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re: Property Appraisal Question
Posted on 11/15/23 at 7:09 am to biglosdaddy
Posted on 11/15/23 at 7:09 am to biglosdaddy
quote:
When looking at that appraisal, one of the units that was used as a comp was a unit that was packaged together with other units.
My question: is that a fair comp? Should comps be units that are just sold individually since package deals will usually be lower than just one single unit?
You realize you can determine the value of a single unit that is packaged with other units, right?
I'm not saying you shouldn't contest it or that you're wrong, but just the fact that some of the comps were packaged with other pieces of property doesn't automatically mean you can't determine the FMV of that single piece of land and then compare it to your lot.
2
Posted on 11/15/23 at 7:57 am to CocomoLSU
It’s reasonable to question using the packaged unit if there are other single comps available. Keep in mind the comps should be around the same age though.
I ran into an appraisal issue years ago when refinancing my last home. It was obvious the appraiser was just lazy, using comps he must have used for other appraisals (different style homes from miles away when there were a number of recent sales in my neighborhood with my home style). For purposes of my loan it didn’t matter, but I did point it out to the bank to make them aware of the issue.
I ran into an appraisal issue years ago when refinancing my last home. It was obvious the appraiser was just lazy, using comps he must have used for other appraisals (different style homes from miles away when there were a number of recent sales in my neighborhood with my home style). For purposes of my loan it didn’t matter, but I did point it out to the bank to make them aware of the issue.
Posted on 11/15/23 at 1:31 pm to CocomoLSU
quote:
You realize you can determine the value of a single unit that is packaged with other units, right?
Wrong. It’s not apples to apples. And even id you tried equate it, you’d have to rely on some arbitrary multiplier pulled out of someone’s arse.
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