Enough evidence to call BS on owner occupied?

[CURT VAN HOOSER]

I remain forever hopeful that there are at least a few skippy appraisers out there that really want to do the job well but were just trained by the Skipper and have to live that down until someone takes them under their wing. This does not seem to apply to your guy. 30 to 40 reviews? Wow...that seems excessive for the same guy. Oh well...

Anyway, back to fishing, my brothers reminded me that steelhead are typically pervalent in the winter months (Jan/Feb ideally). So, our July 4th trip will be to Bodega Bay for bottom fish. It's really about getting away from the family for a few days and doing things we don't do at home...smoke, drink (a lot), tell tales, and complain about how nasty the new breed of campers are. Thanks again for your input...

Curt

 

[Mountain Man]

State the facts, and review the report... not the appraiser.

 

[CANative]

State the facts, and review the report... not the appraiser.

Yes *Mel. Thank you.

*Mr. Obvious...

 

[CANative]

doggonit... I'm not a skippy.

Purchase price listed in the report under review is $370k and that was the value opinion. That seemed like a little too much and the comps are all from last May to July with no date of sale adjustments in a severely effected market. Market comments do not describe actual conditions.

The report goes on to state that the PA was not reviewed because the lender said there wasn't one yet. So I requested that the AMC have the review client get me a contract to review.

In the meantime I all but finish my work and have the report half written. I figure that between a downward adjustment to the last sales price (2006) and an upward adjustment for new paint and some interior work, the last sales price is probably the current market value. The only good comp in the report was a property with a similar small 2 bedroom/1 bath on a similar large lot that sold last September (but wasn't adjusted for time) supported my value opinion of $355k.

The contract just arrived by email and the contract price is... $355k.

m2:

 

[SANDY]

Wow- you were right on the money on that one. Your good even when there aren't any good comps available.

 

[CANative]

I'm not sure about being right on the money. Maybe more of a coincidence?

It appears to be a transaction between family members with a $40k gift of equity involved.