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Bad news on the kitchen table

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Frank Bertrand

Thread Starter
Junior Member
Joined
Aug 21, 2002
Professional Status
Certified General Appraiser
State
Pennsylvania
You know that dejvue feeling: pulling into the driveway, I thought to myself, "i've been here before." Sure enough a familar face came out of the plastic shrouded porch towing 2 kids with her. Yes, I said, I did your farm
about 5 years ago. Did anything change?

No, it was the same dump. Yet on the kitchen table there were 5 appraisals, YES, 5. I said you've had quite a bit of value opinion on your place. Why another one?

"well, we are trying to refinance again. We've had 3 financings in the last 3 years, and we want to lock in a lower rate."

I started my inspection, silently patting myself on the back that my camera had 44 pictures left, and I figured to use them all. So I started and the husband and wife each had a appraisal report with them, telling me I didn't I didn't have to inspect since all the data was in these reports. They told me the condition of each room--wildely optimistic I might add--from each appraiser (out of the area number hitters). When in the living room that doesn't have a ceiling it in, I asked what the remarks made.

1 appraiser said the ceiling was tenatively repaired (it is 50% open to the beams), the second said "small area LR ceiling to be remediated"

It went downhill from there:

major bath is just roughed in and it was that way 5 yrs ago, they have it stripped to the outside clapboard and you can see daylight.
all fixtures in boxes. Soooo

Appraiser 1: "major renovations virtually complete with new vanity, toilet and whirlpool bath"

Appraiser 2: "Client in final stages of major renovation in upstairs main bath which reflects well on home's upgrades to kitchen and baths"

So they followed me around from room to room, pointing out how their house should be. I am always polite, especially when there are 2 German Shepards growling behind a well scratched util room door.

finished taking 32 pictures gave em a pen and left, shaking my head again. So it goes...
 

Mountain Man

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified General Appraiser
State
Georgia
Yeah, been there, done that, got the tee shirt. Wanna bet that it will be the same 5 years later? With your photos, at least it won't be your E&O to pay out on a claim. :wink:
 

Farm Gal

Elite Member
Joined
Jan 14, 2002
Professional Status
Licensed Appraiser
State
Nebraska
an don't 'cha wish you coulda grabbed all the paper on the table an' sent it off tothe board with just the photos: no words attached?

:evil: 8O :wink:
 

Francois K. Gregoire

Senior Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
Florida
Yeah, I did it too. Only thing, this one started out as an exterior only 2055 since I had done it the year before.

Too bad I decided to take a ride around back!!



I think that is most of the rear wall in the trailer. Great view of the rear yard from the Living Room. And yes, it was occupied and the satellite dish is in place. Not too concerned about energy conservation. Not sure if the AC is working, bu they left the light on for me.
 

BigBlueGA

Junior Member
Joined
Mar 13, 2002
Professional Status
Certified General Appraiser
State
Georgia
Few things leave me speechless...


(silence)...
 

TZitter

Sophomore Member
Joined
Mar 11, 2002
Frank,

Now I guess it should be explained as an attractive unobstructed view -- positive selling feature in resort developments.

Tim Zitter
 

Lee in L.A.

Elite Member
Joined
Jan 24, 2002
Professional Status
Certified Residential Appraiser
State
California
Reminds me of the Victorian duplex I did. Looked great outside. Inside was gutted to the studs and rafters. Although he still had the 90 year old wiring and plumbing in place. No heat. No actual working kitchen. Needed a loan to replace that, and drywall etc. :oops:

Wonder what ever happened there? :lol:
 

Wally Jones

Senior Member
Joined
Jan 23, 2002
Professional Status
Certified Residential Appraiser
State
Florida
Now, see, this is where the AVM could really shine!

:mrgreen:
 

Richard Carlsen

Elite Member
Joined
Jan 15, 2002
Professional Status
Licensed Appraiser
State
Michigan
“…and the hopes and dreams of mankind spews forth in words like ‘gonna do’ and ‘will be’ only to be quenched upon the reality of the moment, the crusty reality of the cracker box we inhabit and the dismal surroundings of debris. But the hopes and dreams never fad. Hopes and dreams are the fuel that propel us, sustain us, keep us going on from day to day to day to day……..”


Richard Carlsen
"Things I Have Seen"
unpublished as yet
 

Mike Garrett RAA

Elite Member
Gold Supporting Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
Ain't it grand!

Here is one for you........small (811sf) townhouse (1/2 duplex). Appraiser struggles to get to contract. Buyer's loan is "disapproved" ..income issue. Mortgage broker goes to new lender. Now a new appraisal comes in $5,000 higher and they want a new contract reflecting a higher sales price with the seller to pay all of the buyers closing costs and 3% contribution to the down payment. What is wrong with this picture????

Oh, did I mention the appraiser (2nd) was from out of town? Hmmmmmm

Thus sayth the old guy!
 
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