Logan Martin Lake Topics: it appraised a bit low
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Name:
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HTMLman
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Subject:
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it appraised a bit low
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Date:
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4/4/2007 8:36:28 PM
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Thank ya'll for the input. When the link went down, I thought it would end the trread,
I know he paid $225,000 on a 2003 contract. He then built a ~ $200,000 house and about 40K of dock work and other imrovments. It then appraised for the grand sum of $250,000 as per three comparible sales. They were off water sales, but 40ish acres.
This is why the appraisers don't work. If there are not three places on the lake with lake frontage, then the comparible sales method breaks down. The cost basis did not work also as the appriaser could not justify the over $5000/acre price he paid.
As above it is easy if you are looking at three subdivision sales with very comparable houses. This I learned in School.
Thanks one and all for the help.
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