I am trying and I emphasize the word, trying, to purchase an office condo. We are not talking mega dollars here, just a medium size office as our current space is being renovated and the rent will probably quadruple, so I am now a Buyer.
Everything is going along OK…I guess . However, since I am self-employed or should I say I own the corporation that I am employed by, the lending institution wants all of my information, plus my first born, second and third sons and they want me to throw in my new granddaughter. Yes I know I am exaggerating…but not so much. All of that being said, it’s not so bad, but now comes the appraisal. The appraiser used comps that were over 18 months old with no adjustments at all. Every single comparable was over 18 months old! Now I ask you (or maybe I am having a senile moment): Is this factual info about the marketplace? Correct me if I am wrong but in the last 18 months hasn’t real estate increased in value? Yes, I know residential has, but so has commercial, not double digits but substantially increased as well.
So here I am about to argue with the appraiser who comes from out of state and try to ask how he derived the value with no adjustments. I am thinking I may bring my Glock but will probably get arrested and on the day after Mother’s day and as an officer of Florida Realtors….it doesn’t look so good (I can see the headlines now!). Oh well, maybe you will find me on I-95 with my desk and computer…writing next week’s blog!
Remember this is the week we descend upon Washington,DC. and lobby our legislators for private property rights and issues important to our business. See you there!
Until Next Monday…