Buying A Home

Re: Issues with appraisal

NorticPrincess — Mon, 06 Jul 2009 12:04:19 GMT

Ours is a mess at the moment and we figure out today if they fixed it or if we are walking away from this mess and filing a formal complaint against the appraiser.

The appraiser was incompetent and used comps from the next town over and the only one from the correct town was a house that wasn't even close to the one we are trying to purchase. These sales were also almost a year old. He claimed these were the best available and he couldn't anything newer or closer. There are 28 that have sold in the last 6 months that are closer and in the correct area, some that are larger/smaller etc that don't fit.

Our REA sent him 10 comps that are in the correct area and then several more that were active listings since they also wanted active listings (the active ones they had on the first one were for the other town)

Good luck!

Re: Issues with appraisal

pook — Sat, 04 Jul 2009 05:12:48 GMT

Did your appraiser visit the home or just use comps? Ours visited the home and used the inspection report to appraise it. Ours appraised for more than we paid for it.

Re: Issues with appraisal

Jerseygirl16 — Fri, 03 Jul 2009 18:35:23 GMT

It depends on the kind of work the comps needed. If its just cosmetic it really wouldn't need an adjustment by the appraiser. Same with being on a busy road... I don't think there is an adjustment for that. Usually adjustments are done for more square footage (or less), extra rooms, porches, garages, etc.

I think our neighbors are going to really hate us when they go to sell. We drastically dropped our price to get out of here. And our house is in better shape than the identical ones on our block that are asking $18k more than we accepted.

Re: Issues with appraisal

reese00s — Fri, 03 Jul 2009 16:50:26 GMT

Our LO was going to dispute the comps and get a 2nd appraisal if necessary.

Re: Issues with appraisal

amh_81 — Fri, 03 Jul 2009 16:09:32 GMT

Are you going to see if the sellers will lower their price? We had issues with the "comps" our appraiser used too (one was a foreclosure and another was not very recent at all)... but we appraised for just over the purchase price, so no major issues have resulted because of it.

Issues with appraisal

reese00s — Fri, 03 Jul 2009 16:06:54 GMT

Anyone else have issues w/ appraisal?

We appraised 9k under... I am really surprised b/c we seemed to have gotten a great deal. But the appraiser pulled "comps" that recently sold for under - however these houses were not in move in condition and needed tons of work, on busy roads, etc. I thought the comps should be similar houses in similar condition?