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. | I know what the selling price is. I make sure I get a copy of the contract. Sometimes the selling price is raised and then the seller gives back that amount in concessions so buyer's have money for closing costs. Sometimes other unusual items in the contract. It usually doesn't take long to figure out if the price is reasonable or somebody is messing with the numbers.
I recently did a new construction that raised my suspicions before I even saw anything but the contract. The purchase price was plenty high for the neighborhood and further investigation showed that homes selling for that price generally had twice the square footage and fireplaces, spas, etc. The realtors seemed clueless and builder wouldn't provide construction costs. One realtor tried to convince me it was a 5 car garage, just because it had an overhead door on the back for lawn & garden equipment. I appraised that one for over $25,000 less than the contract price. Probably didn't make a lot of friends on that one. | |
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How to appraise a rural home
