• 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.

Question for the Brianiacs---Your the Appraiser!!

Status
Not open for further replies.

Elliott

Thread Starter
Elite Member
Joined
Apr 23, 2002
Professional Status
Certified General Appraiser
State
Oregon
German builder has built 4, count them 4
essentially identical houses in the same
neighborhood. He sold 3 of them in
January 2002 for $110,000. The builder
was cashed out and didn't contribute to
any of the buyer's closing costs.

He is in the process of building/selling
House #4 and has a pending sale
for $115,100, FHA. And guess what?
He's going to pay $5150 of the buyers
closing costs!!

So what's the market value of House #4??
Would the value be different if it were FNMA?

elliott
 
Joined
Jan 13, 2002
Professional Status
Retired Appraiser
State
Florida
Has your overall market increased in prices by 4.5%+/- since January??? Can the $115,100 be justified by other sales while still including at least one of the $110,000 sales on the street and at least mentioning the other two? If not, I would say it's worth $110,000.
 

jtrotta

Senior Member
Joined
Jan 16, 2002
Hey, he's contributing $50 out of his own pocket 8O you want more than that :?:

Has the cost of building supplies increased in any way :?:

Has his "Entrepnurial Profit" changed any :?: and can you tactfully prove it hasn't :?:

8)
 

Richard Carlsen

Elite Member
Joined
Jan 15, 2002
Professional Status
Licensed Appraiser
State
Michigan
Depends on what the market says. The ones that sold for $110,000 may have sold below market levels at the time. He may have accepted less for a cash or large down payment buyer. If their time on the market was very low, I would tend to conclude that he had underpriced them.
 

Terry Russell

Senior Member
Joined
Feb 24, 2002
Professional Status
Appraiser Trainee
State
Montana
$110,000 and three bowls of sauerkruat at the concession stand. t.
 

KD247

Senior Member
Joined
Jan 24, 2002
Professional Status
Certified Residential Appraiser
State
California
Elliott,

Did you really say "German builder"?

I'm laughing to myself because I'm not sure what sort of picture that's supposed to paint. I guess if you had said Jewish builder or Mexican builder I could have figured out your stereotype.

Our market is crazy, still rising but poised for a crash, and I would love to think I was accurate enough to support 5% accuracy in any of my last few assignments.

Have a good weekend,

Koert (Dutch) DuBois (French) (but Scots on my mother's side!)
 
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