Appraisers' Free Forum

Client wanted me to appraise a MH + land. 60 ac. in the Kenwood reservation (private land) part of Delaware Co., OK. VERY rural and cheapest land prices in the county.

Sent an appraisal from 8/07 made for another bank by a newbie CG - got his card in 4/07. The land value estimated at $3500 per acre... Valued at $195,000 on a 1004C form.

All three comps were from an adjacent county, Mayes. Distance reported = "Same Town", Approx 10 mi W, Approx 20 mi W Actual distance? I don't know. The addresses are not good enough without a better map But at a minimum, anything in Mayes county has to be 2+ miles away. Anything in Locust grove must be at least 10 -15 miles away and I don't see how Inola could be much less than 30 miles away.

Although there had been activity in the ownership the canned response was NO PRIOR SALES. There are only 7 parcels in that section. I have appraised all but 3 of them. 2 were sales in 2005 - bare land. $1250/acre. Both about 100 acres. The other 3 were all part of the subject 80 and 2 parcels sold off.

There are several nearby parcels listed from $750 to $1500 per acre. A few more for $2200/acre max. There is a MH for sale on 67 acres for about $30000 less than the subject appraised.

I turned down the assignment.

I wish you had sent that appraisal to the state.

Got a similar situation, T. Property is frame, ten years old on a driveway easement which cuts across two parcels not owned by the property. Appraiser ignored the driveway easement completely.
Structure is frame. About four of the thirteen acres are possible for development, all the rest sets behind the house, and is simply surplus.
Three comparables are four sided brick constructions, two in upper in subdivisions where they buy five acre lots so they can feel like land barons while having curbs, gutters, sidewalks and other ameneities.
None of this is noted in the report. The neighborhood boundaries cover approximiately 17 miles, in a suburban county.
Notes property has a shop and pool. Has a photo of the pool. Credits the pool and shop a substantial amount. It's a typical inground washhole, nothing fancy. No size noted on the shop, no picture, no data in tax records. (Well, the lot that sits next to his has a shop on the edge of the line.)
At this point, it appears that he jacked it about 100k, possibly more. I am waiting on a call back from the client to get an extension so I can complete this review.
Best part of all? It was done by a CG.