- Jan 27, 2003
- Professional Status
- Certified Residential Appraiser
Sitting here doing my first report and trying to impress my mentor with thoroughness. I thought it was your typical URAR until I researched the current owners purchase of the subject. Five months ago the current owner purchased said subject for $8,000, apparently a tax defaulter looking to get out. Mr. current owner put in $15,000 to fix the place and now I am ready to put a value close to $90,000. The subject, in my opinion, is worth it. The comps and research back me up. Does the $8,000 purchase price send up a red flag? How should I word this in the "analysis of any current agreement..." section?