Sort:
07-03-2009 at 11:06 AM
reese00s
Not Ranked
Joined on 11-17-2007
327 Points
reese00s is not online. Last active: 11-03-2009, 8:30 PMNewbie

Issues with appraisal

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?

 


 
07-03-2009 at 11:09 AM
amh_81
Not Ranked
Joined on 04-17-2007
St. Louis
5,640 Points
amh_81 is not online. Last active: 11-07-2009, 2:42 PMNewbie
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.
 
07-03-2009 at 11:50 AM
reese00s
Not Ranked
Joined on 11-17-2007
327 Points
reese00s is not online. Last active: 11-03-2009, 8:30 PMNewbie
Our LO was going to dispute the comps and get a 2nd appraisal if necessary. 

 
07-03-2009 at 1:35 PM
Jerseygirl...
Not Ranked
Joined on 09-02-2005
PA
71,460 Points
Jerseygirl16 is not online. Last active: 11-07-2009, 9:16 AMSilver

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.  


Stacy- Mom to Paige Elisabeth- born 7/1/06 and Sarah Marie - born 4/18/08 . Expecting #3 January 19, 2010!
Lilypie Pregnancy tickers 
07-04-2009 at 12:12 AM
pook
Not Ranked
Joined on 10-12-2005
Houston; Wedding in Telluride, CO
103,909 Points
pook is not online. Last active: 11-06-2009, 10:21 PMSilver
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.
07-06-2009 at 7:04 AM
NorticPrin...
Not Ranked
Joined on 02-08-2006
East Coast
17,122 Points
NorticPrincess is not online. Last active: 11-06-2009, 10:06 PMBronze

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!



 

search boards

choose another board

hot topics

"Staying healthy during the holidays?"
Posted by: KristysRedBarn

"New spin on Thanksgiving recipes?"
Posted by: FutureMrs.Steen

"Finding time for sex?"
Posted by: boobytrap

From the blogs:
Get more from your mortgage

Gift idea: 12-Bottle Wine Rack

Fire up the grill for some sliders
Choose a market:
Apartment & Home Rentals

>> Village Green [Detroit]
Village Green brings you a lifestyle for rent with nearly 35 luxury apartment communities

>> Singh [Detroit]
Looking for a new place together? A home with some pizzazz that fits both your needs?

Banking & Mortgage Services

>> Mike Minicucci [Boston]

>> MetLife Home Loans, Greg Giokas [Boston]
Offering seven years of industry experience and a commitment to providing personalized

>> See resources in another market