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Amazing What You Learn By Calling

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Terrel L. Shields

Elite Member
Gold Supporting Member
Joined
May 2, 2002
Professional Status
Certified General Appraiser
State
Arkansas
MLS didn't show any major defects, but MLS said sold "as is" - an estate. Sold for $30/SF - It was a ranch sprawl, where they added on a garage cut down below grade of the original house (built about 1965) and a upper level above garage for a split level then added to back...Most similar were selling for $60/SF...was on market for 9 months.

So I texted the selling agent whom I knew as a local who went to church with the family of the owners. He replied it had electrical and plumbing problems and that they had expanded the house so much that it covered the septic tank...which was now giving them problems. YUCK...

So one to keep in the lock box of oddities to evaluate for significant functional obsolescence...about $50,000 worth off the top of my head...Nice brick house and clean inside otherwise. I would never have guessed the problem from the MLS, but those "as is" remarks is a red flag to call and find out.
 

jay trotta

Elite Member
Joined
Feb 8, 2004
Professional Status
Certified Residential Appraiser
State
Connecticut
can you find all that in Big Data ?
 

CGgonnabee

Member
Joined
Apr 10, 2008
Professional Status
Certified General Appraiser
State
Virginia
When it doesn't add up (i.e., no obvious reason why it won't "grid" like the rest), there's almost always an interesting or at least extraordinary story. Let me count the ways...
 

Salty

Member
Joined
Mar 12, 2010
Professional Status
Certified Residential Appraiser
State
Pennsylvania
Lesson #1 in appraisal school: always contact the broker/agent for every sale/listing.
 
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