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15k Sf Home With 7.5k Basement On 6 Acres On The Water

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Digger88

Elite Member
Joined
May 11, 2010
Professional Status
Certified Residential Appraiser
State
Virginia
proposed fee of $625, lol. i could have easily countered and got $2,500 but i literally have zero comps. it would have taken days of work to finish but if you have no comps what are you supposed to do? my best comp i could find was 12 million and was inferior!
 

A K

Elite Member
Joined
Jul 31, 2013
Professional Status
Certified Residential Appraiser
State
Maryland
Which water?
 

Mr Rex

Elite Member
Joined
Jan 12, 2004
Professional Status
Certified Residential Appraiser
State
North Carolina
No comps= No appraisal at any fee. I turn down 2-3 every month for that reason and its not because they are 15k sf.
 

bnmappraisal

Elite Member
Gold Supporting Member
Joined
Nov 9, 2011
Professional Status
Certified Residential Appraiser
State
Florida
it would have taken days of work to finish but if you have no comps what are you supposed to do?
Guess that's why there's 3 approaches to value
That being said, I'm probably in your boat for something like that and also would personally back out - for me, what you describe, is "above my pay grade" - I'd rather do 3 or 4 SFR 1,500 sf waterfront properties (at $500+) than that one "monster" for $2,500 (let alone the $650 proposed fee)
 

Digger88

Elite Member
Joined
May 11, 2010
Professional Status
Certified Residential Appraiser
State
Virginia
Guess that's why there's 3 approaches to value
That being said, I'm probably in your boat for something like that and also would personally back out - for me, what you describe, is "above my pay grade" - I'd rather do 3 or 4 SFR 1,500 sf waterfront properties (at $500+) than that one "monster" for $2,500 (let alone the $650 proposed fee)

income approach, lol. def above my pay grade. the last 22k sf home i did i had 3 comps in the same subdivision!
 

A K

Elite Member
Joined
Jul 31, 2013
Professional Status
Certified Residential Appraiser
State
Maryland
$12 million is a pretty big number though. I don't know how you would know it is inferior without visiting the property first.
 
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