Geoff Hatcher
Junior Member
- Joined
- Jan 23, 2002
- Professional Status
- Certified General Appraiser
- State
- Ohio
Got a call yesteday from a mortgage broker I had never heard of. Indicates his buyer is getting the "Deal of the Century" and that the last appraiser was incompetant, but supposedly indicated to the broker it was potentially worth more. He further explains that the property is worth a minimum of $950,000 and that is the value they need. He forward me the appraisal think it may help. I pull up the property and the appraisal. The property is presently a bank owned property on 17 +/- acres with horse stalls in the boonies. These are quite common in the subjects market area. The appraiser explains that the property is presently in contract for $445,000 with the sellers aking a $15,000 contribution towards costs, etc and that terms and conditions appear arm's length in nature, net price of $430,000. The appraiser further explains that the subject has been on the market for 320 days with and orignal list price of $575,000 which was reduced to $420,000 and that it was previously on the market for 219 days at $689,000 and was reduced to $629,000 then withdrawn. The appraiser somehow reconiles an "as is" value of $850,000.
Won't touch this one with a 10' pole
Won't touch this one with a 10' pole
