All Forum Posts by: Rigo V.

@Joe Splitrock yes that’s the plan. 

@Justin Sullivan you hit the nail on the head man. Will for sure do that going forward I messed up leaving it to chance. Never again, I even had the first appraisal I should have passed along. 

@Joe Splitrock I think you are mistaken. The three links above are for the comps they appraiser used that are wrong. The three I listed after that have no links are all 2000 sf and sold for 210-15. 

@Joe Splitrock you would think I can trust the initial appraisal. If I cant why should I try the second one?

my property is smaller you are right by 100-150 sf BUT what I didn't mention is that these comps that were used in the first appraisal sold for more than $200K so an adjustment was made for to my property to compensate for that.

@Chris K. they place more weight on the comp method unfortunately. Just the wrong comps in my opinion. Working on them adjusting or will just hire my own appraiser 

@Chris K. both appraisals have the property valued at 200k plus when it comes to the income approach. The market approach is where the stumbling block lies. 

@Chris K. not sure why we are so so Concerned about grm. It will have no weight on how a 2 unit is appraised. If it was a 5 plus unit than fine.

Now not sure how we are saying only one property sold for over 180k when I just listed three above. Can’t include singles or 3+ uni in that search either. Has to be 2 units to make an apples to apples comp. 

@Kevin Sobilo please dm me I am curious to hear who is that appraiser.

the one comp they used isn’t in the same town. My property was listed as “rural” when you can see and walk to all the strip malls in the area. 

It was clearly rushed and I will pay for a second appraisal. I seriously doubt my property is down $62k in value in 6 months 

@Chris K. my property rents for about $2500 a month. If they are using the grm analysis my property would be $200k or more. 

The other thing to note is that there are no other comps. The three listed from the original appraiser are the only three real comps since like I said earlier their are not many duplexes in back mountain. The three used by the new appraiser don’t fit the box of a comp for all the above reasons. 

Keep in mind my property is only 5-7 Mins for all comps the original appraiser used so it’s in a nice area. 

@Chris K. yes multi two unit. 

no the original appraisal and my realtor pulled small multi’s. We wouldn’t compare singles to multi that would be wrong

we are also not concerned about the rents that would be the income approach and I am not concerned about that either. My multi rents for higher but that doesn’t matter to me. the market approach is what I care about and the comps used above were wrong. There’s not many 2 units in Dallas but you and I both know I can’t buy an updated 2 fam for 138k. It would sell in seconds.

The original appraiser used the below which was accurate in terms of size and units. The new appraiser used properties that were triplex’s, much smaller (Made no adjustments for my larger property) or in rural areas. 

51 Lehman ave 
296 upper demundS
166 spring street