personal property included in contract

[The Bob]

That is just plain stupid.
Any agent that includes personal property in a RE contract should lose their license. Just write it up on seperate bill of sale contingent on the closing.

 

[Ray Miller]

Yep, you can appraiser both if you wish, just an additional fee.

Personal house hold goods have very little value in todays market. Dressers $5, end tables $2, TV's $1, riding lawn mowers $100, bed frames 5 for a $1. Ice box or stoves you can have it if you haul it away, washer/dryers $10 if working. I see this every week at auctions.

Just appraise the RE and note that you did not consider the PP as others have stated. You don't need to worry about hitting the contract number, they may have give the PP $100K in value for the sale.

 

[Mike Kennedy]

Excellent Post!

Right now about the only way to sell a home is to make concessions here in Florida.

That includes cars, trips, taxes, howeowners insurance, furniture and many other things.

This is why when you pull public records you must start making phone calls to try and confirm the numbers other wise you could find yourself in trouble.

When you are taking your comp pictures and you see someone outside the home stop and let them know why you are taking a picture of their home.

Do not tell them the subject property owners names or give them an address of the subject property.

When you are talking to the person ask them if they are the homeowner and if the answer is yes try to comfirm the selling price public records shows for their home and ask if there was any personal property included or any other type of concessions.

I cannot tell how many times a homeowner as told me the selling price included all kinds of personal property along with the new car in the garage.

Public records may show the home sold for $200,000 dollars but when you back out all the concessions your comp may not be such a good comp in the end.

It is more important then every to verify everything you are doing the best you can because I believe more states are going to go after appraisers in the future to try and correct some of the past problems.

Zillow reports public records and how any of that information has much value is an interesting question in the type of makets we are right now.

Jim Hill

Another Excellent reason why AVHums, BPOS, Desktop anythings, and the Case-Shiller & other National Indices by Zip Code INTENTIONALLY mislead American Consumers, Lenders, and Mortgage Securitized Investors.

 

[Mike Boyd]

Ask them (the sellers and the buyers) how much they allowed for personal property. Explain why (if that is the case) there is a difference between the contract price and the market value you find. Ignoring the personal property is not compliant with USPAP. You have to explain it in the section about the contract.

I agree with Terrel. Ask for a copy of the escrow instructions. There whould have been a disclosure as the personal property would require personal property taxes. Talk to the agents, also.