FHA Appraisal Turned Down In Casa Grande

[Deleted member 80407]

Wondering what fool will accept this order. Property is of a 1 story ranch built in 1999 located in an area without a HOA. Property has contract $6,000 above the asking price. The asking price was $12,000 higher than a competing property (sale ~ within 90 days) and $11,000 above a competing listing property within the subdivision. I am keeping the listing sheet to see if this property closes above the asking price. Wondering if someone out there will leave the subdivision for comparison when there are 2 sales very comparable to the subject selling for $18,000 and $25,000 less than the subject property. If this property closes, the principle of substitution means nothing to the fool who may or may not appraise the property at contract price.

 

[Terrel L. Shields]

Sounds like Castle Grande in Arkansas - the downfall of Jim McDougal and former Gov. Jim Guy Tucker

Run run run

 

[CANative]

I would have no problem with that assignment. Looks like you're declining over value issues. The opposite of that would be accepting because you know it will make value.

 

[Pilgrum]

I would have no problem with that assignment. Looks like you're declining over value issues. The opposite of that would be accepting because you know it will make value.

What CAN said. Why do you care what it is listed for? Or what it is in contract for? Take the assignment. Do the job. Get the money.

 

[Riick]

>>> Why do you care what it is listed for? Or what it is in contract for? Take the assignment. Do the job. Get the money.
Greed goeth before a lawsuit

 

[Tim The Enchanter]

Contract too high. Sofa King What?
They have nice furniture.

You would not be killing the deal, it's DOA.
You will need to do an extra convincing report, but it sounds like you have ammo.
To kill the DOA thing.
Kill the Deal! Kill the Deal! Kill the Deal!

 

[Michigan CG]

I had one a couple weeks ago. List price $99,900. Contract price $99,900 with $6,000 in seller concessions. Superior property sold one block away for $80,000. I came in at $72,000. No one was happy.

Two weeks later contract revision request comes in for $72,000.

It is part of the job.

 

[KYLECODY]

Looks like a dunk city deal. I would take it in a heartbeat..if it wasn't Casa Grande..Ugh. The garden spot of nowhere. Good place to pee on the way to Tucson from Phoenix.

 

[erockinaz]

I'll be honest James, I'm not sure why you wouldn't have done it. I have done three sales in the last week where the contracted price is above the comps. I make sure I have solid comps (for instance, the one today had six comps, five were model matches, recent sales), do my job and write a defensible appraisal with good logic and worked out adjustments, and don't think twice. All three times, they added concessions to the list price. All three times, I asked the agent if there was any sales they wanted me to consider and they struggled to find comparable sales. One gave me all actives and pendings, saying that the market is moving so fast that closed sales are not relevant (its not and they are). Do I **** of an agent once in awhile. Yeah, that's their problem not mine. For every agent that thinks I'm an a$hh@le for coming in short, there is another agent that respects my work.

I think its funny that the forum changed p i s s to ****. I apologize for using harsh language that some appraiser may find unsettling. I should have used the word 'upset'.

 

[OSU Beavers]

Everyone deserves a fair appraisal. This is why I wish that FHA still went Round Robbin.