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Good Blurb?

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HelenTestin

Sophomore Member
Joined
May 10, 2003
More questions.. Go to love appraisal.


I have an Colonial Antique home, 3400 Sf. I have 3 good comps in nearby towns, which have similiar market values. In the Subject town, there are not many sales, not to mention 3400 sf.

I would like to add something in the addendum that some one looking for a house like this would not stop there search in the Subject town. Anyone have a good blurb. All are over 1 mile away.

helen
 

Mountain Man

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified General Appraiser
State
Georgia
Say like you said it. Subject is a unique, historical home. Truly historic homes of this quality and caliber are rare, and do not sell on a regular basis. Buyers seeking a similar historic home of a peticular style, period, quality, and preserved in as much original condition as possible, will consider other historic homes in the XXXX area as a whole, and not just the subject's own neighborhood or municipality. The comparables used are the most similar in style, condition, and historic period found. Given the unique nature of the subject property, all comparables will be over 1 mile away, and will not fit within the typical desired underwriting guide lines.
 

wyecoyote

Senior Member
Joined
Jan 15, 2002
Professional Status
Gvmt Agency, FNMA, HUD, VA etc.
State
Washington
Helen,

If you really want to show that these different towns have no affect on value and considered equal. Consider using a sale from the subject town that would match other sales from the other towns as comps 4-6+. IE.. a 1600 sf 1 story 3/2. The adjustments may be ungodly to the subject but you could state that they are utilized to indicate that there is no market differences between the towns. Or indicate them in the addendum with sales prices.
 

Joe Gomberg

Sophomore Member
Joined
Jul 8, 2003
You could also extend your boundaries to include those towns couldnt u? Sounds like a very rural place by your description. Man I wish 3400 sq. ft. homes were an odd ball in Houston... :rofl:
 

Mike Garrett RAA

Elite Member
Gold Supporting Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
Henry Harrison's Illustrated Guide to the URAR has just the comment you need. I highly recommend his books and his comments.

"A thorough search for comparable sales was made in __________. These comparable sales have significantly different styles and features. In the appraiser's judgment the comparables selected and used in this appraisal report are the best indication of the the value of the subject even though they are from a competing community. Studies using pairs analysis serve as the basis for making a locational adjustment (if warranted)."

I hope you find this information helpful.
 

HelenTestin

Sophomore Member
Joined
May 10, 2003
Just what I needed. Thank you! This board is great for us Newbies. Plus, you guys are up late at night like I am, while my mentor is in bed by 9 PM. You guys are making me look good :)

Helen
 

Mountain Man

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified General Appraiser
State
Georgia
No wonder why all the chicks like him :wub: ........ B)

:huh: :ph34r:
:D
 

Mike Garrett RAA

Elite Member
Gold Supporting Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
M.....he said "good stuff, not old stuff" :rofl:

Someone once said about us old guys....."the chics like us cuz what we used to do all night now takes us all night to do".

Young bull and old bull standing on the top of the hill looking down over the meadow full of cows. Young bull said to old bull...."lets run down there and get one of those cows". Old bull said to young bull......"lets walk down there and get them all!"

Nuf said!
 

Joe Gomberg

Sophomore Member
Joined
Jul 8, 2003
uh...I dont think the young bull said "get" those cows... but maybe the story is a bit clouded here.. :rofl:
 
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