factor:
No space:  0.90 to 0.95
1 space:   1.00
2 spaces:  1.05 to 1.10
```

**3. Statistical Treatment**

After homogenization, calculate:
- Mean of the homogenized unit values (R$/m²)
- Range of judgment: ±15% (Grade I) / ±10% (Grade II)
- Remove outliers (samples > 2 standard deviations)

**4. Calculate the Final Value**

```
Market Value = Homogenized Unit Value (R$/m²) × Property Area (m²)
```

---

## Method 2 — Income (Income-Generating Properties)

Used for: malls, hotels, corporate floors, gas stations, leased properties.

## Basic Formula

```
Annual Net Income = Gross Income - Operating Expenses
Capitalization Rate (Cap Rate) = Net Income / Market Value
Market Value = Net Income / Cap Rate
```

**Typical Cap Rates in Brazil (2024):**

| Segment | Cap Rate |
|----------|---------|
| High-end residential SP/RJ | 4% - 6% |
| Mid-standard residential | 5% - 8% |
| Commercial units | 7% - 10% |
| Logistics warehouses | 8% - 12% |
| Retail | 8% - 12% |
| Hotels | 10% - 15% |

**Example:**
- Commercial property leased for R$ 10,000/month
- Expenses: property tax R$ 500/month + condo fee R$ 800/month + 5% vacancy
- Net income: R$ (10,000 - 500 - 800) × (1 - 0.05) = R$ 8,265/month → R$ 99,180/year
- Local cap rate: 8%
- Estimated value: R$ 99,180 / 0.08 = **R$ 1,239,750**

---

## Method 3 — Evolutionary / Cost (Special Properties)

Used for: industrial properties, warehouses, hospitals, schools, properties without comparables.

## Formula

```
Total Value = Land Value + Value of Improvements (depreciated)

Value of Improvements = Reproduction Cost × (1 - Depreciation)
```

**Reproduction Cost (CUB — SINDUSCON, updated monthly by state):**

| Standard | Approximate CUB (R$/m²) — SP 2024 reference |
|--------|----------------------------------------------|
| Low Residential (R1-B) | R$ 1,800 - 2,200 |
| Normal Residential (R1-N) | R$ 2,200 - 2,800 |
| High Residential (R1-A) | R$ 2,800 - 3,800 |
| Commercial (CSL-8) | R$ 2,500 - 3,500 |
| Warehouse (GI) | R$ 1,200 - 1,800 |

*Check the current CUB at: www.sindusconsp.com.br*

**Depreciation (Ross-Heidecke):**

| Age / Condition | New | Good | Fair | Poor |
|---------------|------|-----|---------|-----|
| 0-10 years | 100% | 85% | 70% | 55% |
| 11-20 years | 85% | 72% | 59% | 46% |
| 21-30 years | 70% | 59% | 49% | 38% |
| 31-40 years | 55% | 47% | 38% | 30% |
| > 40 years | 45% | 38% | 31% | 24% |

---

## Reviewing The Judicial Expert Report

When you receive an appraisal report for review, check:

## Report Checklist

**Formalities:**
- [ ] Appraiser identified with CREA/CAU
- [ ] Inspection date (not the issue date)
- [ ] Physical description of the property
- [ ] Method used declared
- [ ] Grounding and Precision (Grade I, II or III — ABNT)

**Technical content:**
- [ ] Samples used (minimum 3 for Grade I; 5 for Grade II)
- [ ] Sample sources indicated
- [ ] Homogenization shown (or justified)
- [ ] Range of judgment applied
- [ ] Resulting unit value R$/m²
- [ ] Clear final calculation

**Signs of a weak/suspicious report:**
- ⚠️ Fewer than 3 samples (Grade I is insufficient for a meaningful auction)
- ⚠️ Samples from very distant or different neighborhoods
- ⚠️ No inspection date (when was the property visited?)
- ⚠️ Value far from the market with no justification
- ⚠️ Report copied from a prior case without updating
- ⚠️ Appraiser without a valid CREA/CAU in the property's state

---

## Location Analysis (Location Score)

Assign a score from 0 to 5 for each factor:

```
INFRASTRUCTURE:
[ ] Public transport (subway, BRT, buses): 0-5
[ ] Nearby retail and services: 0-5
[ ] Nearby schools and hospitals: 0-5
[ ] Parks and recreation areas: 0-5

