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New condition property with damaged flooring "as is."

George Hatch

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Jan 15, 2002
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Certified General Appraiser
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California
I just pulled the $60k from thin air to provide a contrast. I didn't intend for anyone to take it so seriously.
 

Terrel L. Shields

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May 2, 2002
Professional Status
Certified General Appraiser
State
Arkansas
if you are not smart enough to analyze and report what the market is doing you do...
Show me the pristine $60 k houses in this podunk town...and its much higher in Bentonville and Fayetteville.

Listings 2 lots for sale, 2 houses are both Bank owned and listed to an on line bidding service for $30K starting. One is very old, I've appraised it before and it ain't much. The other is newer but you can bet it has issues. You don't have to read the tea leaves too deeply. 59k or less houses gentry list.JPG
The sales? 3 lots and a repo sale for less than $60 K... OK Einstein which one is good shape?
59k or less houses Gentry sold.JPG
 

alebrewer

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Mar 11, 2008
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Certified Residential Appraiser
State
Texas
I just pulled the $60k from thin air to provide a contrast. I didn't intend for anyone to take it so seriously.
gotta be careful on these threads, George...
 

alebrewer

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Mar 11, 2008
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Certified Residential Appraiser
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Texas
Show me the pristine $60 k houses in this podunk town...and its much higher in Bentonville and Fayetteville.

Listings 2 lots for sale, 2 houses are both Bank owned and listed to an on line bidding service for $30K starting. One is very old, I've appraised it before and it ain't much. The other is newer but you can bet it has issues. You don't have to read the tea leaves too deeply. View attachment 42940
The sales? 3 lots and a repo sale for less than $60 K... OK Einstein which one is good shape?
View attachment 42941
Again - you're completely missing the point, Terrel. The point is to not form preconceptions based on your own bias. If the market is not $60k for your area, then so be it. That is the market speaking, not you. There ARE, however, several markets where that is, if not the norm, certainly not uncommon.
 

Terrel L. Shields

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May 2, 2002
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Certified General Appraiser
State
Arkansas
There ARE, however, several markets where that is,
I specified MY market...who the L wants to live in Ohio or Possum Kingdom? I spent my time in Texas one end to the other, and there are places you cannot give property away unless it is land. Ever been to Miami, Booker, or Canadian? Same in Arkansas, for $60k you can buy Cotton Plant, AR. And there are lots of places where there is no such thing as $60k property. A motel in McKinney costs $300 a night if you aren't careful. I can remember when places like Van Alstine were "out in the country"... and you had to drive to a truck stop 6 miles away to eat, now the truck stop is a shopping mall and you have all the fast food places you could ask for in VA.
 

alebrewer

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Mar 11, 2008
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Certified Residential Appraiser
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Texas
who the L wants to live in Ohio or Possum Kingdom?
Now you're just being mean - something IMO is inappropriate. Maybe the reason folks buy in those areas is because they NEED to, not because they want to. Either way, again - gonna let this one drop. It's going nowhere.
 

jay trotta

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Joined
Feb 8, 2004
Professional Status
Certified Residential Appraiser
State
Connecticut
nope. my original post on my example said the mold issue was found after the home inspection, which doesn't occur until the parties have signed the contract, so nothing was added that we don't deal with on a daily basis.


JT: Key component is; (IF) you don't know how that would have turned out (not that you are wrong, but you don't know for a fact). Most folks I've run across in my market area respond to Environmental Issue's in a very different manor; either they seek a Huge Discount or they run away. Again it depends on your market area.
TRES: based upon my real world experience as a buyer/seller and appraiser in this market, and the negotiations that had occurred prior to signing the contract, logic dictated that anything above and beyond the cost of repairs would have resulted in the deal not happening.
 

TRESinc

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Dec 1, 2011
Professional Status
Licensed Appraiser
State
Ohio
that's right jay, negotiations happened before AND after signing the contract. the seller listed it, i made an offer, we went back and forth and settled on a contract price contingent on the home inspection. after the inspection found a deficiency we negotiated again to cover the cost of the repairs (and not 1.5 or 2 times the cost of the repairs).

perhaps you were confused by the "so nothing was added" comment since you highlighted that bit as well. that was directed towards "we" as appraisers, i.e. buyers and sellers negotiate before and after signing contracts if the contingencies are not met and "we" as appraisers deal with that on a daily basis. we have all had orders cancelled for failing a home inspection (well at least those of us who do residential). of all the contracts i have read in my life far more than not have contingencies of some type and the most typical is the home inspection. if that bit confused you i apologize for my wording. if that isn't the case then i don't think i can help you.


Show me the pristine $60 k houses in this podunk town...and its much higher in Bentonville and Fayetteville.

Listings 2 lots for sale, 2 houses are both Bank owned and listed to an on line bidding service for $30K starting. One is very old, I've appraised it before and it ain't much. The other is newer but you can bet it has issues. You don't have to read the tea leaves too deeply. View attachment 42940
The sales? 3 lots and a repo sale for less than $60 K... OK Einstein which one is good shape?
View attachment 42941
show me where i said there was a pristine $60k house in podunk, ar? who the hells knows what is in the land of chicken farms, and more precisely outside of those who live there who the hell cares?
 
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