I need a realtor's help!!!

[kami2199]

I am a lawyer, although I try not to play one on this or any other site!

Even an appraisal is not going to reflect the value of your piece of property to the particular person that you have mentioned wants to buy it - it sounds like your property represents a donut hole or corridor that, once purchased by this particular buyer, makes all the parts of HIS existing whole much more valuable. A traditional appraisal just identifies a range of value to the average "disinterested" buyer. You said you didn't think this guy is trying anything "funny," but you owe it to yourself to get a good lawyer who can help you negotiate this unique potential sale.

What if you sold to this guy for a song, and you found out that dropping your last piece into his puzzle allowed him to turn around and sell his ENTIRE parcel for a giant profit? You'd be kicking yourself forever!

I DO NOT recommend using free GM lawyers, either!

Good luck -

Jane

Good advice - please take it OP. But also, let me ask you something - what would you do - as an attorney - to determine what the neighbors could potentially do with it value wise? I would guess that you would want to have some sort of an idea of what neighbor's place is worth both with and without the extra land/property. Wouldn't you hire an appraiser?

A good Certified General could do a highest and best use analysis or feasability study on it and determine that it's highest and best use is to sell it to the neighbor for X amount of dollars because it is worth more to them than a typical buyer looking for a Single family property, am I wrong? You have a lot of decisions to make, OP. This could be really BIG. Get yourself a good attorney AND appraiser involved. This is obviously a complex issue/property and hopefully an attorney will be able set you up with an appraiser who is competent enough to handle a situation such as this. I just don't see any way around having some sort of an appraiser at least being consulted in this.

 

[Poohs Pal]

Thank you all for the advice. for the most part you did say about what I expected to hear. As far as the land goes for an apprasal, the only person this will make a difference would be the neighbor, not any other buyer's. How do i have an apprasal that reflects that he may want to split the property, do the road and then sell his split and mine. Splitting and selling may be a problem for me. When DH and I built the house in 1994 we put the house on an angle to best utilize the veiw and the hill for the walk out basement. what I have is nowhere to put in a seperate drive to the back of the property. I would have to do some serious work to move my drive to make an area wide enough for another drive. I don't care to split my property ,but for myself intend to sell as one piece. But I know the potential he has if he purchase's my property. If a home apprase's for a certain amount how do I sell it to someone for more just be it has more value for him. I mean is the bank going to care about that when he goes to get a loan for more than the home appraise's. Now let's say both the neighbor and I can come to an agreement what is the best way to handle the legal end. If he doesn't agree than I will use a realestate person i'm happy comfortable with. Susan

 

[SillyMe]

Thank you all for the advice. for the most part you did say about what I expected to hear. As far as the land goes for an apprasal, the only person this will make a difference would be the neighbor, not any other buyer's. How do i have an apprasal that reflects that he may want to split the property, do the road and then sell his split and mine. Splitting and selling may be a problem for me. When DH and I built the house in 1994 we put the house on an angle to best utilize the veiw and the hill for the walk out basement. what I have is nowhere to put in a seperate drive to the back of the property. I would have to do some serious work to move my drive to make an area wide enough for another drive. I don't care to split my property ,but for myself intend to sell as one piece. But I know the potential he has if he purchase's my property. If a home apprase's for a certain amount how do I sell it to someone for more just be it has more value for him. I mean is the bank going to care about that when he goes to get a loan for more than the home appraise's. Now let's say both the neighbor and I can come to an agreement what is the best way to handle the legal end. If he doesn't agree than I will use a realestate person i'm happy comfortable with. Susan

It's based on the property's highest and best use, as kami2199 explained. If you hire an experienced licensed General Appraiser, he/she will determine what that use is. Explain to him/her what the neighbors intentions are. Your property can be based on two values. If the highest and best use is to be split, it can have a different (possibly higher) value than if sold as a single family residential home on one parcel. The appraiser will research your property and determine what may/may not be done with your property.

If your neighbor purchases your home and intends to live in it as-is, the bank will order a single family residential appraisal. If he intends to use it as a commercial use, he will need to have a commercial appraisal done. But to protect yourself and get the best deal, have your own appraisal done. Like Kami2199 said, make sure you hire a well-known, qualified, reputable appraiser. There are some out there that don't really know what they're doing. Find someone who has been in the business a long time.