URBAN PLANNING:
[ ] Favorable zoning (residential, ZEU, ZEIS...): 0-5
[ ] Building potential (floor-area ratio): 0-5
[ ] Restrictions (APP, shoreline strip, heritage listing): 0-5

MARKET:
[ ] Historical appreciation of the area: 0-5
[ ] Presence of new developments: 0-5
[ ] Estimated liquidity (ease of resale): 0-5

TOTAL: ___ / 50
```

**Interpretation:**
- 40-50: Excellent location — premium
- 30-39: Good location — above average
- 20-29: Average location — normal market
- 10-19: Below-average location — reduced liquidity
- 0-9: Poor location — high illiquidity risk

---

## Margin Of Safety Calculation

```
Estimated Market Value (MV):            R$ _______________
(-) Acquisition costs (ITBI + notary):  R$ _______________  (approx. 4-5% of value)
(-) Auctioneer's commission (5%):       R$ _______________
(-) Property tax + Condo debts:         R$ _______________
(-) Eviction cost (if needed):          R$ _____________
(-) Estimated works/regularization:     R$ _______________
(-) Margin of safety (10-20%):          R$ _______________
= RECOMMENDED MAXIMUM BID:              R$ _______________

MINIMUM ACCEPTABLE DISCOUNT: ____% of MV
```

---

## Analysis By Type

**Residential Apartment:**
- Check: parking spaces, floor, orientation (morning/afternoon sun), barbecue, storage
- Liquidity: very high (SP, RJ, BH, Curitiba) — easy resale

**House in a Gated Community:**
- Check: amenities, security, condo fee, building restrictions
- Liquidity: high — steady demand from families

**Urban Lot:**
- Check: zoning (floor-area ratio, occupancy rate)
- Check: potential for development (potential sales value)
- Liquidity: medium — highly location-dependent

**Commercial Unit:**
- Check: standard, street, foot traffic, parking, citations
- Liquidity: low to medium — more restricted market

**Logistics/Industrial Warehouse:**
- Check: ceiling height (minimum 8m for logistics), docks, truck access, fire clearance (AVCB)
- Liquidity: medium-high along logistics corridors (Dutra, Castelo Branco, BR-381 highways)

**Rural Property:**
- Check: ITR, CAR, legal reserve, access, water, power
- Liquidity: low — specialized market

---

## Online Market Research — Step By Step

When you need to estimate a property's MV without an available report:

## Quick Research Routine (15 Min)

```
1. OPEN ZAP IMÓVEIS (zapimoveis.com.br):
   - Search by neighborhood and property type
   - Filter by similar area (±20%)
   - Filter by similar number of bedrooms
   - Note: 5 properties with a SALE price (not rent)
   - Note: the R$/m² of each sample

2. OPEN VIVA REAL (vivareal.com.br):
   - Repeat the same search
   - Cross-check with ZAP data (avoid duplicates)
   - Note: 3-5 additional samples

3. APPLY ELASTICITY FACTOR:
   - Listings carry an average negotiation margin of 10-15%
   - Real sale value ≈ listed price × 0.85 to 0.90
   - In a weak market: × 0.80
   - In a hot market: × 0.92

4. CALCULATE ESTIMATED MV:
   - Mean of the adjusted samples' R$/m²
   - Multiply by the auction property's area
   - RESULT = estimated MV (±15% margin)

