I just received an order for a review in that neighborhood; it looks a little fishy. Anyone do any appraisals down there recently. Is the area still riddled with front.

(subj.property sold in Dec'06 for $130,000. The appraisal I'm reviewing (after being updated: new carpets, paint, tile in baths, etc.) had it coming in at $290,000 in March. Great return on investment

That must be some nize upgrades.

Was the original sale of a distressed sale, divorce, or an estate?

The original sale was "as-is". Buyer added new paint, tile in the bath, basically updated and then found a buyer for $290,000. (I just got back from the house) It's now boarded up on one side![:)s

FYI-anytime you see boards on a home recently purchased....the intent of the purchaser was NOT owner occupancy. Chew on that a minute before you shoot out a value. Is a typical market driven by investment properties or owner occupancy? Looks like a duck, quacks like a duck, swims like a duck, must be a duck!

Hi Moe...

I had a call about two weeks ago from a LO that was really concerned about a purchase in East Atlanta. She insisted to the Seller and the Buyer that I go out and do another appraisal. 1200 SF ranch, not finished being updated, and what was finished was bare minimums..also, boarded up, at least they took the boards off. I knew that the previous two appraisals were going to be totally inflated and I was right. Mine was $120,000 less than the other two!!! And mine was a "subject to" completion value, the other two were "as is"...

I actually got to speak with the seller and I thought I was talking to a very slick politician...it was a new insight in to how these folks know they are committing fraud, but, accept no responsibility...

Now there were some very legitimate sales in the original appraisers valuation, the only problem was, these sales were brand new construction, with great interior and exterior features and basically double the size of the subject...

Have a great week all...
Mike P.