The house is a 3 bed rooms 2 bath brick ranch attached garage 1656 sq feet above grade. 60% finished full walk out basement it appraised for 157.000 we paid 149.000 built in equity 3 years ago.Walk out basement with built in brick fire place carpet huge windows game room wet bar everything you would want. The appraiser didn’t count anything below grad .We also added a 10×24ft deck at 00.00 not included either. When we bought the home it listed as 2500 sq feet they included 50% of the basement When my home was appraised for refinance last week it came in at 124.000 I was so mad I could spit nails. His comps were 2 Cape Cod style vinyl siding detached garage small yards no deck. The other two were part brick part vinyl siding one with a car port the other was close to ours the only thing 3 of them had in common with ours is the sq foot. three of the other houses had no sales in the past 12 months and weren’t for sale . the one that did sell that was like mine went for 159.000 on the appraisal he depreciated our home for its age 50.000
it was built in 1959 it is in fantastic shape .
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So even if a second appraisal were done, it could conceivably come out different than the first. But it should be close. March 21, 2010 10:52 am | #2. Star Gazer. None whatsoever is the answer to your question. ... Based on your revised comments, you didn't get screwed. An appraiser don't have to use short sales and FC's unless that is everything. And it appears that there were other comps available. For the record. Just because the lender is ?owned? by the builder, ...
However, the person who wants to buy my house is using a Va. loan and the loan appraiser is coming this Monday. I heard they tend to be harsher when it comes to appraisals. Is this true? How do I present my house to get a better appraisal? Thanks. .... If they don't, come on over to Alexandria. I'm putting mine on the market and would love to sell it to you without paying a realtor's commission. I'm praying I find someone who wants it before I list it. ...
Even the ones I've successfully navigated this year to date have had one wrinkle or another that had to be ironed out prior to close (had the multiple appraisal issue, underwriter kicked comps used by an appraiser on another one, etc). ..... David I love your writing here and your candid reality that NO MATTER HOW good a loan officer in this market, there are so many variables that come into play, that loans and the whole buying process can be like a continual pulling of ...
You can question for a second appraisal but I’m worried that it might not be that much different.
The market has really taken a downturn and homes are worth around 25-33% less than they were a year ago. When comping a home, appraisers are supposed to use homes that sold within the last 4 months and are located within 3-4 blocks of your home. This gives the truest value of what a home can expect to sell for. If there are no comparables in the immediate vicinity, the comps can be expanded to include similar homes within a half mile to one mile. In some cases, they really have to stretch to find something remotely close to yours.
So, when appraisers compare properties they look for similar locations, similar bedrooms and bathrooms, and similar square footage. As far as the other things, they use formulas for adjusting the price up and down. A fireplace has a value of say $1500, a garage $10,000, a half bath $2500 and so on. This is how they determine what your home should sell for in the existing market.
$9000 decks, newer carpet and wet bars do not increase the value of a home. It makes it more salable, but doesn’t make it more valuable. Age counts against a home because it means that the appliances and internal systems will be due for a replacement within a few years.
Appraisers are playing it much more conservatively than they did a year ago because the country is filled with empty houses that are headed towards foreclosure. If you are in a negative equity situation, the best bet is to stay where you are and wait a few years for the market to recover.