 

[honeymom]

Let me explain the problem with hiring an appraiser a little more thoroughly.

An appraisar does judge a home based on sales data in a manner similar to a realtor. They have even more training as to specific worth in some ways. Here are some scenarios that can happen by appraising before you have a contract:

1) Appraisal is lower than the market will actually pay for a property (perhaps the market is on an upward trend). Since it takes a while to sell property sometimes, you could have a buyer arguing for a lower cost than the value of the property because it was "professionally appraised for that value."

2) Appraisal is higher than the market will pay for a property. I think that appraisers actually base on data that may go back for several more months than a realtor might. A realtor might realize that the market is changing and limit the sales data analysis to the last 3 months. If you base on the appraisal price, you might overprice. This however, is a better scenario than the one listed above.

I think a good lawyer should advise you of the steps to take to best determine the land value with the parcels combined. They may order an appraisal, or have some other methodology. I am not sure. It just sounds like the buyers are trying to do something that will bring the land value up and it may therefore may be worth more than it seems. Please at least consult with a lawyer (many will do a consult for free or at a reduced price) before you make any decisions.

 

[kami2199]

Let me ask you something. Are you going to continue to live in this home and not put it on the market if your neighbor does not buy it? Is your home located in an area where there is commercial growth and zoning or where developer's would be interested? Would you be willing to offer to purchase your neighbor's property, make changes to your home to turn it into a LTC facility and combine them to sell off as a special use property if you knew that the profit would exceed the cost of doing this?

If you answered no to all of these questions then I would have to say that the most likely outcome of an appraisal is going to be for single family use. You may have the last piece of the puzzle but if you have no means or desire to aquire the other pieces to sell it off as a whole yourself, I would say you are screwed and to sell it for what it is worth at single family. I might sing a different tune if you didn't want to move but your neighbor had big plans for your land and was trying to convince you to sell. But, since it sounds like you want to sell anyway, what is the difference if you sell it to your neighbor for what it's worth as single family or to somebody off the street? Either way you are getting the same amount of money for it. I think you need to decide if you will be happy selling it for what it is worth as single family or if you want to sit on it in hopes that your neighbor will offer you more money as motivation to sell. The bank will consider the new owner's plans and order the appraisal accordingly so don't worry yourself too much with that.

My biggest point that I was trying to get across is that a market analysis and an appraisal are two different things. I don't want somebody convincing you that an agent can do a better job of telling you how much your home is worth by simply pulling a few comps. They may or may not be right on the money as far as value, but don't just take their word for it. Sounds like you have some complex issues at hand and that you really should get your own attorney and hire an appraiser. I don't know your area or your market so I don't want to put grandiose ideas in your head that this place is worth more than you think. It is a possibilty, yes. You need someone expereinced enough and who has the proper training to tell you what your options are.

 

[kami2199]

Let me explain the problem with hiring an appraiser a little more thoroughly.

An appraisar does judge a home based on sales data in a manner similar to a realtor. They have even more training as to specific worth in some ways. Here are some scenarios that can happen by appraising before you have a contract:

1) Appraisal is lower than the market will actually pay for a property (perhaps the market is on an upward trend). Since it takes a while to sell property sometimes, you could have a buyer arguing for a lower cost than the value of the property because it was "professionally appraised for that value."

How does the borrower know what the "professionally appraised for that value" is unless they order the appraisal themselves??? If they did the ordering, I'm guessing that they didn't do it back when the house was listed and try to argue that point some months later. The only people that are entitled to use and rely on that report are those listed as the intended users. Joe Blow off the street is not going to have access to that report.

Appraiser's look at market trends and are able to tell whether you are in a decling, rising or stable market. In most cases, it doesn't just happen overnight. An appraisal will tell what the the appraiser estimates "today's" market will pay for a home. If it is for listing purposes, most likely they will suggest a list price if it is an area of rising/declining property values.

