I've had my home appraised a couple times before. They measured, looked at it and left. Courtney appraials came, left, told the loan co. I had to take out the window ac units because I couln't open the windows, therefore creating a fire hazzard. Also, we had to refix a spot in the bathroom that had been repaired prior to us buying 7 years ago. Now, he has to come back to check these things, but for another 150 bucks. I'm not selling my house, just appraising. He will appraise it for 35thousand dollars less than it was appraised 9 mos. ago.
2007-06-21 09:39:55 · 5 answers · asked by zen 6 in Business & Finance ➔ Renting & Real Estate
The fact that u have window ac units in your home does not affect the value of the home, and this appraiser should be called on that item. Tell them that the item does not directly relate to value, and is typical in your area, (if it is). Ask the loan officer to have that comment take out of the appraisal. As for the bathroom, i couldn't comment on that, if u want to explain more, maybe i could. Is there a tear, or something?
As for the value difference, it depends on what the market in your area is doing. Many markets around the country were artificially inflated, and are currently in a state of correction, in which the values are decreasing to more supportable levels. You always have the right to ask for another appraiser.
If you have more questions you can contact me @ qyllix@yahoo.com
2007-06-21 11:23:46 · answer #1 · answered by Qyllix 5 · 0⤊ 0⤋
Appraising is a very subjective art form. The value is determined not only by condition but by market values. If the market was stronger 9 mos ago it may well have appraised for more. The appraiser is only allowed to use comparable sales that have closed in the last 6 months. If those sale ssupport a lower valuethen he has to go there.
2007-06-21 09:46:46 · answer #2 · answered by Anonymous · 0⤊ 0⤋
I take it you're looking to refinance your mortgage? Appraisals are very subjective, and dependant upon the appraiser themselves. However, they cannot give you a low appraisal just because they feel like--the appraised value of your home will based upon recent sales of of comparable homes in your area, generally within 2 miles if you're in a suburban or urban area. The homes that are comparables also cannot be separated from you by water, highways, etc.
Unfortunately the housing market is in a downturn at the moment. It is very likely that your home is worth $35,000 less now than it was 9 months ago. Home values can drop that much with in a few months no problem, especially since values have been highly over-inflated the past few years, and the market is correting itself.
2007-06-21 09:55:16 · answer #3 · answered by Ari 3 · 0⤊ 0⤋
Is this guy licensed? I've never had anyone appraise a house and tell me I had to do anything. Of course I was buying. . .Why is he telling you to fix things? You just asked for a price? Something sounds very wrong here. . .Why are you wasting your $? Is your loan company requesting this? Are they suppling the appraiser? He sounds like a rip off artist. If he isn't from the loan company, I would mention lawyer to him. Why is he talking to your loan company? I would be extremely mad. This sounds like some kind of setup. Call the bunco squad. . .
2007-06-21 10:20:23 · answer #4 · answered by towanda 7 · 0⤊ 0⤋
what is your actual question?
2007-06-21 09:44:51 · answer #5 · answered by whiskeyman510 7 · 0⤊ 0⤋