Michael D. Goff

Kim,
Venice Golf and Country Club has the courtyard models you are looking for. I am a fifth generation floridian, with extensive local knowledge from Bradenton to Marco Island. As a local appraiser, I know the gated communities well. Please advise if I can be of service. - Wed Jun 25 2008, 06:56

Tax appraisals are as inaccurate as the AVM's on the internet, like zillow, housevalues, etc.
None of them view the sales, so how can they know condition. It's like buying property without seeing it. Yeah, you may get lucky a couple of times, but sooner or later, you'll wind up paying $250,000 for a crackhouse. I think a value estimate without an interior inspection is playing Russian roulette. - Wed Jun 25 2008, 06:37

No, TCAD is not a good source for CURRENT valuations. Tax appraisals are generally dated to the first of the year, so comparable sales used are previous to appraisal date. If effective date is January 1, 2007; sales from 2006 were analyzed. Get a pro, find a local appraiser (located in the same town) who can give you a current UNBIASED estimate. - Tue Jun 24 2008, 09:29

Yes, it is right. The bank hires the appraiser to estimate the value defined in the report (generally market value). The lender is the client, even though the buyer indirectly pays for the appraisal. The lender will determine the amount they will lend based on the collateral position of the property, and underwriting requirements of that particular lender. Any differences between loan amount and sale price require the buyer to make up the difference, which is not usually done in a buyer's market. This has been typical of real estate financing, except for the crazy market of 2004 to 2006, when they gave the store away. I think it has spoiled us. - Tue Jun 24 2008, 15:11

The previous responders are correct. I just want to emphasize the need to RUN, don't walk to your attorney. Time is not on your side in this market place (declining market). Let your attorney tell you what the downside is for both loans, they'll have to defend it. - Tue Jun 24 2008, 12:00

My running 2007/8 Charlotte County sale stats indicate that 44% of residential end user sales (purchased for use, not investment or speculation) were buyers from the midwest (Ohio, Illinois, Indiana, Michigan, etc.) This will include second home buyers. Because of the weakness of the dollar, Canadians and Europeans make up approximately 20% of buyers. Approximately 15% of sales were buyers (or investors) from different areas of Florida. Approximately 5% of buyers were from New England and 3% from California. The remainder percentages come from other countries without additional end user sales to make up 1% of total sales. Recently there seems to be an increase in buyers coming from South America, but most of those purchase or rent in Miami first (due to lanuage), then look around the rest of the state. Keep in mind, 80 to 85% of home buyers check the web first. it's important to have a good presence there. Let us know if we can be of further service "There is no substitute for trusted experience". - Tue Jun 24 2008, 11:53