• Welcome to AppraisersForum.com, the premier online  community for the discussion of real estate appraisal. Register a free account to be able to post and unlock additional forums and features.

Pool or no pool

Status
Not open for further replies.

Wm. Hattaway

Thread Starter
Senior Member
Joined
Mar 18, 2006
Professional Status
Certified Residential Appraiser
State
Florida
I have been asked to appraise a new construction SFR. My appraisal inspection yesterday shows it is currently about 95% complete (appraisal will be subject to completion). I was sent the "full contract" as stated on the first page of its 62 pages. It's a standard contract between the developer/seller and buyer. There is a hand written line on the fax cover page to someone named Michael that says "you already have the pool addendum". No mention of an in ground pool in the contract I have neither was the pool started yesterday when I was out there. I call the builders rep and he says that there is an in ground pool to be built after closing but it's a separate agreement apart from the contract I have a copy of. It appears to me to be an incentive to close the deal. Would you appraise the home with or without the pool? Thank you for your comments. Bill.
 

Wendy

Senior Member
Joined
Feb 23, 2004
Professional Status
Certified Residential Appraiser
State
Florida
Before doing anything, I'd get a copy of that addendum & agreement for the pool.
 

Ray Miller

Elite Member
Joined
Feb 20, 2002
Professional Status
Licensed Appraiser
State
Wisconsin
Before doing anything, I'd get a copy of that addendum & agreement for the pool.


yep, you got to have the entire contact. Makes no difference if it is being put in before or after closing. If it part of the contract it is part of the contract.
 

Wm. Hattaway

Thread Starter
Senior Member
Joined
Mar 18, 2006
Professional Status
Certified Residential Appraiser
State
Florida
After much hem-hawing with the builder for the addendum, I was able to find out who Michael was from the fax and called him directly for the addendum (which he sent). Yep, it’s a free pool to be built after closing by the developer. It was a special they ran back in June to move inventory. Thank you Wendy and Ray for the help. Bill.

P.S. Be careful people; if not for a hand written side note on the fax cover sheet the appraiser would never have known about the pool.
 
Last edited:

Wendy

Senior Member
Joined
Feb 23, 2004
Professional Status
Certified Residential Appraiser
State
Florida
Wow. That's a pretty significant extra - beats the heck out of a bonus plant shelf.

Good job.

(what a fine case to illustrate just how sneaky new builder construction can be)
 

Mike Siegfried

Junior Member
Joined
Nov 6, 2005
Professional Status
Certified General Appraiser
State
California
Good catch. You gotta watch these guys every second. Makes you wonder what we're missing even when we have a fully executed contract. I know an appraiser who just asks the realtor for the sales price and contract signing date over the phone. Geez!

Mike
 
Status
Not open for further replies.
Find a Real Estate Appraiser - Enter Zip Code

Copyright © 2000-, AppraisersForum.com, All Rights Reserved
AppraisersForum.com is proudly hosted by the folks at
AppraiserSites.com
Top

AdBlock Detected

We get it, advertisements are annoying!

Sure, ad-blocking software does a great job at blocking ads, but it also blocks useful features of our website. For the best site experience please disable your AdBlocker.

I've Disabled AdBlock
No Thanks