Ken Youngkrantz
Junior Member
- Joined
- Dec 2, 2003
- Professional Status
- Licensed Appraiser
- State
- California
I am working on a tri-plex sale. 1st problem; a lack of sales, I am going to have to use two four-plex sales. Think I have a handle on this.
2nd problem the sales price of the subject. My comps appear to be supporting a value of around $430,000. I looked at some four-plexes I did last year and comparing the four-plexes price per unit with the tri-plex I am appraiseing it appears the $443,000 for the subject appears reasonable when you look at price per unit.
GRM is looking like $460,000.
The active listings would support a value in the high $400's.
The subject is selling for $320,000. The subject is in as good or better condition than any comparables I have. The subject is in as good or better location than any comparables I have.
The seller of the subject is a 78 year old lady. Her CPA told her she needs to start selling some of her units, per the listing agent. She owns 300 units in town. Buyer is from out of town (Southern California).
The agent who is handling this sale also has the property next door (owned by the same lady) as a pending sale at $320,000. The properties do not have signs in the front, they are in the MLS. The lady has owned both of these units since they were new (they are 29 yrs old).
If I appraise the property for around $430,000 with a sale price of $320,000 is this going to raise all kinds of red flags?
I'm I missing something? What questions I should be asking?
2nd problem the sales price of the subject. My comps appear to be supporting a value of around $430,000. I looked at some four-plexes I did last year and comparing the four-plexes price per unit with the tri-plex I am appraiseing it appears the $443,000 for the subject appears reasonable when you look at price per unit.
GRM is looking like $460,000.
The active listings would support a value in the high $400's.
The subject is selling for $320,000. The subject is in as good or better condition than any comparables I have. The subject is in as good or better location than any comparables I have.
The seller of the subject is a 78 year old lady. Her CPA told her she needs to start selling some of her units, per the listing agent. She owns 300 units in town. Buyer is from out of town (Southern California).
The agent who is handling this sale also has the property next door (owned by the same lady) as a pending sale at $320,000. The properties do not have signs in the front, they are in the MLS. The lady has owned both of these units since they were new (they are 29 yrs old).
If I appraise the property for around $430,000 with a sale price of $320,000 is this going to raise all kinds of red flags?
I'm I missing something? What questions I should be asking?