2) Appraisal is higher than the market will pay for a property. I think that appraisers actually base on data that may go back for several more months than a realtor might. A realtor might realize that the market is changing and limit the sales data analysis to the last 3 months. If you base on the appraisal price, you might overprice. This however, is a better scenario than the one listed above.

Appraiser's look at the most recent, most comparable sales and utilize those. Most would not go back a year for sales if there are truly comparable sales available within the last three months. I have been handed a slew of sales from realtors that have sold with three months but in no way were comparable to the subject and would absolutely not meet Fannie's lending guidelines or produce a credible report. Just because something sold, doesn't mean it's comparable. And are you implying that appraiser's don't "realize" that the market is changing. In a lot of places appraiser's appraise significantly more houses than realtors sell. We get a pretty good idea on what is going on in the market. Let me ask you something...when you do a CMA do you have market derived adjustments? Do you deduct for seller concessions? Do you have data to back up site values? How do you figure depreciation? Do you know what the four tests are off the top of your head for highest and best use analysis, do you know Fannie's lending guidelines are as far as gross/net adjustments, distance and time are? I'm really not trying to sound flip but it appears that you have the same attitude about appraiser's that a lot of realtors have. I would guess that maybe you've had some issues in the past with appraiser's who didn't bring your property in at the price you sold it for. I have seen great CMA's, don't get me wrong. I've also seen poor appraisals. But for the most part, the poster who said that agents sometimes use CMA's and BPO's as a way to get a listing is correct. An appraiser should be a disinterested third party who could care less either way if your house sold. An agent on the other hand, typically wants the listing and seller's think that if this particular agent can get me more money, by golly I'm going to list with them.
I think a good lawyer should advise you of the steps to take to best determine the land value with the parcels combined. They may order an appraisal, or have some other methodology. I am not sure. It just sounds like the buyers are trying to do something that will bring the land value up and it may therefore may be worth more than it seems. Please at least consult with a lawyer (many will do a consult for free or at a reduced price) before you make any decisionsI second the lawyer idea and most I know consult with an appraier regarding real estate value unless they are one themselves.

To this poster - I'm not picking on you or trying to wage a battle by any means. Appraisal fraud is a real problem in this country and often is driven from realtor/mb kickbacks and the threat of blacklisting. A lot of times, realtor's paychecks depend on listings and the getting the property closed. An appraiser is a disinterested third party whose payment for services can't legally depend on whether or not a property hits a predetermined value or whether or not the sale goes through. I don't know how many times I've heard Realtor's say that they won't work with so and so appraiser because he doesn't cooperate with them on price, etc. I have issues with any realtor who would intentionally put someone upside down on their mortgage - not that you are one of those. I have issues with form filling, number hitting, non USPAP abiding appraiser's as well. The public needs to be aware that agents and realtors don't think alike for the most part. And typically, the agent's suggested value doesn't mean jack when it's time to finance.

 

[Poohs Pal]

Kami2199, Yes I am planning on selling even if the neighbor doesn't want to buy. If you read back to my to other post in this forum you will note I'd had a previous apprasal done by a realestate agent(planning on buying a condo here and wintering in Florida). After this the neighbor approached me an said he was interested in my home but didn't want to use a realestate agent but instead to use General Motors free legal service's to draw up the paper work. I fully intend to get my own apprasal and home inspection. My question, If i'm satsfied with his offer is it smart to use the free attorneys or stick with and agent. Neighbor(the buyer) for some reason doesn't want a realestate agent involved but GM's free legal service. This seems strange to me because use of an agent doesn't cost him anything. Again as stated before he IS(but I still want to carefull) a nice guy and may be just trying to save me money. We bought this property from him in 1994 for $32,000 when equal or less desirable property on are road was going for $100,000 or more for less acreage. In answer to your other question, I live in a rural setting where everyone has at least 5 acres and nothing commercial for miles. Just tree's and cow's(LOL). Susan

 

[SillyMe]

