Joe Birrell (NY)
Member
- Joined
- Jan 16, 2002
This is a bizzare and sad story.
I get a call from a woman who wants me to do an appraisal on a house
two blocks from my office. I already know the property as it was done
less than two years as new construction. Besides being only two blocks from my office, it was memorable as being a problem case (over-improvement, no comps, UW and LO aggrevation, etc.) Sales price at time was $340,000.
The caller tells me that her contract price is $550,000 ! I immediately tell her that there is no justification in this area for such a high price, and if she hires me to do the appraisal, it will appraise at a lot less. She seems rather upset and a little frantic during our telephone conversation, but insists that I meet her father at the property for the inspection. I think, OK no problem, whatever. I check MLS and find the listing. It's the usual MLS crapola, e.g. the neighborhood name shown in listing is a bordering area with much higher values, and the improvements are exagggerated.
The next morning I meet the father and we are both stood up by the owner. While we are waiting for owner to show up (he never did show and RE agent didn't reponse to cell phone calls), the father starts to explain that he is frustrated with his daughter. He believes the subject is way over-priced, and she won't listen to reason. He also adds that his son-in-law was a fireman killed at the WTC on 9/11. The father also tells me that she is anxious about her future (small children, living in apartment, etc.). Daughter insists on buying subject no matter what, even if it's all cash (proceeds from 9/11 disaster and insurance from NYFD). He says she is not thinking clearly due to what happened. She also has been having trouble finding a home in good condition in the area. She wants the area because her sister lives nearby.
At this point, I can no longer bit my tongue, so I spill the beans and tell him all. He thanks me and we both leave without ever getting in to do the
inspection.
The next day, his daughter calls me and she is frantic, but insists on buying all cash, regardless. So, I tell her she dosn't need my services, sorry to hear about her husband, have a nice life, good luck, and no charge for my time.
Today, I found out that she did purchase the subject for $550,000 all cash
and here's the punch line - the Realtor lives next door to the subject and
the seller was here buddy who happens to have his business next door to her real estate office.
Other than being a moral outrage, I wish I could have the Realtors license revoked. On ther other hand, if she was being taken advantage of in the beginning, at what point does the buyer accept responsibility.
I get a call from a woman who wants me to do an appraisal on a house
two blocks from my office. I already know the property as it was done
less than two years as new construction. Besides being only two blocks from my office, it was memorable as being a problem case (over-improvement, no comps, UW and LO aggrevation, etc.) Sales price at time was $340,000.
The caller tells me that her contract price is $550,000 ! I immediately tell her that there is no justification in this area for such a high price, and if she hires me to do the appraisal, it will appraise at a lot less. She seems rather upset and a little frantic during our telephone conversation, but insists that I meet her father at the property for the inspection. I think, OK no problem, whatever. I check MLS and find the listing. It's the usual MLS crapola, e.g. the neighborhood name shown in listing is a bordering area with much higher values, and the improvements are exagggerated.
The next morning I meet the father and we are both stood up by the owner. While we are waiting for owner to show up (he never did show and RE agent didn't reponse to cell phone calls), the father starts to explain that he is frustrated with his daughter. He believes the subject is way over-priced, and she won't listen to reason. He also adds that his son-in-law was a fireman killed at the WTC on 9/11. The father also tells me that she is anxious about her future (small children, living in apartment, etc.). Daughter insists on buying subject no matter what, even if it's all cash (proceeds from 9/11 disaster and insurance from NYFD). He says she is not thinking clearly due to what happened. She also has been having trouble finding a home in good condition in the area. She wants the area because her sister lives nearby.
At this point, I can no longer bit my tongue, so I spill the beans and tell him all. He thanks me and we both leave without ever getting in to do the
inspection.
The next day, his daughter calls me and she is frantic, but insists on buying all cash, regardless. So, I tell her she dosn't need my services, sorry to hear about her husband, have a nice life, good luck, and no charge for my time.
Today, I found out that she did purchase the subject for $550,000 all cash
and here's the punch line - the Realtor lives next door to the subject and
the seller was here buddy who happens to have his business next door to her real estate office.
Other than being a moral outrage, I wish I could have the Realtors license revoked. On ther other hand, if she was being taken advantage of in the beginning, at what point does the buyer accept responsibility.
