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apexoffice · Posted: Thu Jul 10, 2008 9:08 pm Post subject:

Great info Mike!
I would like to add another 2 cents.
Real estate, in economic terms, is an imperfect market. This means that there are several factors, including emotion, that will sway the inclinations of buyers and sellers in the marketplace. Since the primary approach to value in residential appraising is the sales comparison, it is easy to see why opinions may vary. It is part of the job of the appraiser to interpret the market and select sales that they believe are the best indicators of value. Obviously, a relatively homogenous neighborhood with a high level of sales activity, it should be easy for two opinions to be close. On the other hand, when the subject is unique or there are very few sales comparable to the subject, opinions can vary greatly.

If you have two appraisals that are way off from each other, both done at the same time, I would look at both very closely and decide for yourself which one has the most logical rational for their opinion. The problem I see quite often, is that most homeowners have an emotional attachment and want to believe that the higher appraisal is automatically the better appraisal. This may not be the case, and as Mike pointed out, in todays market you may want to be extra careful since a false assumption can easily lead you upside down in your mortgage.

Benjamin

Guest

I applied for a loan with a broker, and he sent out an appraiser. I paid the appraiser a fee. Now I can get a better rate and want to use the same appraisal with another broker. The former broker says he won't allow this. Is this correct? Apparently, I'll need a new appraisal.

gmakerley · Posted: Mon Mar 23, 2009 8:04 am Post subject:

that's just awful. you need to raise a ruckus to get the former broker to work with you. good business sense should rule here. apparently the broker is so upset about losing a deal, he's holding you hostage. shame on him.

fabianoporta · Joined: 27 Feb 2009 Posts: 11 4.19 Dollars($)

Consider this situation:

I signed a contract buying a property for 170k.
The appraisal was done after 2 months and appraised for 120k.
The bank does not approve the amount... What happen to my contract?
The seller will must low the property price in order to sell me?

gmakerley · Posted: Fri Sep 11, 2009 1:38 pm Post subject:

in that situation, the bank should have declined your loan request. under every circumstance that i'm aware of, a decline of your loan request would prevent you from following through on the purchase, and you ought to have been released therefrom. the seller is not obligated to sell to you at the lower amount, necessarily.

what does your contract state? do you have a realtor? a lawyer? has the lender declined your loan?

Guest

Provide them with a copy of the plat of survey, the deed, the title policy, any sketch of the property or improvements you have, any knowledge of sales, listings or pendings in the area, a list of anything else you feel is important.

Stay out of the Appraisers way as much as you can, the more you talk to them, the less they focus on what they are there for. If they are only there 20 minutes, you should probably fire them unless you have ridculously simple house to do, like 2 bedrooms on a slab and they've been there before. A normal Appraisal Appointment typically takes 45 minutes to an hour. Larger homes more. If it takes less than one half hour be suspicious, you probably have a cheat on your hands that does not want to do the Appraisal the right way.

danielhenry31 · Joined: 07 Jul 2010 Posts: 5 1.78 Dollars($)

Certificate of appraisal is a formal evaluation of a certain date, which supports the analysis of information. Certification and assessment can be made only in the state certified evaluator.

Guest

There are different types of value opinions, "market value," "liquidation value," "anticipated sales price," "insurable value," "auction value" and "assessed value" are examples.

Guest

The choice of comparables may depend on the definition of value utilized. What may be the best comp for a liquidation value, may be poor to use for market value, or in some cases could be the same. The data available provides much of the answer. Two Appraisals done on the same day, with the same definition of value, generally should be about 5% variance. Although, that being said, the more custom, the more atypical, the higher that variance may be.

Guest

Well said! Don... Smile

Guest

I am wondering if it is fair to consider a home that sold recently that is basically the same as mine except the fact of it being a repo and trashed, meaning shower/ bath insert removed, heating stoves removed along with pipe leaving the roof and interior exposed for damage over the winter let alone the broken pipes. In trying to refinance this property was considered for a match in my appraisal. Brought my value down by 25-30k. your thoughts?

jameshogg · Posted: Mon Dec 19, 2011 11:09 pm Post subject:

Welcome Randy,

Weren't the other homes considered while the property was appraised?

Thanks

alvinajohn · Joined: 25 Dec 2011 Posts: 34 6.91 Dollars($)

The American Guild of Appraisers (AGA) retained a law recently that dramatically cut the fees that appraisers are paid to perform appraisals, and threaten the viability of professional appraisal practice and the reliability of appraisals used in real estate transactions.source WASHINGTON, Nov. 7, 2011 /PRNewswire-USNewswire
i think it will discard malpractice on the part of appraiser in a good way.what do you think?

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