Not a whole lot to report on this. I had scheduled the first appraiser for yesterday and I had to call the other appraiser and get a date scheduled, which will be Friday.
I showed up after work and Steve the appraiser was just finishing up his outside review. We went inside and he snapped some pictures of each room and made some notes about the layout of the house. Oddly, he took a picture of the kitchen faucet running. He said “They like to know the utilities are working.” It’s probably just a habit for him, dealing with banks, but it’s kind of out of place for my needs.
As if he realized what he had done, he asked again what the appraisal was for, and we discussed the situation. He shared his preliminary research which was pretty insightful. As far as recent comparable sales, my house could be valued at 56% to 105% of its original purchased value or 88% to 164% of its payoff value. It’s pretty unlikely it will be at the upper range and I have the funding to do a buyout at 100% of original purchase value.
So, appraiser two on Friday, waiting for probably a week to get the reports, set up an appointment with the attorney to draw up the purchase agreement, probably another week waiting for that. Then 30 days for my co-owner to review the offer. That gives me a timeline somewhere in the middle of March. Let’s just try to get that far first.