5. VALIDATE WITH GOOGLE STREET VIEW:
   - Open the address in Google Maps
   - Check: surroundings, retail, transport
   - Apparent condition of neighboring facades
   - Confirm the neighborhood matches the samples' standard
```

## Cub Reference 2025 (Sinduscon/Sp — Update Monthly)

| Standard | CUB R$/m² (ref. Jan/2025) |
|--------|--------------------------|
| R1-B (Low Residential) | R$ 2,000 - 2,400 |
| R1-N (Normal Residential) | R$ 2,400 - 3,100 |
| R1-A (High Residential) | R$ 3,100 - 4,200 |
| R8-N (Normal Building) | R$ 2,100 - 2,700 |
| R8-A (High Building) | R$ 2,800 - 3,600 |
| R16-N (16-Story Building) | R$ 2,200 - 2,900 |
| CSL-8 (Commercial) | R$ 2,700 - 3,800 |
| GI (Industrial Warehouse) | R$ 1,400 - 2,000 |

*Source: SINDUSCON-SP. Check the monthly update at www.sindusconsp.com.br/indices-e-custos/cub/*

---

## Affordable Properties (Up To R$ 300K)

- Acceptable appraisal error margin: ±15%
- Liquidity: HIGH — many buyers in this range
- Liquidation factor: 0.20 (FLV = 80% MV)
- Ideal auction discount: ≥30%

## Mid-Range Properties (R$ 300K - R$ 800K)

- Acceptable error margin: ±10%
- Liquidity: MEDIUM-HIGH
- Liquidation factor: 0.25
- Ideal auction discount: ≥35%

## High-End Properties (R$ 800K - R$ 2M)

- Acceptable error margin: ±10%
- Liquidity: MEDIUM — longer sale period
- Liquidation factor: 0.30
- Ideal auction discount: ≥40%

## Luxury Properties (> R$ 2M)

- Acceptable error margin: ±15% (fewer samples)
- Liquidity: LOW — restricted market
- Liquidation factor: 0.35 to 0.45
- Ideal auction discount: ≥45%
- Investor needs capital to hold for 12-24 months

---

## When Can An Auction Property Be Financed?

| Mode | Financing Possible? | Notes |
|-----------|------------------------|-----|
| CEF Direct Sale | YES — by the bank itself | Up to 80% VMAV, FGTS allowed |
| BB/Santander Direct Sale | YES — by the bank itself | Terms vary |
| Extrajudicial Auction (bank) | DEPENDS — check the notice | Some accept financing |
| Judicial Auction | Generally NO | Payment on the spot or short installments (Art. 895) |

## Installments In Judicial Auctions (Art. 895 Cpc)

- 25% deposit on the spot
- Remainder in up to 30 installments (maximum)
- Adjustment: simple interest of 1% per month (typically)
- Guarantee: mortgage on the acquired asset itself
- **Risk:** if you fail to pay, you lose the property AND the deposit

---

## Installation

Knowledge-only skill. Requires no dependency installation.

```bash

## Check Whether The Skill Is Registered:

python C:\Users\renat\skills\agent-orchestrator\scripts\scan_registry.py
```

---

## Commands And Usage

How to use this skill:

```bash

## Use Via Orchestrator (Automatic):

python agent-orchestrator/scripts/match_skills.py "appraise auction property"

## "What Is The Market Value Of This Apartment?"

```

---

## Governance

This skill implements the following governance policies:

- **action_log**: Appraisals performed are recorded by the ecosystem's log_action
- **rate_limit**: Controlled via the integrated check_rate — no direct external API calls
- **requires_confirmation**: Appraisals with a negative margin trigger a mandatory confirmation_request
- **warning_threshold**: A discount <15% or an outdated appraisal automatically trigger warning_threshold

Additional policies:
- **Owner:** Auctioneer AI Ecosystem
- **Scope:** Expert appraisal of properties for auction
- **Limitations:** Indicative estimates. Does not replace an expert report by an engineer/architect.
- **Audit:** Validated by skill-sentinel
- **Sensitive data:** Does not store appraisal data

---

## References

Regulatory sources and references:
- **ABNT NBR 14653-1:2019** — General procedures
- **ABNT NBR 14653-2:2011** — Urban properties
- **ABNT NBR 14653-3:2004** — Rural properties
- **ABNT NBR 12721** — Appraisal of construction costs
- **CUB** — Basic Unit Cost (SINDUSCON per state, monthly update)
- **COFECI** — Federal Council of Brokers (appraisal opinions)
- **IBAPE** — Brazilian Institute of Appraisals and Engineering Expertise
- **FIPEZAP** — Property price index (fipe.org.br/indices/fipezap)

## Best Practices

- Provide clear, specific context about your project and requirements
- Review all suggestions before applying them to production code
- Combine with other complementary skills for comprehensive analysis

## Common Pitfalls

- Using this skill for tasks outside its domain expertise
- Applying recommendations without understanding your specific context
- Not providing enough project context for accurate analysis

## Related Skills

- `junta-leiloeiros` - Complementary skill for enhanced analysis
- `leiloeiro-edital` - Complementary skill for enhanced analysis
- `leiloeiro-ia` - Complementary skill for enhanced analysis
- `leiloeiro-juridico` - Complementary skill for enhanced analysis
- `leiloeiro-mercado` - Complementary skill for enhanced analysis