Last revised 04-26-2011
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additional notes and information
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additional notes and information
<<Mr. Beal was given at least two attempts to repurchase his property for
reasonable sums after the foreclosure.>>
Besides the $50,000 offer to settle Destiny 98 reneged on, the only
figure mentioned up to that point was $300,000. Both Tiffany Nelson
(Cone) and Doug Gale insisted that was what 1960 was worth without
any supporting evidence or appraisal. No one knowledgeable in the
local real estate market I have consulted with thought this was in any
way "reasonable".
(Their ONLY reasonable offer to settle for $50,000 came shortly after the
septic system inspection of 08-24-04. The report that the system was
unacceptable and would have to be replaced with an engineered
system should have been no surprise to them. I had known this from
prior inspections and had informed Doug Gale/ Destiny 98 about it on
07-06-04.)
Their inability to market it at that figure ($300,000) or $200,000 or
$180,000, or even $120,000 and their final sale at $80,000 only proves
the absurdity of their assertions.
A reasonable figure, IF all the defects of 1960 S Maple were mitigated,
based on figures from the Ann Arbor Board of Realtors yearly sales
records, two prior appraisals done for 1960 and the property's SEV, is in
the $180,000 neighborhood (actual calculated figure: $177,000).
In a better market (1995), the appraised figure, with mitigation, was
$195,000.
Without mitigation, a fair market value for 1960 is $60-80,000.
reasonable sums after the foreclosure.>>
Besides the $50,000 offer to settle Destiny 98 reneged on, the only
figure mentioned up to that point was $300,000. Both Tiffany Nelson
(Cone) and Doug Gale insisted that was what 1960 was worth without
any supporting evidence or appraisal. No one knowledgeable in the
local real estate market I have consulted with thought this was in any
way "reasonable".
(Their ONLY reasonable offer to settle for $50,000 came shortly after the
septic system inspection of 08-24-04. The report that the system was
unacceptable and would have to be replaced with an engineered
system should have been no surprise to them. I had known this from
prior inspections and had informed Doug Gale/ Destiny 98 about it on
07-06-04.)
Their inability to market it at that figure ($300,000) or $200,000 or
$180,000, or even $120,000 and their final sale at $80,000 only proves
the absurdity of their assertions.
A reasonable figure, IF all the defects of 1960 S Maple were mitigated,
based on figures from the Ann Arbor Board of Realtors yearly sales
records, two prior appraisals done for 1960 and the property's SEV, is in
the $180,000 neighborhood (actual calculated figure: $177,000).
In a better market (1995), the appraised figure, with mitigation, was
$195,000.
Without mitigation, a fair market value for 1960 is $60-80,000.