[StBernard] I still don't understand the plan and buy-out

[Westley Annis]

John Scurich,
 
 You are on the point here- there is usually a difference between the
private appraisals and what the government will allow- keep in mind some
semblence of this process will also have to be part of the LRA housing
assistance as well to establish the starting point for assistance.
 
Craig
 
-----Original Message-----

Westley,

I hate to be shameless and take advatage of an opportunity here, but let me
recommend to anyone who has property in the proposed mitigation zones who
might consider a "buy out" at 75% of the property's pre-Katrina value to
learn what the fair market value of it was prior to the disaster.  Find out
"whose" opinion will determine your property's pre-Katrina value - theirs or
yours.  Will they accept an opinion from an certified appraiser of "your"
choice or do "they" pick the appraiser.  I can speak from the dozens of
property's I've appraised because of the ridiculous low market values given
to homeowners  with the SBA appraisals.  So, who does the pickin' can make a
difference in thousands of dollars - even tens of thousands.  Based on what
I've come across I find most of the government appraisals I reviewed were at
least 20% or more below their "true" market values prior to Katrina.  On a
$150,000 home you're talking about $22,500 difference (75% of $30,000) that
would be in your pocket.

I can certainly foresee a battle among appraisals.  Sometimes what ends up
happening is the government agency overseeing the buy out gets their
appraisal and the homeowner gets their own, and they'll try to work up a
compromise between the two values.  Of course, you always want to see
"theirs" before you show them yours - after all, there's always a chance
they might come up with a higher value - slim, but possible.

So, if it come down to buy outs, start getting your own appraisal now -
whether you use me or another appraiser - arm yourself now and get a
pre-Katrina value.  And let me suggest not to wait before everyone starts
needing one - there are only so many appraisers and time in a day.

Let's keep our ears open to what comes down the pipe.

John Scurich
certified appraiser
985-882-9421 / 504-722-6662