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RE: Low Appraisals Suck!

in #realestate7 years ago

I am following you now and I appreciate a good discussion. So I will like to simply offer some thoughts on what might have happened in your case.
1 – He did adjust $5000 for 1gd (I assume that is the extras garage)
2 –This one does look like adjustments may have been appropriate
3 – Either he was desperate for a comp or he was just lazy
4 – I agree with your point 100%
5 – Since I don’t know your market I can’t comment on this one
6 – The value is reconciled in some fashion in order to arrive at a final number. I don’t know how it was reconciled here but maybe it was a crap shoot. I can’t really see the logic.
Practically every appraisal is vulnerable to criticism, some more than others.
Without knowing your market, I don’t particularly care for comp 2 as it is a manufactured home. Comp 3 seems to be in the same condition (C4) but it is adjusted so I hope there is a good explanation somewhere.
I also am baffled by the use of comps that are half the living area. You have a good case here for a reconsideration request.

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I should clarify something! The appraisal that came in low for this post is different than the one I talk about in the video. So the points I made in my response to you are regarding a different house. Sorry for the confusion!

OK, I did not realize that.

FYI, regarding the appraisal in the video. We challenged it and the appraiser changed his value to contract price!

Then you did well. We actually do rebuttal writeups for clients that want to challenge appraisals they had, and charge a decent fee. Is seems to be a growing niche in the business.