[FONT="]I posted a Thread "Is this a credible appraisal" (last Post was 4-16-08). My Dad's Estate has just come to a close and I wanted to let you know the outcome.
First, I wanted to thank you for your kind words of sympathy – my Dad was a wonderful man and we miss him. [/FONT]
[FONT="]Although I was executor of my Dad’s Estate in name, one of my brothers was right there beside me putting in hours of Work with a capital W. Per our Realtors’ suggestions we cosmetically fixed up my Dad’s house (new paint, carpeting removed, hardwood floors restored, etc.) in Orange County (California). It sold immediately and escrow actually closed in 3 weeks.[/FONT]
[FONT="]With regards to my Dad’s Arizona property, the first appraiser we hired (Manufactured Home Appraisal Report - $45,000) sent me an Addendum to her appraisal which was very disappointing. She basically said that because of a land sale near (?) my Dad’s property, she had decided that the property was now worth $64,000; however, trailer removal and utilities updated (???) would take the value down to her original appraisal of $45,000. She did not identify where the land sale was, only that it was “located in a comparable area as compared with the subject.” [/FONT]
[FONT="]I decided to have another appraisal done. This second appraiser considered my Dad’s trailer to be of negative value. He did a Land Appraisal Report. The 3 comps he used were vacant land sales from 2006 and 2007. Proximity of the 3 comps were 4 miles, .35 miles, and 1.6 miles. He noted that no other comparables were available for analysis. The common bond shared by all 3 comps and my Dad’s property were Utilities (Elect/Sep/Water). Adjustments were made, where necessary, for location, site/view, topography and view. He also included 2 Active Land Listings for informational purposes only. [/FONT]
[FONT="]He said that in the past 2 years there has been a dramatic market decline in California and somewhat in larger Arizona cities (such as Phoenix and Tucson). However, as there are very few vacant buildable sites in this small city in Arizona, and as my Dad’s site is a very desirable piece of property, he felt that it was not directly impacted by the current market trend. For these reasons he felt that a time adjustment on dated comparables were not relevant in this instance.[/FONT]
[FONT="]He appraised my Dad’s property at $80,000. [/FONT]
[FONT="]Because the great discrepancy between the 2 appraisals, my youngest brother decided he wanted me to sell our Dad’s property. It sold immediately for $86,000 and escrow closed in 3 weeks!!! [/FONT]
[FONT="]With regards to the first appraiser, I have filed a complaint with the Arizona Board of Appraisal. They have informed me that my Complaint is currently under review and “that in order to thoroughly review each complaint received, and to ascertain all relevant information and facts, it may be necessary for the Board to continue the review process for several months.”[/FONT]
[FONT="]As settling my Dad’s Estate draws to a close, I reflect on the “ups and downs”… [/FONT]
[FONT="]–There was a lot of work involved - but I got to spend more time with one of my brothers. [/FONT]
[FONT="]–That first appraisal of my Dad’s Arizona property created a big problem - but I found your Forum. Thank you for your time, attention and concern that you so generously gave to my situation.[/FONT]
[FONT="]The world is a nicer place to live in because of people like you. [/FONT]
First, I wanted to thank you for your kind words of sympathy – my Dad was a wonderful man and we miss him. [/FONT]
[FONT="]Although I was executor of my Dad’s Estate in name, one of my brothers was right there beside me putting in hours of Work with a capital W. Per our Realtors’ suggestions we cosmetically fixed up my Dad’s house (new paint, carpeting removed, hardwood floors restored, etc.) in Orange County (California). It sold immediately and escrow actually closed in 3 weeks.[/FONT]
[FONT="]With regards to my Dad’s Arizona property, the first appraiser we hired (Manufactured Home Appraisal Report - $45,000) sent me an Addendum to her appraisal which was very disappointing. She basically said that because of a land sale near (?) my Dad’s property, she had decided that the property was now worth $64,000; however, trailer removal and utilities updated (???) would take the value down to her original appraisal of $45,000. She did not identify where the land sale was, only that it was “located in a comparable area as compared with the subject.” [/FONT]
[FONT="]I decided to have another appraisal done. This second appraiser considered my Dad’s trailer to be of negative value. He did a Land Appraisal Report. The 3 comps he used were vacant land sales from 2006 and 2007. Proximity of the 3 comps were 4 miles, .35 miles, and 1.6 miles. He noted that no other comparables were available for analysis. The common bond shared by all 3 comps and my Dad’s property were Utilities (Elect/Sep/Water). Adjustments were made, where necessary, for location, site/view, topography and view. He also included 2 Active Land Listings for informational purposes only. [/FONT]
[FONT="]He said that in the past 2 years there has been a dramatic market decline in California and somewhat in larger Arizona cities (such as Phoenix and Tucson). However, as there are very few vacant buildable sites in this small city in Arizona, and as my Dad’s site is a very desirable piece of property, he felt that it was not directly impacted by the current market trend. For these reasons he felt that a time adjustment on dated comparables were not relevant in this instance.[/FONT]
[FONT="]He appraised my Dad’s property at $80,000. [/FONT]
[FONT="]Because the great discrepancy between the 2 appraisals, my youngest brother decided he wanted me to sell our Dad’s property. It sold immediately for $86,000 and escrow closed in 3 weeks!!! [/FONT]
[FONT="]With regards to the first appraiser, I have filed a complaint with the Arizona Board of Appraisal. They have informed me that my Complaint is currently under review and “that in order to thoroughly review each complaint received, and to ascertain all relevant information and facts, it may be necessary for the Board to continue the review process for several months.”[/FONT]
[FONT="]As settling my Dad’s Estate draws to a close, I reflect on the “ups and downs”… [/FONT]
[FONT="]–There was a lot of work involved - but I got to spend more time with one of my brothers. [/FONT]
[FONT="]–That first appraisal of my Dad’s Arizona property created a big problem - but I found your Forum. Thank you for your time, attention and concern that you so generously gave to my situation.[/FONT]
[FONT="]The world is a nicer place to live in because of people like you. [/FONT]