Kami2199, Yes I am planning on selling even if the neighbor doesn't want to buy. If you read back to my to other post in this forum you will note I'd had a previous apprasal done by a realestate agent(planning on buying a condo here and wintering in Florida). After this the neighbor approached me an said he was interested in my home but didn't want to use a realestate agent but instead to use General Motors free legal service's to draw up the paper work. I fully intend to get my own apprasal and home inspection. My question, If i'm satsfied with his offer is it smart to use the free attorneys or stick with and agent. Neighbor(the buyer) for some reason doesn't want a realestate agent involved but GM's free legal service. This seems strange to me because use of an agent doesn't cost him anything. Again as stated before he IS(but I still want to carefull) a nice guy and may be just trying to save me money. We bought this property from him in 1994 for $32,000 when equal or less desirable property on are road was going for $100,000 or more for less acreage. In answer to your other question, I live in a rural setting where everyone has at least 5 acres and nothing commercial for miles. Just tree's and cow's(LOL). Susan

If you got the value from a real estate agent, it wasn't an appraisal. It was a CMA which is not always as accurate as an appraisal. They don't determine the highest and best use of your property.

 

[mom2boys]

I would get you house appraised so you get the money you deserve and hire and attorney for yourself. There isn't a need for a realator, but you definately want your own attorney, which doesn't cost much.

I agree. However, you may want to postpone the realtor's visit until you decide. Once you list, it may not be so easy to by-pass the realtor.

 

[kami2199]

Kami2199, Yes I am planning on selling even if the neighbor doesn't want to buy. If you read back to my to other post in this forum you will note I'd had a previous apprasal done by a realestate agent(planning on buying a condo here and wintering in Florida). After this the neighbor approached me an said he was interested in my home but didn't want to use a realestate agent but instead to use General Motors free legal service's to draw up the paper work. I fully intend to get my own apprasal and home inspection. My question, If i'm satsfied with his offer is it smart to use the free attorneys or stick with and agent. Neighbor(the buyer) for some reason doesn't want a realestate agent involved but GM's free legal service. This seems strange to me because use of an agent doesn't cost him anything. Again as stated before he IS(but I still want to carefull) a nice guy and may be just trying to save me money. We bought this property from him in 1994 for $32,000 when equal or less desirable property on are road was going for $100,000 or more for less acreage. In answer to your other question, I live in a rural setting where everyone has at least 5 acres and nothing commercial for miles. Just tree's and cow's(LOL). Susan

I think you had good replies when people told you not to go the free attorney route, at least not for yourself. By avoiding an agent, he most likely feels that it will save him money in the long run as you might be able to negotiate a lower price if you don't have to pay commision. I doubt it's much more than that unless he thinks that an agent will tell you it's worth more than you think it is. I'd go with an appraiser if you have no idea of what you house is worth or to get an idea of what today's value is. Don't let him just talk you into a price. As for a home inspection - I wouldn't bother with that, that is his option to do and should be at his expense. Sounds like he gave you quite a price break when you bought it but that doesn't mean you have to do the same for him unless you choose to. I would most definately put a time limit on him or reserve him as a buyer so you don't lose valuable marketing time with a realtor if that is the way you decide to list.

Your area sounds a lot like mine - almost identical to tell you the truth! Ag land and cows for miles! I highly doubt in that case that an appraiser will deem it anything other than single family for highest and best use.

Sorry I got off topic with the appraisal discussion. A lot of people read these posts and when I see realtor's making statements about appraiser's I feel the need to defend our industry and educate consumers about what we really do. No, we are not with you the entire process but for the most part we have considerably more training when it comes to values. We have so many more aspects that most realtors don't take into consideration when completing a CMA. Then we are the bad guys when we go in and a house doesn't appraise for the sale. I think it's better just to do it correctly the first time and save yourself the headache later on. It's not our job to come in and back up the realtor. It's our job to give an unbiased opinion of what the home is worth to the informed and able buyer. Banks use us to protect their assets and buyers/borrowers use us to ensure they are not going upside down on their mortgages. Sellers use us to get a range that their home most likely would sell for so it doesn't sit on the market overpriced or sell quickly because it is underpriced. I also have a broker's license so I know both sides of the argument. It wasn't until I became an appraiser and dealt with lender/broker pressure that I realized how bad it really was. In a lot of markets, I've heard too many times of agents doing things that actually hurt a good, honest appraiser's career because they found repair issues or didn't bring in a property at the value the agent got a signed contract for. I will say this - do you really think I like "killing deals". Do you think I like fielding phone calls from pissed off buyers/sellers/mortgage brokers and agents when they find out a house didn't appraise...and then being blacklisted for telling the truth? I give them the opportunity to supply me with any additional information that I may have overlooked and 99% of the time they stutter and have nothing to offer. The other 1% of the time they had me a slew of comps that are in no way comparable but sold for the higher price.

