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Woman Spends $18,500 on Stretch of Sidewalk

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Dale Smalley

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Jan 15, 2002
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Certified Residential Appraiser
State
Florida
Any one using assessed values?

May 23--ANAHEIM, Calif.--Jeri Miller thought she had a sweet deal.
She would buy a piece of property from the county tax collector for $18,500, then turn around and sell it for as much as $114,000, the assessed value.

see full story...

http://cnniw.yellowbrix.com/pages/cnniw/St...ry=Real+Estate&
 

George Hatch

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Jan 15, 2002
Professional Status
Certified General Appraiser
State
California
It's like I said before. Appraising vacant land is a lot more than having an opinion about the value. In this case, the buyer should have looked before she leaped. She's lucky she didn't end up with some kind of unknown hazard onsite, remediation required upon discovery. Compounding the error is hiring an attorney to duke it out with the county. The legal fees could easily exceed the sales price of the lot.

Her best bet might be to offer it to the city. Then she might be able to write the loss off on her taxes.


George Hatch
 

Jim Bartley

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Jan 20, 2002
Professional Status
Certified Residential Appraiser
State
Virginia
P.T. Barnum was right. Now this dingbat wants to sue someone for her incompetence. Gee I wonder if she was going to split her profits with the county?
 

wyecoyote

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Jan 15, 2002
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Gvmt Agency, FNMA, HUD, VA etc.
State
Washington
Reminds me of the saying a fool and his/her gold are soon parted.

Gets me is that now because she didn't research the property she wants to sue every one else and blame others what a blameless society we live in today.

Ryan
 

Larry Lyke

Senior Member
Joined
Feb 2, 2002
Ms. Miller's best options for an immediate remedy in order not to increase her post-acquisition costs is to abandon the property and let the county sell it on her behalf at a future tax forfeiture auction.

These late night TV RE hucksters are smarter than you are or you wouldn't be buying what they're selling but wouldn't themselves buy!
 

Ben Vukicevich SRA

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Feb 9, 2002
Professional Status
Certified General Appraiser
State
New Jersey
Well, looks like H&BU is toll road now. :lol: :lol:

Hey, she owns a potential income producing property, right? It's got to go somewhere.

Hey, George, aren't roads public property in CA?????? What's with this thing?

Ben
 

Terrel L. Shields

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May 2, 2002
Professional Status
Certified General Appraiser
State
Arkansas
>> a fool and his/her gold are soon parted

My question is how did they ever make the money in the first place?

A contractor stopped by yesterday to tell me his tale of woe. Seems he poured a monolithic slab for a garage and it rained. Stood a little water in the middle, and the owner threw ringtailed fit. He tried to point out that it was only a one-half inch or so, and was going to be well on the inside...never tell it. Finally, they just parted ways..couple of days later TV reporter calls for his "side of the story". To make a very entertaining story short, he invited the reporter to perform an outrage upon an orbiting pastry, or something like that, so he figures he will be drug thru the mud on TV consumer beat. I said, "Nic, you always did have an alligator mouth and a hummingbird brain, you shoulda smoozed the ole girl, not mean mouthed her."
 

Caterina Platt

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Jan 17, 2002
Professional Status
Certified Residential Appraiser
State
New Mexico
Granted, this lady was a true dingbat. But like Ben, I can't figure out what Orange County thought it was doing auctioning off a piece of sidewalk to a private buyer????? This parcel should have been dedicated to the city, if not by it's previous owner, Far West Bank, then straightened out after the county was made aware of this situation when their appraiser and assessor started placing values on it. How in the devil does a stretch of sidewalk warrant $18,500 in back taxes?? Sorry, but this investor lady isn't the only one with a few holes in her grey matter.
 

Jim Bartley

Senior Member
Joined
Jan 20, 2002
Professional Status
Certified Residential Appraiser
State
Virginia
Caterina,

All she had to do was a little research. Just because the county screwed up doesn't excuse her ineptitude.
 

George Hatch

Elite Member
Gold Supporting Member
Joined
Jan 15, 2002
Professional Status
Certified General Appraiser
State
California
I believe the article mentioned something about the parcel being 23 feet wide and having originated when a larger lot was divided into several smaller parcels. This substandard parcel was apparently a remainder portion, intended to be dedicated to the city. For some reason that never happened as planned. So the parcel is apparently more than just a sidewalk. It's just too small to be readily developed under the city's zoning regulations and General Plan. Had the propsective buyer just drove by and looked at the property before placing the bid, she probably would have figured it out. Instead, she thought she had an inside line on an easy buck, and got burned. Not all real property is valuable, even in Orange County.


George Hatch
 
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