How do you value a property that has issues with a nearby well?

[Tom D]

Me no do this one. slowly take your foot out of that bear trap. What you might learn from this one, is the existential future pain it sets upon you.

 

[Zoe]

Me no do this one. slowly take your foot out of that bear trap. What you might learn from this one, is the existential future pain it sets upon you.

I won't argue with you. Call your E&O lawyer right now for their advice.

My lawyer said run forest run.

I can see potential lawsuits coming.

There would be many experts involved in this issue that know way more than me and carry a way bigger badge.

Don't make your problems my problem.

By the time I finish, my appraisal won't be worth the paper it is written on with all the caveats.

My last caveat in engagement would be all I will be guilty of is the fee we agreed upon or something similar.

I want paid up front. (privity)
Work will begin when payment is received. I want paid hourly. My hourly rate is $X00.

My engagement fee is $X,000.

Please sign here.

 

[Terrel L. Shields]

that the subject property has a problem then, you can begin to determine whether there is any market reaction

And where will you find a proxy for such a market issue?

 

[sputnam]

And where will you find a proxy for such a market issue?

You do what is needed. There is data of some sort. It's the appraiser's job to find and analyze it. It may require months. It may require traveling or cooperating with distant appraisers. There may not be highly comparable sales for your grid.. however, there will be data that can help support any adjustments that are needed. The real question is whether the fee you quoted is adequate to cover the work you'll need to do. As much as AMCs and GSEs and Lenders want it to be true... appraisals are not cookie cutter.

 

[Terrel L. Shields]

It may require months.

Only an idiot would not simply send it back if no data to support the discount is available. And a single sale is poor evidence of an adjustment...which goes for any similar item. Pairing sales on a single sale is a very poor way to make an adjustment.

 

[J Grant]

I am researching a property that, according to the owner has issues with the neighboring property's artesian well flooding the subject property. As far as I've found my subject property does not appear to be part of a 21-home lawsuit against the property owner with the artesian well approximately 20 feet off the subject's lot. I have not found any recent sales within the 21 lots that have been influenced by the water from this well damaging their properties and thus the lawsuit. The owner says that the well floods their yard, but no evidence was found at the time of the inspection. They say that the mounded septic system backs up and smells horrible, but no horrible smell was noticed at the time of the inspection. Is there a way to search for properties that have such an influence and determine the market value deduction if any for such a property? Has anyone appraised a property like this before with claimed water issues with no noticeable influence? I did one a while back about 12 years ago, but the whole neighborhood was flooding at the time of the inspection so the influence was easy to determine. Any help would be greatly appreciated. Thanks in advance!

Imo, ask the owner to fund a property inspection by a qualified engineer who is an expert in such matters - I would not want to represent that the property is affected without hard proof other than the owner 's word, which might be influenced by an agenda - too much at stake. If the owner refuses to pay for an inspection then decline the assignment. An individual one-off fee is not worth the risk since you risk being wrong, either way, without the facts to back it up.