Are Frankenhouse Owners The Most Obtuse?

[Metamorphic]

Inspected a Frankenhouse today. Tag-along owner. Trying to Re-fi. Had his house on and off (mostly on) the market since '05. Has RAISED the asking price 20% while the market has fallen 30% without doing any additional upgrading, which is fine because this 50 year old house has its fair share of extra, not reflected in public record, appendages. Cant figure out why all the other appraisers were able to lump the elevated deck converted into a sun room with the musty drywalled off room created on the underside with no inside entrance into GLA so they could compare his house with a modern 3200 sf home
.

The real treat was when he showed us the old appraisal report. Nine...... count them NINE gridded comps. All at least a thousand feet bigger and 25 years newer. To help close the gap he valued the subject's 40 year old shop converted into a in-law quarter at about twice the per foot rate that he valued the main house GLA at. The adjusted comp prices ranged over about 25% Man it would have been fun to have that as a review appraisal. :new_2gunsfiring_v1::new_2gunsfiring_v1::new_2gunsfiring_v1:

 

[Richard Carlsen]

The real treat was when he showed us the old appraisal report. Nine...... count them NINE gridded comps. All at least a thousand feet bigger and 25 years newer. To help close the gap he valued the subject's 40 year old shop converted into a in-law quarter at about twice the per foot rate that he valued the main house GLA at.

Creative appraising will get you the requested value every time.

As to the Fankenhouse, we don't have any up here but the same could be said for any outdated design with non-typical floor plan owned by someone who thinks that old or unique creates value by itself. That happens all over the place.

BTW, are the glasses used to drink beer in a Frankenhouse really called Frankensteins?

 

[Mr Rex]

Always grid the subject as a comp in these scenarios.

 

[Alison Swain]

What, no pictures?

 

[c w d]

The real treat was when he showed us the old appraisal report. Nine...... count them NINE gridded comps. All at least a thousand feet bigger and 25 years newer. To help close the gap he valued the subject's 40 year old shop converted into a in-law quarter at about twice the per foot rate that he valued the main house GLA at. The adjusted comp prices ranged over about 25% Man it would have been fun to have that as a review appraisal. :new_2gunsfiring_v1::new_2gunsfiring_v1::new_2gunsfiring_v1:

If I were a lawyer contesting this appraisal in a court of law I would present the original appraisal as my only evidence.

There are some creative methods with which appraisers use to justify a value. Using 9 sales that lack any comparative qualities only serves to prove the opposite of what the original appraiser intended. Not only is this person unethical, but an idiot to boot. Add 100 sales to the appraisal. Sheer numbers alone doesn't support an opinion. On the contrary, this appraiser proved there was no support for his/her opinion.

 

[Marcia Langley]

I think the do-it-yourselfers that add square footage are more obtuse than others. They are so proud of making it bigger and so sure they own a mansion.

 

[George Ellerman]

Creative appraising will get you the requested value every time.

As to the Fankenhouse, we don't have any up here but the same could be said for any outdated design with non-typical floor plan owned by someone who thinks that old or unique creates value by itself. That happens all over the place.

BTW, are the glasses used to drink beer in a Frankenhouse really called Frankensteins?

My god it's the Frankenhouse!!! Villagers get your torches!!

 

[Tim The Enchanter]

Frankenhouse. :laugh:

I guess I've seen a few.

Welcome to the world of telling it like it is and killing deals.

 

[Metamorphic]

What, no pictures?

It wasn't one of those one's that looks bad. The did a real passable job of turning a 1960's Rambler into a reasonably modern'ish house of twice the size. But its got just enough funky'ness, wasteful hallways, and older style features that it will never pass muster for the kind of buyer that's got the coin to pay what they're asking.

But I hate to disappoint so I'll post this picture of a frankenhouse I stumbled across a couple weeks ago.

That there beast is in a 40 year old tract neighborhood of 1200 sf 3/2s. I'd love to inspect that one. I bet 10 or 12 feet inside that front wall somewhere there's a front door separating a living room from another living room.

 

[Tim The Enchanter]

That there beast is in a 40 year old tract neighborhood of 1200 sf 3/2s. I'd love to inspect that one. I bet 10 or 12 feet inside that front wall somewhere there's a front door separating a living room from another living room.

Gross overimprovement at best.
Illegally splitting it into units does not help the PITA factor.