Jeff Horton
Senior Member
- Joined
- Jan 15, 2002
- Professional Status
- Certified Residential Appraiser
- State
- Alabama
I have never done a review but I heard from a customer of mine a similar story. Local appraiser valued a mobile home and 3 acres for I think it was 100K. Anyone knows that was totally out of line for out area.
Then they found out a bit more on the house. Turns out owner had 3 or 4 big Retailer dogs living in the house and they had made a mess of the house. The nice looking fence in the photo turned out to be wood shipping pallets on edge tied together somehow. The property was located near the city dump too. Ect ect.
The appraiser used New MH/land packages as sales. Our Board ruled this is a no no. Somehow the lender got suspicious, I suspect a review was done and then required 3 new comps that were not package sales. Suddenly the value fell to a more reasonable 60-65K.
I am sure nothing was done but it sure made me look a lot better in their eyes! When I told them a MH was not worth what they client said they didn't go look for another appraiser anymore.
Then they found out a bit more on the house. Turns out owner had 3 or 4 big Retailer dogs living in the house and they had made a mess of the house. The nice looking fence in the photo turned out to be wood shipping pallets on edge tied together somehow. The property was located near the city dump too. Ect ect.
The appraiser used New MH/land packages as sales. Our Board ruled this is a no no. Somehow the lender got suspicious, I suspect a review was done and then required 3 new comps that were not package sales. Suddenly the value fell to a more reasonable 60-65K.
I am sure nothing was done but it sure made me look a lot better in their eyes! When I told them a MH was not worth what they client said they didn't go look for another appraiser anymore.
