“Some Features May Not have Relevance to Value”

“Some Features May Not have Relevance to Value”

 

 

There are many features in my home that were not accounted for...such as radiant heat ( even in the basement), antique random width oak flooring throughout the entire house, wood boiler system from outside with oil backup, custom kitchen and custom working pantry, and more. I understand there is a format to follow for pricing so it could be difficult.

 

Most of us think our property is worth more than it really is. The challenge for any appraiser is to whether or not there are comparable sales that justify the value that a homeowner has in mind.

 

This homeowner believes her property is worth $700,000, but an appraisal that was done over a year ago came in at $500,000 and they have a buyer for $550,000. It is a unique property that sits on 37 acres of land and quite frankly not replaceable at the $550,000 price.

 

Hopefully there have been some sales that will justify the value that they have in mind.

 

Image courtesy of stuartMiles/freedigitalphotos.net

Subscribe to my blog via Email:

 

Enter your email address:

Delivered by FeedBurner

 

Joe Petrowsky, NMLS #6869

Right Trac Financial Group, Inc. NMLS #2709

110 Main St.

Manchester, Ct. 06042

Office: 860 647-7701 x116

Fax: 860 647-8940

Cell: 860 836-9294

Email: joe@righttracfg.com

www.righttracfg.com

www.joepetrowsky.com

Like me on facebookfollow me on twitterConnect with me on linkedin

Joe Petrowsky does not guarantee nor is in any way responsible for the accuracy of the information provided herein, and provides said information without warranties of any kind, either expressed or implied.

Equal Housing Statement: We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. We encourage and support an affirmative advertising and marketing program in which there are no barriers to obtaining housing becuase of race, color, religion, sex, handicap, familial status, or national origin.

Comment balloon 27 commentsJoe Petrowsky • January 22 2016 12:49PM
“Some Features May Not have Relevance to Value”
share
“Some Features May Not have Relevance to Value” There are many features in my home that were not accounted for… such as radiant heat ( even in the basement), antique random width oak flooring throughout the entire house, wood boiler system… more
“How Should the Realtor Communicate After Receiving a Referral from…
share
“How Should the Realtor Communicate After Receiving a Referral from Me? ” I am so excited that Joe sent me your information and I have the opportunity to assist you in finding your new home! I will tell you this, Joe and I only send our very best… more
“Refinancing with a Chapter 13 Bankruptcy in Place”
share
“Refinancing with a Chapter 13 Bankruptcy in Place” This type of refinancing can be tricky business. It can be a challenge for attorneys as well. I’m in the process of doing a refinance and the client has been making payments on the BK plan… more
“Commercial Real Estate Brokers are an Import Source of Referrals”
share
“Commercial Real Estate Brokers are an Import Source of Referrals” Over the years I have interacted with many in the real estate industry that have referred clients that need to refinance their residential properties for one reason or another… more
“Daughter is Referring Her Dad”
share
“Daughter is Referring Her Dad” He isn't getting a response from the mortgage rep at the bank. Supposedly they were told $124k if Carol cleaned up 3 items on her credit report. Allegedly she has taken care of one (Sears card she never opened)… more
“Nothing Beats Repeat Business”
share
“Nothing Beats Repeat Business” Good morning Joe, I hope you and your family had a wonderful Holiday, we have found a property which we would like to put an offer on in Westbrook and it shouldn’t be a surprise that we will work with you… more
“Should We Add On or Buy Another Home? ”
share
“Should We Add On or Buy Another Home? ” What can we do? Should we go through the process of trying to refinance? Keri and I really like the location. If I can get refinanced and get an addition on our current home I would be happy to stay. I… more
“Some in Our Industry Make Us All Look Bad”
share
“Some in Our Industry Make Us All Look Bad” It is frustrating for any of us in the mortgage business that does a good job and is not willing to give our clients advice that is going to put someone in a bad place. This was one of those cases. … more
“Will the Value Come in High Enough? ”
share
“Will the Value Come in High Enough? ” Hi joe. Any word for us?? I'm making myself so nervous and sick waiting. Thank you In many areas of Connecticut there are still many homes that are upside down or have very little equity. These folks are… more
“Home Inspection has 21 Issues”
share
“Home Inspection has 21 Issues” After speaking to the buyer and the selling agent, the seller (bank) is not willing to repair anything. I recommended that we change from a FHA loan to a FHA 203 K loan in order to handle the repairs. I… more