Joe Birrell (NY)
Member
- Joined
- Jan 16, 2002
Most of you may remember my previous posting sometime ago - WELL IT HAS HAPPENED AGAIN.
I get this call from a widow of a NYC fireman killed in the WTC collapse.
She says, "I'm buying this house, all cash, for $497,500, and I need an appraisal done". She gives me the address and immediately it strikes me
as +-$100,000 above market value.
I returned this morning from the inspection. The subject is a heavily
depreciated "Tudor" style (circa 1930), on a small lot (no rear yard) due to poor site orientation), 2000 sf GLA, no upgrades, no modernization.
Long story short, the bottom line is $390,000 based on comps from 3 blocks to 1 mile away (6 comps).
Now, based upon the last time I posted a similar scenario, I refer all
to the Realtors Code of Ethics, Article 1-3 ".....shall not deliberately
mislead the owner as to market value". Some will argue that re agent
has done nothing wrong, blah, blah, blah. In that case, I refer them to
the Preamble of the code (embodied in the Golden Rule..do on to others as you would have them do to you). If that dosn't bother you, then how
was this price determined ? I have checked all listings, contracts, acceptances, and sold properties - there is no justification whatsoever
for a price of $497,500 !
Like we said last time there is something else going on here that dosn't meet the eye, and I hate to think of what it might me, and I don't even want to speculate what it is.
P.S. In this case, it was her attorney who told her to order the appraisal.
I get this call from a widow of a NYC fireman killed in the WTC collapse.
She says, "I'm buying this house, all cash, for $497,500, and I need an appraisal done". She gives me the address and immediately it strikes me
as +-$100,000 above market value.
I returned this morning from the inspection. The subject is a heavily
depreciated "Tudor" style (circa 1930), on a small lot (no rear yard) due to poor site orientation), 2000 sf GLA, no upgrades, no modernization.
Long story short, the bottom line is $390,000 based on comps from 3 blocks to 1 mile away (6 comps).
Now, based upon the last time I posted a similar scenario, I refer all
to the Realtors Code of Ethics, Article 1-3 ".....shall not deliberately
mislead the owner as to market value". Some will argue that re agent
has done nothing wrong, blah, blah, blah. In that case, I refer them to
the Preamble of the code (embodied in the Golden Rule..do on to others as you would have them do to you). If that dosn't bother you, then how
was this price determined ? I have checked all listings, contracts, acceptances, and sold properties - there is no justification whatsoever
for a price of $497,500 !
Like we said last time there is something else going on here that dosn't meet the eye, and I hate to think of what it might me, and I don't even want to speculate what it is.
P.S. In this case, it was her attorney who told her to order the appraisal.
