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I just blew a deal.too

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WadeKoutnik

Sophomore Member
Joined
Feb 27, 2007
Professional Status
Certified Residential Appraiser
State
Florida
Sales Price of $1,130,000 DOM 646. Nice golf country club.

All comps were relatively the same size and sold in late April with same basic amenities. No comps within 6 months that are over 1mil.

Appraised Value $850,000

Realtor wanted me to use new construction sales that were contracted 1-1.5 years ago and recently closed for over the subject's sales price and I told him those were indicators of the previous market when those contracts were signed.

Active listings were in line with my value along with several over 1mil that have DOM's of over 600 days.

Everything seem in line?
 

Walter Kirk

Senior Member
Joined
Jun 24, 2003
Professional Status
Licensed Appraiser
State
New Jersey
You are right, the agent is wrong. Did you really doubt that?
 

dobie

Senior Member
Joined
Oct 26, 2003
Professional Status
Certified Residential Appraiser
State
New Jersey
Try to stop second guessing yourself. If you know your market and do your research that's all one can ask. We've all got these stories.

I did one a month ago that was a refi for a house that was on the mrket for $365K.

I came in at $295K. I had nine comps (7 sales and 2 actives). Client never batted an eye because it was bulletproof and they knew it. Like I said do the research and don't hold yourself to 3 comps.
 

Jungle Boy

Senior Member
Joined
Oct 30, 2002
Professional Status
Real Estate Agent or Broker
State
Florida
Did you find out why the sale price is so high? Maybe they are including the furniture.

It would be interesting to find out what the court house records shows the sale price to be, if and when it is published.

Compare the MLS sold price to the county records price. You may find that the 2 don't match.

Just rambling....
 

jay trotta

Elite Member
Joined
Feb 8, 2004
Professional Status
Certified Residential Appraiser
State
Connecticut
fo all you youngers, follow the guidelines; do not give 100% attention to Realtors or anyone else for that matta; now will be one of the best times ever to see Your market as it truly is and you will be able to watch alot.

This market will be Your Training cycle for years to come and will allow you to Track market performance based on a myriad of market dynamics.

Now grab your tootsie pop by the stem, go sit in a corner an play wit that sticky lil thang.
 

Michael Tipton

Senior Member
Joined
Sep 25, 2005
Professional Status
Certified Residential Appraiser
State
Florida
What level of negative time adjustment would be utilized based on the contract date of the realtors dated sales? You never know if a value reconsideration will be coming in the future.
 
Last edited:

WadeKoutnik

Sophomore Member
Joined
Feb 27, 2007
Professional Status
Certified Residential Appraiser
State
Florida
I am pretty confident. More sharing the story than anything.

It is basically new construction but has been on the market for almost 2 years. It was a model home I am guessing. Regardless, I looked at the interiors of the comps and they matched up pretty evenly as far as upgrades. The comps were all re-sales.

My biggest argument with the agent was the active listings and the fact that his "comparables" were contracted 1.5 years ago and the fact that they closed on those homes recently made no difference.
 

dobie

Senior Member
Joined
Oct 26, 2003
Professional Status
Certified Residential Appraiser
State
New Jersey
Did you find out why the sale price is so high? Maybe they are including the furniture.

It would be interesting to find out what the court house records shows the sale price to be, if and when it is published.

Compare the MLS sold price to the county records price. You may find that the 2 don't match.

Just rambling....


He could include all the furniture, his neighbor's furniture and the 2 cars in the driveway. It wouldn't matter.

He "needed" $365K because he had almost that much in outstanding mortgages. No mystery.

Skippy helped him with that.
 

WadeKoutnik

Sophomore Member
Joined
Feb 27, 2007
Professional Status
Certified Residential Appraiser
State
Florida
Maybe I didn't make it clear.. This is a purchase.
 
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