MICHAEL J ADNOT APPRAISER

My neighbor--who lives nearby and has owned rental properties on the adjacent block for 25 years--wanted to purchase one of my properties and hired Mr. Adnot for an appraisal (at the request of his sister who also was investing, but from another state and did not know the area.) Adnot spent about 30 minutes looking at the property and submitted an appraisal that did not use recent sales or comps from the same area. He charged twice as much as the property inspector and spent one-third as much time there. The buyer and seller agreed that Mr. Adnot's appraisal was low, and the buyer asked him to consider many factors that would increase the appraised value including location, 12-year rental history, a comp across the street, etc. Mr. Adnot disregarded all of them. Despite the low-ball appraisal, the building sold for nearly 15 percent higher (taking into account concession in the contract regarding closing costs, credits, etc), and the buyer would have paid even more if asked (but after all, we were neighbors). I've bought and sold dozens of properties over the last 20 years and this sale is one of the smallest I've done, but I?d have to say Mr. Adnot is the least thorough appraiser I've come across. This was a cash sale so no financing was involved, but if you want to tank a contract involving a bank loan, Mr. Adnot is your guy.