1613 S Flanders Way, Aurora, COÂ 80017
Subject:Â MLS pg1, listing history, prior listing, county records, deed.
CMA
Only comp that comes close = 19629 Bails – MLS pg1, listing history, county records, deed
I get a phone call at 11:00 am from Ken Tennyson. The caller id says Western Finance 303-368-8629. When I ask Ken the company name – he tells me GD Investments, 720-364-3115. Ken says he wants a comp check on 1613 S Flanders Way, Aurora, CO 80017. He is hoping for $220,000. He says he has a buyer all approved and just needs to know about the appraisal. He says there is a signed contract and I can have a copy.
I ask if the property is listed on MLS and he says no – but he doesn’t sound very sure of himself. In fact – he sounds like he is pretty much without a clue about anything. He does know about the $50,000 of upgrades, and wonders how that works with the appraisal – or something – again he is not very clear and specific about any of this.
He calls back at 12:15 pm, the caller id says 720-364-3115 cell phone. Ken wants to know what’s taking so long. He wants to close this loan next week. I act surprised and say – “oh, you mean this is a rush order”. Like it’s the first time I ever heard that before.
So we spend 15 minutes on the phone, dancing around and around. He needs to know what does it comp out at? He says I should tell him the value of the property first (right now), he will then decide if he wants to hire me to do the appraisal.
Ken explains he has 6 other orders he needs appraisals on, he is a loan manager, and he needs an appraiser he can send all his future business to. And I respond with – “oh, you mean there is future business. I can get more appraisal orders from you?” – like I never heard that before. This is number 5 on the cliche list.
I asked Ken a second time – how many other appraisers have you called? He does not hesitate, he says I am the only appraiser he has called.
Zillow has the property valued at $178,082.
The MLS listing 5 months ago says the property is 1,228 sq ft. Now the MLS listing says 1,559 sq ft. County records says the house is 987 sq ft. Hmmm. These are some big variations. The listing agent is an attorney – I wonder if he measured the house. And if not, I wonder how he came up with 1,559 sq ft.
The one property that kinda sorta supports the value is 19629 Bails Pl. MLS shows this property is 2,500 sq ft, while county records has it at 2,172 sq ft. These are some big variations. This property sold for $225,000 with a $202,500 loan.
It’s not easy to sort thru all this and decide what is right and what is not right.
The current MLS listing says there is $50,000 of upgrades. Jim Johnson bought the place for about $150,000. If we figure carrying cost at about $1,300 per month (mortgage + taxes + insurance), that puts Jim at about $208,000. If we figure selling expense of 6%, that adds another $12,000 – which means Jim will break even if he can sell for $220,000 – anything over $220,000 will be his hard earned and well deserved profit.
However, the asking price is $214,500, which means Jim is going to lose about $6,000 on this deal. Hmmm. Upon further review, the listing agent works at a discount. But even if he is working for free these numbers don’t add up.
The listing agent is Ned W Livornese, an attorney with Future Tech Realty in Colorado Springs. He got fined $300 and censured by the Colorado Real Estate Commission for continuing education violations. Ned offers a pretty nice deal to anyone who uses him to buy a home. He rebates 1/2 the commission (about 1.5%) to the buyer. That’s cash back at closing. On a $200,000 house, that would be $3,000 cash back at closing. Ned has an @aol email address.
Tags:
comp+check mkg appraisal philip+g+rice aurora colorado 80014 mortgage fraud ken+tennyson western+finance gd+investments 7203643115 Livornese
technorati ping / blog phil.rice / comp+check / mortgage / fraud / mkg appraisal / Philip G Rice / less than perfect / appraisal / foreclosure REO / short sale / ken+tennyson / western+finance / gd+investment / ken+tennyson+720+364+3115 / Livornese /