Aldeer.com Forums Alabama Deer Talk Aldeer General Forum Appraisal coming in low

He's low from comps. $20k under dang tax appraisal. If we weren't under the gun, we'd relist it, get another offer and have the next appraisal come in just fine.

He came in 20k under the tax assement? That seems a little crazy. The taxes are usually low. They are now anyway.

My point exactly.

We were the first to move in our home in this neighborhood we are in now. We paid X 8 years ago. We refinanced last June to get the lower rate. The appraisal came in $25K over what we paid in the beginning. I think its because a lot of houses have been built here in the meantime and all have sold for 15-20k more than what we paid. Should I expect a lower appraisal come time to sell?

Appraisal is based on market value of your home. Has nothing to do with if you're selling buying etc, it's simply what it's worth at that point in time. Unless you have someone in your pocket or vice Verrsa.

I.e., 8 years ago was a terrible time to buy a home. 6 years about was likely Worth a portion of what you bought it for. Now, apparently it's worth a bit more than you originally paid. Next year, it could be worth a portion.

And yes, a subdivision being stalked out will hurt a homes value. Once it's built out, it helps it, because there's no more lots available and no more ugly construction to look at.

Appraisers... Some are good. Some are power hungry pricks. . Same goes for realtors, city inspectors, and these cowboy "home inspectors". Unfortunately I deal with all four on a daily basis

Yeah we got our feelings hurt when we sold our auburn house not on te appraisal but on what we actually had to accept to move it wound up closing it 54k below appraisal.

At least that's fair market and not what some jack leg thinks, who doesn't know the area.

A house ain't worth schit but the dirt it's sitting on

We thought about listing our house this spring but with realty fees and closing cost it could have cost me 18k just to sell it. The realtor said to heck with appraisal cause of the area I'm in. Lack of houses for sale, school zone, lake access, etc. I just couldn't get past the 18k so I'm still here.

Cool! Can I buy your house for $2,000?

This year has been the worst for low appraisals in my wife's 15yr career in real estate. There are truly some appraisers that should have their license revoked.

Traditionally there have been 2 types of appraisals, refinance and purchase. Refi's are traditionally much higher than purchase, but that may be changing under the new lending and appraisals guidelines.

Remington, you can protest the appraisal, sometimes the appraiser will ask the agent for "help" finding the value. Relisting isn't always an option, if the buyers were applying for a conventional mortgage than that appraisal will stick with your house for 6 months, can't re-appraise.

Oh no, this appraiser didn't need any help from any agent. He's the smartest guy in town, just ask him.

You do have the option of talking to your lender and paying for another appraisal. They would not use the same appraiser. And I would make certain the comps don't include any short sales or homes that may have been impacted by estate sale or possible divorce. All of these would have an adverse and unfair impact on your cma.

But I'm the seller, and the buyer knows he's got me. Check mate.

Why not sell it yourself and save the realtor fees? Check out Flatfee.com. I used it and couldn't have been more pleased.

I hate an appraisal. It is just an opinion. When we bought our first house, it appraised for a good bit more than we had in it. Instant equity. But it being our first house, we got hit with PMI. One year later we refinanced and a lady came out to appraise. She raved about our house until we went inside. I had my deer heads on the wall and she got pissed. All but cussed me out for why anybody would shoot a harmless animal. The appraisal came in way low. It did what I needed though and got rid of PMI. When we sold our house 5 years later, another appraisal and it went great. Appraised for way more than my asking price so it made easy to get gone.

are the buyers financing the whole thing? If they're not borrowing 80-100% of the cost and they want the house, does the appraisal even matter if they've decided on a price to spend?

Funny, when I bought my house back in October, it appraised for the exact amount I had agreed to purchase the house for. I thought that was pretty much how the rigged appraisal system works nowadays.

I'd personally tell the buyer to come up with the difference on the agreed upon price that he can't get financing for or pound sand.