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Is This A Comp Selection Problem?

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Mountain Man

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified General Appraiser
State
Georgia
Grip session coming.........

Going through some small, Mom & Pop type, commercial building sales. One stands out to me, listing says: $$$$$$$$$$$$ Current Appraisal $362,000!! $$$$$$$$$$$

It was Listed at $220,000 ...... Sold for $150,000. Where did the other $212,000 go? <_<

Now I know value opinions will vary, that's why Relo companies allow 10%, but this is so bad :angry: it's not even near the dart board! I won't, but sometimes I feel like calling 'em up and axing Whaddsamatta'witchyou!!?? Leave ya' brain back at the Frat House??
 

Verne Hebert

Senior Member
Joined
Feb 25, 2002
Professional Status
Certified General Appraiser
State
Montana
In this case you are no different than any other person, other than the "client".

What we don't know, given that we are not the client, is: What was the scope of that appraisal assignment?

Maybe it was subject to an addition and modernization...and a valuation date of 2010.

Ya', I know what you are thinking "..........probably not".
 

GeorgiaBoy

Junior Member
Joined
Jul 23, 2003
Professional Status
Licensed Appraiser
State
Georgia
The first thing my mentor said to me when I started in the appraisal business:

"Always remember, all sellers are liars."
 
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