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Number maker strikes again

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Les Brant

Thread Starter
Freshman Member
Joined
Jan 22, 2002
Received an assignment from one of my favorite title companies to do full appraisal (Full Fee) of an empty forecloseure. Picked up keys from loan company office (Almost local). Went to inspect home and found a D/W on permanent foundation. Detached garage/shop/cp, wood deck in rear, open brick porch in front. 3br, 2ba, kit, din, lr and famrm. And for my first ever: a 15' x 6' inground hot tub with full concrete pad and patio. Plumbing for hot tub looked like something out of star ship Enterprise. To my surprise home WAS NOT TRASHED! Needs only minor repairs (est cost to cure about $500). All manuals, ownership papers, warranty info for unit and appliances in drawer next to range. Even had an almost full gal jug of red wine on top shelf in kitchen. Now comes good part. Appraisal in June 2000 = $125,000. Current value is about $85,000. Went back to sales for prior appraisal period and could not locate comps that went over $85,000 for non-waterfront sales. Guess who is going to get stuck on this one.

Les in Sunny and Warm Coastal (N) Carolina
 

Mountain Man

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified General Appraiser
State
Georgia
Drink the wine are re-do your comp search. :lol:
Sounds like it could be another case of paying the foreclosuree $500 to leave it clean. Maybe you will get an opportunity to review the previous report, and share it with the state. Have fun, it is Friday.
 

vargasteve

Junior Member
Joined
Jan 21, 2002
Professional Status
Certified Residential Appraiser
State
California
I'm sorry, D/W? please explain
 

Dee Dee

Elite Member
Joined
Jan 16, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
I think he means a double-wide...D/W.
 
A

Anonymous

Guest
Here in Arkansas we refer to them as OM's - Ozark Mansions
 

Steve Owen

Elite Member
Joined
Jan 16, 2002
Professional Status
Certified General Appraiser
State
Missouri
Okay, (groan), you left yourself open, Terrel. Ozark Mansions? You know what they say about a twister and an Arkansas divorce. Either way, someone is going to lose a mobile home.
 
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