- Jan 16, 2002
- Professional Status
- Certified Residential Appraiser
Pamela Crowley (Florida) said:get their pet appraiser to value it at $80K when it still realistically should be no more than $50K, then sell it to some poor idiot that doesn't know any better.
Your point seems to be that of obtaining an inflated appraisal via a "pet" appraiser. The fact that the home was purchased a week, month, decade ago is irrelevant in your scenerio.
I have no problem with flipped properties although there are few out this way. Usually its the $750k cottage that gets torn down to the studs and spit back out for $1.5m less than a year later. I'm doing one like that right now where the speculator paid $800k for a foreclosure and put $600k into it - now he (and the LO) thinks it $1.8m and I'm at $1.6m. As long as you are doing your job properly, just let the chips (values) fall where they may. I include the sales history of subject and comps for a minimum of three years; I'm lucky, my data sources are good for about the last twenty years of sales and I just report whatever I find.