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appraisla price to 269,000 and drop 240,000

Posted on: 09th Feb, 2010 09:22 am
We are relocating thru government program, part of the process is our house appraise by 3 appraisal, if two appraisal is within distance they will adjust a 5% and offer us the difference; one come up with $269,000 and Appraisals two come up with 240,000, but instead of compromising the 5% margin, in relocation conversation was written attached sounds like they have suggested appraisal one to used another competing listing, so appraisal one will adjust her price to 240,000, Which appraisal one did adjust her price to 240,000, My question is the competing listing they used to justify the change was the house for sale on our street that was been listing for 199 days there was no comparison at all in GLA base two difference. We have pool and our backyard was landscape. Was I being screw up with relocation? I have tried to request the 3rd appraisal since they never show it to me yet.
please help give me an advise what should i do. get a lawyer or let it go.
sounds like the lower price was probably the correct one. If you have a competing listing for less money, the theory of substitution applies. Also, remember this is NOT a market value assignment, it is an "anticipated sales price" that is the focus of the assignment. Landscaping generally contributes far less than cost and pools in the north and the midwest are a waste of money and can sometimes be a negative rather than a positive. If the Appraiser lowered to the $240,000 why would you assume it should be different? This is common place in Relocation Appraising that after additional data is considered one of the Appraisers may go up, the other may go down or both may change. Not uncommon at all. Seems like nonsense to get an attorney involved. If you think the Appraisals are wrong why don't you just reject the buyout and sell the home yourself? Normally you can do that, you just might have to rent for awhile until you have your equity. Since values are declining still in most areas, you should think about that carefully. It could take a year to sell and you might get less than the relo offered. You have a bird in the hand. Remember as the transferee you are not the client, the relocation company is the client and your employer is the relocation companies client. The report is not really for you it is for the Relo. company. All that being said, if you have better comps, not ones that produce any number you like, but truly better comps then produce them and give them to the Relocation company. If all 3 Appraisals wind up close together then you have your answer.
Posted on: 29th Mar, 2010 11:37 am
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