Don't get me wrong, there are a lot of good, honest agents out there who will be right on with their CMA's and BPO's. I can say with a certainty that until you have taken an extensive appraisal course, you have no idea how hard and how much really goes into it. An agent can take/pass their state exam and start doing BPO's and CMA's within a week if their company allows it. An appraiser typically goes through much more education and most likely already has a real estate background, has to go through a mentoring process before being turned loose, most likely has a supervisor looking over their reports, has to be able to support anything in that report with both a work file and separate market condition studies, has to endure FNME underwriting guidelines when appraising for the secondary market and so on. Our adjustments are taken right from the current market not just some made up number that looks good on paper. I have no idea why the other poster would say we go back further in time to get our comparable sales. We have the same access to the same sales they do as they are public record or on the MLS. Half the time in my area, we have appraised the home already for the sale and sometimes, more than once. So, we have just as much, if not more information than the realtors do.

I'm going to quit boring you with all these details and just wish you good luck! Let us know how it turns out and if you should have any questions or concerns feel free to pm me anytime!

 

[SillyMe]

I think you had good replies when people told you not to go the free attorney route, at least not for yourself. By avoiding an agent, he most likely feels that it will save him money in the long run as you might be able to negotiate a lower price if you don't have to pay commision. I doubt it's much more than that unless he thinks that an agent will tell you it's worth more than you think it is. I'd go with an appraiser if you have no idea of what you house is worth or to get an idea of what today's value is. Don't let him just talk you into a price. As for a home inspection - I wouldn't bother with that, that is his option to do and should be at his expense. Sounds like he gave you quite a price break when you bought it but that doesn't mean you have to do the same for him unless you choose to. I would most definately put a time limit on him or reserve him as a buyer so you don't lose valuable marketing time with a realtor if that is the way you decide to list.

Your area sounds a lot like mine - almost identical to tell you the truth! Ag land and cows for miles! I highly doubt in that case that an appraiser will deem it anything other than single family for highest and best use.

Sorry I got off topic with the appraisal discussion. A lot of people read these posts and when I see realtor's making statements about appraiser's I feel the need to defend our industry and educate consumers about what we really do. No, we are not with you the entire process but for the most part we have considerably more training when it comes to values. We have so many more aspects that most realtors don't take into consideration when completing a CMA. Then we are the bad guys when we go in and a house doesn't appraise for the sale. I think it's better just to do it correctly the first time and save yourself the headache later on. It's not our job to come in and back up the realtor. It's our job to give an unbiased opinion of what the home is worth to the informed and able buyer. Banks use us to protect their assets and buyers/borrowers use us to ensure they are not going upside down on their mortgages. Sellers use us to get a range that their home most likely would sell for so it doesn't sit on the market overpriced or sell quickly because it is underpriced. I also have a broker's license so I know both sides of the argument. It wasn't until I became an appraiser and dealt with lender/broker pressure that I realized how bad it really was. In a lot of markets, I've heard too many times of agents doing things that actually hurt a good, honest appraiser's career because they found repair issues or didn't bring in a property at the value the agent got a signed contract for. I will say this - do you really think I like "killing deals". Do you think I like fielding phone calls from pissed off buyers/sellers/mortgage brokers and agents when they find out a house didn't appraise...and then being blacklisted for telling the truth? I give them the opportunity to supply me with any additional information that I may have overlooked and 99% of the time they stutter and have nothing to offer. The other 1% of the time they had me a slew of comps that are in no way comparable but sold for the higher price.

