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525 Days on Market and Counting

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Green Hornet

Thread Starter
Senior Member
Joined
Dec 29, 2006
Professional Status
Certified Residential Appraiser
State
Washington
I appraised a custom built log home in May of 2007 for a refi. I came in at $400,000. Everyone thought I was crazy and I took a lot of flack.

In April of 07, the bank had ordered an exterior, which I completed. When I did the inspection for the interior in May, the owner did not know that I was the appraiser who had completed the exterior. He thought that that appraiser was an idiot. I kept my mouth shut and did my job. It is what it is.

Soon after the interior, it was placed on the market for $519,000. It is now down to $425,000. How low will it go?

Every once in a while it is nice to be able to look back and see that I was right.

FYI, the market for this type of improvement has remained pretty stable during this period. My guess is that it would still appraise around $400,000 given other, recent, appraisals I have completed on log homes within the market.
 
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c w d

Senior Member
Joined
Oct 2, 2006
Professional Status
General Public
State
Florida
I would have said something.
 

Green Hornet

Thread Starter
Senior Member
Joined
Dec 29, 2006
Professional Status
Certified Residential Appraiser
State
Washington
I would have said something.

Sometimes I would have too.

In this case I was in an isolated location with a ****ed of person and was almost done with the inspection. I felt that silence was the best option at that point.
 
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