HOME has NO COMPS in the area-Need Appraiser HELP!

[CARTER727]

I’m currently under contract for a home in Middleburg, FL. The home is situation on 1.14 acres, 3bd 2.5 bath 2,100 sq ft. The home is in a rural area (off a dirt road). The home utilities are well water and on a septic systems. The surrounding homes in a mile radius are modular (double-wide) homes. The seller would not budge on the listing price ($194,900). The seller purchases the home from Bank of America Foreclosures for $114K. The seller did not provide a sellers disclosure due to not living in the home but he did provide a list of repairs and upgrades. The repairs and upgrades are estimated at $20K.There is not a comp home in 2 miles of this home. The home inspection came back with just minor things the seller agreed to fix or update. I've searched around (Visulate) and the most the house is estimated worth is $149,000. Can you give me an estimate of how much you think this home would appraise for? (Address: 4822 Belladonna St Middleburg, FL, 32068 MLS#713005)

 

[JTip]

Can you give me an estimate of how much you think this home would appraise for?

Somewhere between $2.45 and $1.2 million.

Come on now. Certified apprasiers like yourself can figure it out. Get out your 1004, HP-12C, USPAP and MLS and figure it out!

 

[Deleted member 128537]

This should be easy. Looks like it may come in significantly lower than the sale price if that's what the comps dictate. So if you think the house is worth 149,000 then what's the beef? Give an opinion and move on. It may be tough for the seller, but it would be worse for the buyer and lender (your client) that purchase or lend on a property for more than what it's worth.

If you are afraid of appraising it for significantly less than the sale price you need to get out out of the business. It's going to happen. No one likes to do it, but it will happen if you stay in this business long enough.

I just appraised a house with a contract price for 277,000 for 230,000. They didn't like it, but the contract was renegotiated to 230,000.

 

[Ken B]

I love this place.

 

[J Grant]

Zillow will provide a free zestimate.

 

[CARTER727]

I apologize JTIP, I am not a certified appraiser, I am a home buyer. I didn’t realize when I signed up for the thread; it would list me as a certified home appraiser.
Homesweethome, I am not griping over the $149,000. Believe me that fits right in my budget. As for the seller, since he could not provide COMPS for my agent and I, I just wanted some reassurance in the price I will counter back after the appraisal.
I was trying to get an estimate of what the home would appraise for. That ALL. Thanks for the Replies!!!

 

[Proactive]

I was trying to get an estimate of what the home would appraise for. That ALL.

Around here we call that an appraisal. You should get one from a qualified, local appraiser. Good luck!

 

[Joyce Potts]

I love this place.

Is this purgatory?

 

[Ken B]

Is this purgatory?

No, that would have been my second marriage.

 

[CARTER727]

I definitely signed up from the wrong forum! My Mistake! Unbelievable!!!!!