"deal Killer" No Value Added For Permited Guest House

[Michigan CG]

The deal is long over, summer is almost over, I was able to find around 12 houses with guest houses in Montgomery County, five of which have contracts pending, none in my subdivision though. This clown that did my appraisal has screwed me up in more ways than I thought was possible..............

If it were me I would be suing the AMC (and the appraiser). They are supposed to be adding value for their take of the fee. Do you know the name of the AMC?

 

[suzuki4444]

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[suzuki4444]

Thank you for loading those pictures.

 

[Dan Umstead]

How did you do that, I spent a couple of hours trying to put up a couple of pictures, could you put a couple of interior pictures of the guest house on here, thank you.

 

[Scott Kibler]

The deal is long over, summer is almost over, I was able to find around 12 houses with guest houses in Montgomery County, five of which have contracts pending, none in my subdivision though. This clown that did my appraisal has screwed me up in more ways than I thought was possible. I went to the two biggest realty companies in the area and told them about the low appraisal and they didn't want to list my house unless I would give it away, somehow I think they have taken my house off their website because they don't want a contract if the house is overpriced and cannot get funding. I never dreamed that one person can make life so difficult for no other reason than just being lazy. I talked with a person who works at the Texas Board of Appraisers in Austin and they told me I have a legitimate complaint. The only thing that will give me some sort of satisfaction after I hear back is if this guy looses his license so he never does this to another person, I should know in a month. If I can figure out how to put pictures on here I will put a couple of interior pictures of the guest house.

You are now unable to find an agent that will list your house at the previous list price? Did the last one cancel the listing?

 

[suzuki4444]

No, He just said that can't be right, I told him he should go to the lender and at least argue the appraisal, I think the $68,000 between the contract and his appraisal seemed like to big of a mountain to climb, he was way to passive about the entire thing. I have it listed with a broker now. The appraiser should write a book, "how to appraise a house in less than 20 minutes and screw some over really bad at the same time".

 

[Mike Kennedy]

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[Evincere]

No, He just said that can't be right, I told him he should go to the lender and at least argue the appraisal, I think the $68,000 between the contract and his appraisal seemed like to big of a mountain to climb, he was way to passive about the entire thing.

I have it listed with a broker now. The appraiser should write a book, "how to appraise a house in less than 20 minutes and screw some over really bad at the same time".

So are you saying this was a FSBO - For Sale By Owner Sale and it was not listed on MLS with an agent or broker but you have it listed with a Broker now? I had asked similar questions earlier (i.e.. how long property has been for sale, how many actual bona fide offers you received, how many price reductions) but got no response.

 

[suzuki4444]

The house was originally listed with a realtor for 274k and was on the market for close to three months, the majority of individuals viewing the house were young with children ranging from 2-10 years of age (having 3-4 kids) and needed more bedrooms (probably 5 couples) or were couples that needed to sell their house first (2-3 couples). Of probably 10-12 couples that looked at the house, only one said the house was priced to high and 2 said the 2 bedrooms in the main house were to small. Every person or couple that viewed the house loved the guesthouse and thought it was a big positive. My realtor and I decided to take it off the market until summer, which he had told me from the beginning is the best time to sell a house so the following day the house was put back on the market at 269k we had an offer for 266k which I accepted. We had three appointment that Saturday to show the house, one was less than an hour after the agreed offer so we showed the house to that couple, when they left they wanted to make an offer on the house but I had already agreed to a price with the person before them. The house was off the market right at two months between the option pending and me signing with the broker that listed it last Saturday. I can understand this house not being right for every couple especially ones with a young children but this is the perfect house for someone who is taking care of a parent, relative, a couple with a teenager or would like an office that works from home also one of the couples told me it would be perfect for a man cave. The appraisal for $198.5k was made solely on the main house which is 1950 sq. ft., I went to the two largest realtors In the area to list my house and told them what had happened with the appraisal and they really didn't want to mess with it unless I would drop the price significantly. I think that is because they didn't want to have a contract and 2 months later be shot down by another low appraisal. I have my house listed with a broker now. It has never been listed for sale by owner.

 

[glenn walker]

it would appear the guest unit does have value , many families would pay extra for a permitted guest house of this quality. The appraiser may have dropped the ball and was a "chicken little " even if he could find no similar comparable using a cost approach and factoring in superior utility should have allowed him to at minimum to give 50% value. The appraiser probably should have also contacted local agents and brokers to get there feedback on what typical buyers would think. If the buyers want the property they should contact the AMC and the lender and ask for another appraisal BY another appraiser .