Ray Miller
Elite Member
- Joined
- Feb 20, 2002
- Professional Status
- Licensed Appraiser
- State
- Wisconsin
In my circle drive about yesterday starting at 7:30 a.m. consisted of post office stop, bank stop, gass stop, mopping the Meat N Taters building for the third time. Then pulling 27 auction signs (90 miles total at different intersection) for the three auctions last week where the subject property brought 75% less then what they sold for three years ago Then stoped by real estate office and closed on another land auction. Then pulled another auction sign where the house had a minimum opening bid of $1000 on line auction and it brought $3,000 top bid for a three bedroom single family home in a rural town, (20 Miles), then placed another set of on line auction signs on another house that will be coming up for auction in Aug on line, changed the locks on it and noted 6” of water in the basement, mowed the yard. Stop by the flea market in Adams and made contact with vendors for flowers and honey for my Meat and Taters shop (on route so no mileage). Next stoped noted below. My last stop of the day was with my wife and another lady for 2 ½ of hours cleaning the Church for services today and carry in dinner. (Home area) Then home by 8 p.m. Total miles around 230.
My next to last stop for the day was an REO Appraisal (another 80 miles including sales selected as comparables), weeds belly high to a horse, by the sign in sheet it was bid to have the yard mowed and the trash out in April but the property has not been touch as of yet. The subject property is in a state of mess, with 12 inches of water in the basement and what appears to be a fungus or mold like substance growing on the basement stair case, hand railings and walls of the basement from the pictures I took, basement is pitch black with lots of creepy things swimming in the water in the basement. Some of the mold/fugues starting to grow on the main level and nothing noted on the second story as to mold/fungus, but the 2nd story needs about $5K to complete remodeling that has been started. No doubt the plumbing/septic mound system in in trouble, the well pressure system in trouble, the furnace in trouble and the gas hot water tank in trouble as well.
How would you complete this appraisal or would you even start it? There is no way to know the about of damage to the foundation, to walls and to the extent of the mold/fungus. Would you check box four? But then you have the value for the cost to cure the problems which is beyond my knowledge with out proper inspections. Marketing time in the rural area for this type of subject is 240 days to 720 days if the property is good repair.
I am thinking at this point it is only a land value with cost to remove the house. Which would put the property at a very low value or might even be not able to sell negative value? You pay me to take it off your hands.
How would you deal with this property????
By the way I choose to work this Saturday casue the boss was working all day at her job. It would have met just me, the ole deaf dog, the outside cats, the horses, cattle, and the inside cat at the place all day.
My next to last stop for the day was an REO Appraisal (another 80 miles including sales selected as comparables), weeds belly high to a horse, by the sign in sheet it was bid to have the yard mowed and the trash out in April but the property has not been touch as of yet. The subject property is in a state of mess, with 12 inches of water in the basement and what appears to be a fungus or mold like substance growing on the basement stair case, hand railings and walls of the basement from the pictures I took, basement is pitch black with lots of creepy things swimming in the water in the basement. Some of the mold/fugues starting to grow on the main level and nothing noted on the second story as to mold/fungus, but the 2nd story needs about $5K to complete remodeling that has been started. No doubt the plumbing/septic mound system in in trouble, the well pressure system in trouble, the furnace in trouble and the gas hot water tank in trouble as well.
How would you complete this appraisal or would you even start it? There is no way to know the about of damage to the foundation, to walls and to the extent of the mold/fungus. Would you check box four? But then you have the value for the cost to cure the problems which is beyond my knowledge with out proper inspections. Marketing time in the rural area for this type of subject is 240 days to 720 days if the property is good repair.
I am thinking at this point it is only a land value with cost to remove the house. Which would put the property at a very low value or might even be not able to sell negative value? You pay me to take it off your hands.
How would you deal with this property????
By the way I choose to work this Saturday casue the boss was working all day at her job. It would have met just me, the ole deaf dog, the outside cats, the horses, cattle, and the inside cat at the place all day.
