Q: Appraisals done 60 days apart - 1st @ $3,400 per acre VS. 2nd - @ $25,000 per acre?? What is going on??
I am writing to you in hopes you can help me. I am currently in the final stages of a court settlement, and to determine the settlement amount I hired an appraiser to determine the value of our farm land in Buckeye, AZ. The 1st appraisal was done 7/10/15, and it concluded a value of $3,400. per acre.
The opposing side denied my appraisal. The court allowed them to hire an appraiser of their choice to value the land. The date of 2nd appraisal was done 9/11/15 and it concluded a value of $25,000.+ per acre.
How can this be? Believing in the first appraisal 100% I agreed to purchase the property at #3,400 per acre or whatever the 2nd appraisal came in at. I had NO IDEA an appraiser could report such an inflated value. If you can offer any advise, direction, and/or action I can take to validate this second appraisal I would be most grateful.
A:
More information is needed to assess such a fact-specific situation. A real estate lawyer can review the situation and advise.
Please Take Notice: I am not your lawyer unless we enter into an engagement agreement in writing. This is only general information. It is NOT legal advice, and it may not work for your specific situation. It is impossible to evaluate a legal problem without a comprehensive consultation and review of all the relevant facts and documents. I strongly encourage you to consult with a local lawyer to get legal advice and help with your specific situation at your earliest convenience. I am licensed to practice law in Arizona.
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