Don't get me wrong, there are a lot of good, honest agents out there who will be right on with their CMA's and BPO's. I can say with a certainty that until you have taken an extensive appraisal course, you have no idea how hard and how much really goes into it. An agent can take/pass their state exam and start doing BPO's and CMA's within a week if their company allows it. An appraiser typically goes through much more education and most likely already has a real estate background, has to go through a mentoring process before being turned loose, most likely has a supervisor looking over their reports, has to be able to support anything in that report with both a work file and separate market condition studies, has to endure FNME underwriting guidelines when appraising for the secondary market and so on. Our adjustments are taken right from the current market not just some made up number that looks good on paper. I have no idea why the other poster would say we go back further in time to get our comparable sales. We have the same access to the same sales they do as they are public record or on the MLS. Half the time in my area, we have appraised the home already for the sale and sometimes, more than once. So, we have just as much, if not more information than the realtors do.

I'm going to quit boring you with all these details and just wish you good luck! Let us know how it turns out and if you should have any questions or concerns feel free to pm me anytime!

Feel better now?

 

[kami2199]

Leave me alone Silly!!! Don't you have some analyzing yourself to finish today??? I told you I need to stay off these boards!

 

[Tiffer]

While it sounds good to save him some money ask yourself "who is looking after my interests" - you can bet it isn't someone brought to the table by the buyer, no matter how nice of people they are. At least get an attorney to represent your side of the transaction.

ABSOLUTELY!

I would get you house appraised so you get the money you deserve and hire and attorney for yourself. There isn't a need for a realator, but you definately want your own attorney, which doesn't cost much.

YUP.

Susan, you can still list with a real estate agent of YOUR choice. You can, if you want, specifically exclude these potential buyers from your real estate contract so that if you do sell to them you are not obligated to pay any fees to the agent since they approached you prior to listing with the agent.

Not to memtion there is a difference with an dexclusive agency and an exclusive right to sell. With the former, if you find your own buyer, the realtor is not entitled to a comission. For the latter, no matter who finds the buyer, even if its your brother, the realtor gets a comission.

DEFINATELY get an appraisal first.

Good Luck.

 

[SillyMe]

Leave me alone Silly!!! Don't you have some analyzing yourself to finish today??? I told you I need to stay off these boards!

I got frustrated and put it away. Not sure if I want to add all that other data in with my statistics, b/c it's just not that cut and dry in our area.

 

[kami2199]

I got frustrated and put it away. Not sure if I want to add all that other data in with my statistics, b/c it's just not that cut and dry in our area.

I feel your pain sweetie!

 

[Poohs Pal]

Kami2199, The reason I mentioned getting my own home inspection was due to reading an article in the newspaper recently that said all home SELLERS should get their own inspection. This article was mostly for single women selling thier homes. The reasoning was that we really don't know the mechanicals that make up our homes and a minor problem that could be an easy fix(we may not know this) could easily be turned into a bargining tool for the buyer. If we get our own home inspection done we could fix those minor problems in advance of a buyer finding them and be more prepared if it's more then minor.I only have one issue to take care of and the neighbor had voluntered to fix it. I wonder if he'll fix now,LOL. Also I would never sell my home without having my own representation seperate from the buyer. Now do I understand you correctly that and appraiser would give me a more acurate home value estimate then a realtor. I think I get what you are saying. The first realtor that came out kept stressing the value of other comparable homes to help her determine my value. She completly over looked features of my home that I thought would add value, example a comercial size kohler generator that is hooked up to our propane. She also said she'd like to put the house on the market for a quik sell at $290,000 or she could list it at $315,000 if I didn't mind waiting and wasn't in a hurry. I had already told her several times that I wasn't in a hurry and wanted the value of my home. She then turned around and wrote out an agreement for $290,000. I did not sign and told I'd call her. The realtor that's coming out tomorrow had me e-mail him a complete description so he could do a little leg work before coming out on Monday. He called me Friday evening to ask a few question's and then preceded to tell me that a house just sold in town similiar to mine with H/C access except that home didn't have finished walk out basement,generator or wheelchair lift to basement, less square footage and older and sold for $350,000. He feels with out seeing my home from my description that he could list mine for more than that. We'll see. Mine is on a nasty dirt road while the other was in town on paved roads. I'll see what happens tommorow. I don't want to be told what they think I want to hear but what the actual value would be. I'm not meaning any of this to be a slam on realtors I just want to make sure I precede in the right direction. I'll let you know what happen's. Susan

