HOME has NO COMPS in the area-Need Appraiser HELP!

[moretti]

I definitely signed up from the wrong forum! My Mistake! Unbelievable!!!!!

You just need to get an appraisal report to help you ascertain the properties fair market value. You should try to find an appraiser who is local to that area who has experience in that market.

In rural areas, you typically have to exceed a few miles to find comparables. I wouldn't worry so much about that.

 

[Ken B]

What is unbelievable is that someone thinks they could come here and ask people from around the country to appraise a property for free when they know absolutely nothing about the property.

For the OP. No one here can ethically or competently provide you with the answer you seek. If you need some kind of reassurance before you make a purchase, the only meaningful advice anyone here can provide is to go hire an appraiser who is familiar with the property's market area and pay them a decent fee for the valuable information you seek. Providing that information is kind of how we pay the rent and put shoes on our kid's feet.

 

[Ken B]

So this guy goes up to a doctor at a cocktail party and says "Doc! It hurts when I do this! What should I do?!"

Doc replies "Don't do that."

buh-da-bump

 

[Peter LeQuire]

I definitely signed up from the wrong forum! My Mistake! Unbelievable!!!!!

Don't be offended. The appraisers in this forum do this for a living, expect to do enough work to develop a credible analysis, and to be paid for their professional opinion. There are resources that will give you a number - Zillow is one - though the reliability, pertinence and reasonableness of that number may or not be realistic.

If you have questions about the value, and/or the suitability of the property as an acceptable property for a secondary mortgage market related loan, hire an appraiser who is familiar with the area, and pay her to do a credible job. While that appraisal would not be useable with a mortgage lender, its cost is insignificant in relation to the value.

 

[Michigan CG]

I apologize JTIP, I am not a certified appraiser, I am a home buyer. I didn’t realize when I signed up for the thread; it would list me as a certified home appraiser..........

The forum system should not have done that, in order to sign up on this website as an appraiser all licenses are checked. Apologies to the OP.

Moderator.

 

[Lost Cause]

So this guy goes up to a doctor at a cocktail party and says "Doc! It hurts when I do this! What should I do?!"

Doc replies "Don't do that."

The patient then tells the doc he wants a second opinion. Doc replies "OK, you're ugly, too!"

 

[Michigan CG]

Thread has been moved to Ask An Appraiser.

 

[George Hatch]

I've searched around (Visulate) and the most the house is estimated worth is $149,000. Can you give me an estimate of how much you think this home would appraise for? (Address: 4822 Belladonna St Middleburg, FL, 32068 MLS#713005)

The situation you're describing has a number of moving parts, one being that this property is apparently located in a small town and (from your research) there aren't any recent sales of a similar nature in the area.

An appraiser coming into an assignment for appraising such a property will probably be spending quite a while in their different databases looking for comparable sales data for comparisons. Visualate will not be one of them. They'll probably go into the subject's own sales history and see how its pricing has performed in the past when compared to the sales data that is available in town. This shouldn't be a difficult assignment but it probably will be time consuming. Doing an appraisal on this property will likely take even the fastest appraisers an entire day to complete.

And you know what they say about time: time is money. That's why nobody here is going to be in a position to give you an answer you can actually use beyond "get an appraisal". Doctors and lawyers and architects don't offer professional advice online for liability reasons, and the same goes for us.

 

[CARTER727]

Gee Wiz Ken B! I wasn't trying to get a "free" appraisal.
And I think that sentence is enough time to address your
Your ignorance!! LMAO

Thank you Peter & Moretti!!! As a 1st time home buyer
I like to be completely informed about everything. Do
My own research & not depend on someone else
(Agent/lender) & get caught in an situation because I wasn't
Knowledgable.

Of course I don't have the same resources as any
Of you do & I came on here just see what your
General opinion would be and I could go from
There and do more research. Especially is someone
Is knowledgable in that particular area. Not a lot of 1st time
Home buyers wouldn't do that.



But I thank you Peter & Moretti! Will look into
Hiring an appraiser to satisfy my curiosity in how
All of this works.

Thanks again!

 

[Deleted member 128537]

I apologize JTIP, I am not a certified appraiser, I am a home buyer. I didn’t realize when I signed up for the thread; it would list me as a certified home appraiser.
Homesweethome, I am not griping over the $149,000. Believe me that fits right in my budget. As for the seller, since he could not provide COMPS for my agent and I, I just wanted some reassurance in the price I will counter back after the appraisal.
I was trying to get an estimate of what the home would appraise for. That ALL. Thanks for the Replies!!!

Sorry, I didn't want to give you a hard time. It's just that your query seemed odd for an appraiser, I thought you were an appraiser. Good luck in your negotiations.