- Joined
- Jan 15, 2002
- Professional Status
- Certified Residential Appraiser
- State
- North Carolina
I finished a report today on a 4 year old, 1411 s/f ranch. Had pretty good comps., few adjustments and a final opinion of $102,000.
Here is the kicker. The same house appraised (by someone else for $102,000 ( the same amount as mine) 04/02/01 last year. Since then they have enclosed the 315 s/f carport into a nice, finished den.
Th OTHER appraiser uses a comp. on the same street (very similar 1149 s/f vs 1096 original s/f for subject) that was listed for $103,900 and sold for $115,900. RED FLAG!!!!!!!!!! A sales price $12,000 HIGHER than the listed price!
Well, I was very curious about this. To make a long story short, the comp. sold WITH A FULL ADDITIONAL ADJACENT BUILDING LOT. The MLS listing/sales sheet said nothing about the extra lot. I did some tax card research and found out what the deal was.
The appraiser had heavily weighted his value to this comp.. The other two comps.. were $101,339 and $100,300 (both were adjusted down to less than $98,500.)
In my opinion the value LAST YEAR was about $97,000. Now the people are expecting a big increase due to the carport conversion!
I guess I will have to tell them about the mistake on the dominate comp. and tell them to call THE OTHER appraiser. I sent him the data on the additional lot. Honest mistake, but he screwed up and now I AM THE BAD APPRAISER.
Do all North Carolina appraisers ( and all appraisers nationwide) a favor and sign the North Carolina Appraisers Petition..............at
http://www.appraiserspetition.com/nc/
Here is the kicker. The same house appraised (by someone else for $102,000 ( the same amount as mine) 04/02/01 last year. Since then they have enclosed the 315 s/f carport into a nice, finished den.
Th OTHER appraiser uses a comp. on the same street (very similar 1149 s/f vs 1096 original s/f for subject) that was listed for $103,900 and sold for $115,900. RED FLAG!!!!!!!!!! A sales price $12,000 HIGHER than the listed price!
Well, I was very curious about this. To make a long story short, the comp. sold WITH A FULL ADDITIONAL ADJACENT BUILDING LOT. The MLS listing/sales sheet said nothing about the extra lot. I did some tax card research and found out what the deal was.
The appraiser had heavily weighted his value to this comp.. The other two comps.. were $101,339 and $100,300 (both were adjusted down to less than $98,500.)
In my opinion the value LAST YEAR was about $97,000. Now the people are expecting a big increase due to the carport conversion!
I guess I will have to tell them about the mistake on the dominate comp. and tell them to call THE OTHER appraiser. I sent him the data on the additional lot. Honest mistake, but he screwed up and now I AM THE BAD APPRAISER.
Do all North Carolina appraisers ( and all appraisers nationwide) a favor and sign the North Carolina Appraisers Petition..............at
http://www.appraiserspetition.com/nc/