Why are custom homes , like log cabin homes compared to regular homes?

Asked by Beachgirl, West Greenwich, RI Thu Jul 29, 2010

my home was compared to homes in other communities, but not in mine. It is a matter of selling my home or waiting because now we are under a P & S and could hold up sale to another porential buyer.

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Matt Heisler, Agent, Westborough, MA
Fri Jul 30, 2010
Your question is not clear, but I think you mean: My home is under P & S, and I recently had an appraisal that didn't support the purchase price. I'm confused as to how the appraisal was done, and how they chose comparable properties.

If this is the case, you need to ask the appraiser what his "underwriting guidelines" are in order to try to correct the appraisal under those guidelines. Homes that are of an unusual type often require the appraiser to do a wide area search, and make adjustments based on the locations of those properties, but that doesn't mean that it was done properly. You'll need someone with knowledge of the surrounding communities to make a case, or pay for a secondary appraisal. If the buyer has already given notice that he wants out, release his money and move on! It's unlikely you'll change his feelings.
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Maria Morton, Agent, Kansas City, MO
Thu Jul 29, 2010
What do you mean by 'P & S' ? Pending and Sold? Homes are compared for many reasons. Are you referring to an appraisal, a comparative market analysis or broker price opinion? Maybe a tax appraisal? Or lender appraisal? An insurance appraisal? When a home is unique in its' immediate area, we do sometimes use homes in other neighborhoods as comparables if they are similar in some way to the subject property. More details about your question would help me know how to answer.
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