- Jan 9, 2006
- Professional Status
- Certified Residential Appraiser
When are they going to get it? I performed an appraisal on a property in a Historic District of Detroit, analyzed the market to such a point that the report when completed was 49 pages in length with 6 comps not including the listings requested on the REO addendum. I had detailed estimates for all of the recommended repairs, graphs demonstrating market trends, estimated months of inventory...... I got a call about the BPO performed on the same property coming in $80,000 less than my opinion of value two weeks ago. So I have been keeping my eye out for the listing. Well I look the property up and big surprise. The property was listed for $80,000 less than my appraised value, on the market 1 day, sold and is now re-listed by the same agent for $65,000 higher. I contacted the agent to inquire as to the condition of the property. It is in the exact same condition it was 4 weeks ago when I appraised it.