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Updated over 8 years ago,
Appraiser's comps not very helpful
Hello, BP! I inherited my parent's house and have a renter in there now. We'd like to sell it and the tenant would like to buy it. It's in a "gated community" that's in a pretty rural area. Housing prices are all over the map in this community. There are some beautiful houses on the lake that sell for $600k plus, and then some old A-frames that sell for $30k. Some people also just buy lots out there to use the facilities. Anyway, this house falls somewhere in the middle range. To figure out a price, we ordered an appraisal. The appraiser sent the appraisal. He had 3 comps on it. None of the comps had full, finished basements and we're about 60-75% of the square footage. I'm not incredibly sold on the figure he gave us. I asked him about this and he said that was the 3 closest comps he could find. There is a realtor out that way that pretty much lists every house in that area. Should I enlist her help, or how would I go about that to get a better feel if the appraiser is way off? I like this tenant and I want to give them a fair deal; however, I also don't want to leave a good amount of money on the table. Any advice is greatly appreciated. Thanks, as always.