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Updated over 8 years ago,

Account Closed
  • Investor
  • Cincinnati, OH
4
Votes |
20
Posts

Appraiser's comps not very helpful

Account Closed
  • Investor
  • Cincinnati, OH
Posted

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.

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