The Sheriff
Member
- Joined
- Mar 21, 2007
- Professional Status
- Certified Residential Appraiser
- State
- Arizona
The property was purchased as new construction from the builder in March of 2007. Ran the decline in the neighborhood, and it demonstrated about 0.5% per month as the property was in an adult active community. I wanted to say the house was about $405K when it was all said and done, but my actives really forced me to bring it down to $395K. Either way... then $10K difference is not the issue. The owner paid $501K in 2007. No matter how you run the time adjustment, the property should be worth more than where I'm bringing it in at if the original value wasn't garbage. The owner is a Michigan grad, as is the wife, and the daughter who is now a lawyer. All of them have their sh*t together in other words. They will very well read my report and will come to the same conclusion I did (they got F'ed in the buying process by the builder and the builder's lackey appraiser). There were two MLS resales of idential model matches at the time as well. The one on the golf course sold for $500K (less than subject). The one not on the golf course sold for $435K (two weeks before the subject closed). Of course, the subject is NOT on the golf course. Similar upgrades for both of these sales. Also, the owner placed $100K down. I went back a full year just to see if anything supported the sales price on the MLS... nadda, zilch, not happening bucko. But, I damn well know the builder sales would conclude value was a go. I'm sure you know where I'm going with this...
Potentially, offer the client a retrospective appraisal or a retro review of the original report as he darn well is going to be ****ed about losing $100K when it should maybe be 1/3 of that amount (in today's dollars). This could lead to a whole subdivision of potential clients knowing the builder ran with skippy the number hitter from a certain AMC some of us utilize on here. At the same time, we can push another number hitter out the door because my next step will be to the state board. I'm sick of doing reviews and seeing some established shop getting the work because they make things happen. I don't know... I've made phone calls to other appraisers when I've done a review that I agreed with because it got really old cutting everything that came in the door.
Just my rant for the day.
Potentially, offer the client a retrospective appraisal or a retro review of the original report as he darn well is going to be ****ed about losing $100K when it should maybe be 1/3 of that amount (in today's dollars). This could lead to a whole subdivision of potential clients knowing the builder ran with skippy the number hitter from a certain AMC some of us utilize on here. At the same time, we can push another number hitter out the door because my next step will be to the state board. I'm sick of doing reviews and seeing some established shop getting the work because they make things happen. I don't know... I've made phone calls to other appraisers when I've done a review that I agreed with because it got really old cutting everything that came in the door.
Just my rant for the day.