Appraisal approach Clandestine Labratories/Meth Lab Properties

[daven]

On another note which is somewhat entertaining, when my mentor and I inspected the property the lady across the street stood in the large picture window in her house and watched us like hawks until we left. Following the inspection we stood outside the house and talked intentionally to see if we could outlast her... She won!!

 

[Smokey Bear]

Daven - I'm really impressed. I've met few trainees who are as diligent and knowledgeable as you are. Keep in mind that you can make stigmatized properties a specialty, especially as an expert witness once you get certified. Get Ronald Bell's book, it's very interesting. Keep searching, if you look hard enough, you usually can find the answer. BTW, if the only "comps" you can find are non-arms-length, that might tell you something about the sellability of the house on the open market. People buying these properties are taking a huge risk that the cleanup didn't quite do the job. That would be reflected in who your market is and what they're willing to pay for the property.

 

[daven]

I have come to the understanding in which one will never know everything in this business. I'm guessing I will feel like a trainee for the next five years. I will purchase Ronald Bell's book as a christmas present from me to me. Thanks again. I have completed the report and am going to let it sit over the holiday and look at it fresh after that. I will be very interested to see how far this goes. I will post any hiccups along the way once it is into underwriting.

 

[Michigan CG]

Not sure where you are in South Dakota. Call some Iowa appraisers in Sioux City, Mason City, Council Bluffs/Omaha area and Des Moines. They may be able to help you.

Iowa was the meth lab capital of the country for a while.

I think if the property has been deemed clean by the EPA and the locals that there is most likely no stigma at all.