Appraisal - Posted by Scot Amato

Posted by Ed Copp (OH) on May 03, 2000 at 08:15:31:

Scot, It sounds like you are trying to reinvent the wheel here.
If you want to know what the builder sold his brand spanking new houses for you can look that information up at the county court house yourself.
Listings are not comps. So the listings that you mention are not a good reference.
A fee appraisal is usually a pretty good comp. Another appraisers opinion (no fee) could be viewed as conversation.
Sounds to me like new price 150K-160K is about the top end of the market you mentioned. That would be after the 7K you mention for fix-up. Also be sure to include about 10K for a real estate commission. If you are sharp enough to earn that commission you need to be suer it is there to get (if you earn it you should get it) if you get stuck and can’t get the job done then someone else will get the commission, it’s always a factor.
You ask should you buy for 100K, probably…ED

Appraisal - Posted by Scot Amato

Posted by Scot Amato on May 02, 2000 at 22:37:20:

I recently found a house basically in great shape except for some minor painting / carpentry and landscaping costing less than $7000. The neighborhood is only a few years old as with the house (4 years). The development has houses listed at $179,000 that are comparable. Comps are hard to find because the sold houses are not in the MLS system because they were sold via the builder/developer. The comps that I can find seem to be in the $150,000-$159,000 range, but are not right next to the development. We hired an appraiser that said that it was w worth $125,000, but he compared it to a foreclosure sale. The thing is that he said he used to flip houses, but said he no longer does. Other appraisers say our comps seemed right. What to you think if I can buy if for $100,000? Should I close? Thanks for your help!