Home Buying in Montana>Question Details

Walter Frede…, Home Buyer in Millerton, IA

Specifically, what parameters are employed when determining a property's "true value" when something on or about the property

Asked by Walter Frederic Roy Iii, Millerton, IA Thu Apr 7, 2011

"sets it apart." 1. the property has a pool
2. the property is among larger properties that haven't been sold in years
3. huge front a back yards, "manicured" NO OTHER HOMES HAVE THIS
4. views that others have, but no comparables
5. do you use formulas like appraisers do, ex: sq. ft or types of housing

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Dp2’s answer
Many investors (myself included) will use various formulas, various market info, and other data to determine the current market value of a property. Often the valuation of an experienced investor will match (or at least be close to) an appraisers valuation, because we often use similar techniques.
0 votes Thank Flag Link Thu Apr 7, 2011
Do keep in mind that a house is worth what someone is willing to pay for it.....
0 votes Thank Flag Link Thu Apr 7, 2011
Hi Walter,
Because you identify yourself as a Home Buyer it sounds like you found something you like but are not in agreement with the seller about the appropriate price. Usually the buyer is in the driver seat. If you have a
real estate professional representing you it is her job to negotiate a reasonable compromise that is a win win
for both buyer and seller. Not an easy task if she has no comps to use that are appropriate for this property.
An appraiser would break the property down and give value for each component but would need three comparable sales for a valid appraisal. You may wish to pay for an appraisal to arrive at a "true value".

If you ask the question because you have been denied a loan because the property didn't qualify, you can offer to pay for a second appraisal. Your realtor will meet the appraiser with a prepared list of the extras that "set the property apart" with an estimate of the value of each extra.

Good luck! and contact me if you would like more advice.

Jan Lewis
Coldwell Banker Property Shoppe
Web Reference: http://ojaijan.com
0 votes Thank Flag Link Thu Apr 7, 2011
you can appraise it any way you want. A buyer with zero knowledge of the art of appraising, but just love the property, will probably out bid an investor who know the true value of the property like the back of his hands.
0 votes Thank Flag Link Thu Apr 7, 2011
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