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
Les in Sunny and Warm Coastal (N) Carolina