 

[kami2199]

Kami2199, The reason I mentioned getting my own home inspection was due to reading an article in the newspaper recently that said all home SELLERS should get their own inspection. This article was mostly for single women selling thier homes. The reasoning was that we really don't know the mechanicals that make up our homes and a minor problem that could be an easy fix(we may not know this) could easily be turned into a bargining tool for the buyer. If we get our own home inspection done we could fix those minor problems in advance of a buyer finding them and be more prepared if it's more then minor.I only have one issue to take care of and the neighbor had voluntered to fix it. I wonder if he'll fix now,LOL. Also I would never sell my home without having my own representation seperate from the buyer. Now do I understand you correctly that and appraiser would give me a more acurate home value estimate then a realtor. I think I get what you are saying. The first realtor that came out kept stressing the value of other comparable homes to help her determine my value. She completly over looked features of my home that I thought would add value, example a comercial size kohler generator that is hooked up to our propane. She also said she'd like to put the house on the market for a quik sell at $290,000 or she could list it at $315,000 if I didn't mind waiting and wasn't in a hurry. I had already told her several times that I wasn't in a hurry and wanted the value of my home. She then turned around and wrote out an agreement for $290,000. I did not sign and told I'd call her. The realtor that's coming out tomorrow had me e-mail him a complete description so he could do a little leg work before coming out on Monday. He called me Friday evening to ask a few question's and then preceded to tell me that a house just sold in town similiar to mine with H/C access except that home didn't have finished walk out basement,generator or wheelchair lift to basement, less square footage and older and sold for $350,000. He feels with out seeing my home from my description that he could list mine for more than that. We'll see. Mine is on a nasty dirt road while the other was in town on paved roads. I'll see what happens tommorow. I don't want to be told what they think I want to hear but what the actual value would be. I'm not meaning any of this to be a slam on realtors I just want to make sure I precede in the right direction. I'll let you know what happen's. Susan

Susan, do you have a local bank who doesn't sell out their mortgages in your area? If so, start by calling them and ask to speak to somebody in the loan department. Ask the loan officer who they recommend for an appraiser for your area. The reason I say this is that, at least in my area, those local lenders want the honest to goodness truth from the appraisers because they have to handle the property when it goes into foreclosure themselves. If not, I will pm you a website that you should go to. They have an ask the appraiser forum there and most likely will have somebody in your state who can tell you who would be one of the good ones to use.

That is way too much of a difference as far as what the realtors are telling you. I could see having a larger range like 310-325K for example but from 290-350K is strange. I have stated before and I cannot stress this enough...an appraiser should be able to tell you what the market is paying for the features, or lack there of, in your home. An agent doesn't generally do the extensive research and figure out what the market is paying for some of these types of things. In my area...square footage would be a big one as would walk out basement. (ask your agent what the adjustment per square foot should be and see if you catch them off guard). The generator and H/C access not so much. Don't get me wrong, I would give some value for a generator but certainly not the cost of what a new one is. As far as H/C, it would depend on my predominat age group and that sort of thing. It might be in demand in a certain neighborhood and could possibly take away value in others depending on the extent of changes they have made to make it accessible. It may be different in your area though especially if those are in demand. And...location is key in real estate so being in town may mean a huge price difference than located in a rural area with dirt roads. An appraiser will know these things. As far as the home inspection goes...if you are a single woman and are afraid of being scammed, do you have a contractor who you know well enough that might come take a look at some of those things for you? If not, and you are more comfortable having a whole house inspection, by all means go for it. Around here the buyer's usually request that and it is up to them to pay for it. If they (buyers inspector) do find something not quite right, you always have the opportunity to have somebody else give you a second opinion.

When you set your appointment for an appraiser to come, make sure you ask them if they are a state certified residential or general appraiser with proper licensing...and tell them you don't want a trainee license coming out without the supervisor. Let me know what you find out. Don't sign that agreement or any others quite yet. In fact, you may want to consult an attorney before you go any further - alot of times they will have some good appraiser's on file that they can recommend to you. Keep us updated and good luck!