Confused about amenities

[TN Pro]

He couldn't have walked it...he weighed 400 lbs and got out of breath walking 40 feet from his truck to the front door.

That puts me in the clear, I would have parked a lot closer to the front door.

 

[Mike Kennedy]

I sold 7.55 acres of the property for $2000 an acre. He called and asked what I sold it for, then put a value of $1800 an acre on the remaining property. ????

Unfortunately the oldtimers here in TN still think land is $500 an acre and until some starts selling for more, they'll never get the value up where it belongs.

We ended up having to cut our selling price by $20,000 to keep our buyers. I could have requested a second appraisal, but, guess what? The buyers' bank got to pick the appraiser and I would have had to pay for it. They're all in each other's pockets here. I didn't stand a chance of fighting it.

Roberta: assuming your statement that you were there during the appraisal is accurate........did the appraiser actually measure your dwelling??? (or perhaps merely relied on assessment records for the house and the outbuildings??)

Hopefully you are aware, as the owner, you were within your rights to inquire about, and obtain, the reasons why the appraiser didnt inspect the outbuildings, and/or measure your house (if he didnt). .........and IMMEDIATELY contact your attorney and/or the Buyers and their Attorney ON THE SPOT and demand another appraiser be assigned. ??????

Your comment regard the "ol timers" perception of land values MAY in fact be accurate and perhaps your 1 lot sale was an abberration. You certainly can research Land Sales at the County or Town Hall (if applicable). .......should you truly believe the Land Estimate in the appraisal was incorrect.........WHICH brings up final question/comment........

How did you obtain the data / info / copy of appraisal upon which you based your assertion that the appraiser valued the remaining subject parcel at $1800. per acre.........?? .......

"We ended up having to cut our selling price by $20,000 to keep our buyers. I could have requested a second appraisal, but, guess what? The buyers' bank got to pick the appraiser and I would have had to pay for it."

Were you not represented by an attorney ? If all your conclusions are correct - would it not have been a WISE move to shellout a couple hundred bucks to GAIN $19,500-19700?.........an objective reader would think so.!

too many unanswered questions to address your comments but perhaps the ideas above should give you a starting place. Also.........if you voluntarily "dropped the price" to "keep your buyers" ...........perhaps the property was over-priced at the "git go"? Certainly, one would surmise a waiting list of backup offers..............IF your assertions are correct. No ?

 

[Tim Hicks (Texas)]

Appraisals are an opinion of value. It is possible for an appraiser to come up with an improper value. Wouldn't it be worth another $300-400 to get another opinion of value to see if the other appraiser might be correct? If you get a second, unbiased (no influence from you or anybody else) opinion of value that is higher than the original opinion of value would you not feel better and be able to obtain a loan? If the new opinion of value was the same or lower, would you sleep better at night knowing you know the true value of the property? Appraisers are human and can make mistakes even with methodology and factual data. Unfortunately, that is just how it is. The lender obviously trusted this appraiser, so you might want to inquire why they do. I know that the loss of the appraisal fee is substantial, but in the grand scheme of things would it be that great a loss to get another opinion of value for your own piece of mind.

Cost does not equal value, but improvements do have contributory value. Contributory value is usually supported by market based adjustments. It should show in the appraisal.

 

[Roberta Workman]

Roberta: assuming your statement that you were there during the appraisal is accurate........did the appraiser actually measure your dwelling??? (or perhaps merely relied on assessment records for the house and the outbuildings??) ?

Appraiser measured the rooms in the house with an old fashioned tape measure. He didn't go near the outbuildings.

Hopefully you are aware, as the owner, you were within your rights to inquire about, and obtain, the reasons why the appraiser didnt inspect the outbuildings, and/or measure your house (if he didnt). .........and IMMEDIATELY contact your attorney and/or the Buyers and their Attorney ON THE SPOT and demand another appraiser be assigned. ??????

The appraiser took 14 days to do the appraisal. By that time we were less than a week away from closing and I had a house in Florida to close on a few days later. There was no time to contest the appraisal.

Your comment regard the "ol timers" perception of land values MAY in fact be accurate and perhaps your 1 lot sale was an abberration. You certainly can research Land Sales at the County or Town Hall (if applicable). .......should you truly believe the Land Estimate in the appraisal was incorrect.........WHICH brings up final question/comment........

How did you obtain the data / info / copy of appraisal upon which you based your assertion that the appraiser valued the remaining subject parcel at $1800. per acre.........?? .......

The same realtor represented us as the sellers and also the buyers. They're good ol' boys, too, and gave me the results of the appraisal.

"We ended up having to cut our selling price by $20,000 to keep our buyers. I could have requested a second appraisal, but, guess what? The buyers' bank got to pick the appraiser and I would have had to pay for it."

Were you not represented by an attorney ? If all your conclusions are correct - would it not have been a WISE move to shellout a couple hundred bucks to GAIN $19,500-19700?.........an objective reader would think so.!

Again...their bank got to pick the appraiser. It would have made no difference.

too many unanswered questions to address your comments but perhaps the ideas above should give you a starting place. Also.........if you voluntarily "dropped the price" to "keep your buyers" ...........perhaps the property was over-priced at the "git go"? Certainly, one would surmise a waiting list of backup offers..............IF your assertions are correct. No ?

There were 11 different showings the weekend these people made their offer. The property was not overpriced. We dropped the price after the appraisal because we had already bought the house in Florida (to get out of this miserable state) and because with the lousy appraisal, no one else would make a higher offer. We also retained ownership of some of the amenities that were originally included with the original contract to make up some of the difference and the realtor cut his commission to keep the sale.

 

[Mike Boyd]

Every response to your question is correct.

One important fact that was not mentioned is that financing for manufactued homes on acreage has become a problem nationwide. Some lenders have even stopped offering these types of loans due to an inordinate number of foreclosures. Consequently, those lenders that still make loans secured by manufactured homes have become very conservative and many have instructed the appraiser to use only recent manufactured home sales as comparable sales and only to value a portion of the land. Many do not want to know about outbuildings or they instruct the appraiser not to give them any value. (some feel barns, stables and/or workshops, pasture and corrals make it a FARM rather than a typical residence.) Most lenders do not loan on farms and if they do restrict the loanable amenities even further.

So, before castigating the appraiser, you might want to contact him or her and find out what restrictions the lender may have placed on it. Also, I would look for a lender or mortgage broker that specializes in financing manufactured homes. Almost all lenders and mortgage brokers will SAY they offer MH financing but, today, most will end up offering such a rotten loan that you will not want it.