from my experience the appraiser is usually told the property needs to be at x value. The property then comes back at x value. There are multiple ag appraisers on this site that I know that should be able to chime in.
Real Estate Question - Appraisal
- Thread starter KCClone1
- Start date
I know that my refinance appraisal came in lower than identical houses have sold in my neighborhood. There have been multiple houses with identical Floorplan sell for 195-200k. Mine was appraised at 178k. Only real difference between them and mine were basically the kitchen countertops and living room flooring. Something I can upgrade for around 3k. I would assume refinance ones are 'harder' to do since nobody is recalling buying the house.
We had an appraisal come in at the accepted offer amount on a town home a year ago. That initial sale fell through and I was pissed. Got another offer the same day of the fall through which was above the originally accepted offer. Of course the bank wouldn't finance the new increased offer as the home was just recently appraised. With that I was incensed. My hissy fit caused the realtor to reduce their commission and make up the difference. After this experience I told my wife the next time we sell our home will result in me entering a "facility."
Yes, refinances are generally harder to do mainly because you have less information. The house hasn't been on the market (which at least if it isn't selling tells it is probably priced too high) and you don't have any known bids from actual buyers. Throw in the fact that you are dealing with a wider range and it gets harder.
If there are still appraisers who are given a value and then come back at that, well, they aren't doing their jobs, are probably older and just happy to collect a paycheck.
If there are still appraisers who are given a value and then come back at that, well, they aren't doing their jobs, are probably older and just happy to collect a paycheck.
The second offer should have had a new appraisal. Don't know how the second buyers bank would have even seen the appraisal unless both buyers happened to go to the same bank. Just be happy that your market is strong enough to get multiple offers.
Second offers bank used the same appraiser. As I understand, the appraiser got the order and said they already did it. I certainly ended up very happy thanks to our realtor. Being that we were on a subject to sale for our new home... damn that was a stressful time.
Bump, mainly a question for Mark and other Realtors but perhaps people who have refinanced lately.
I know that Mark as said that the market is slow right now and I see the same thing. However, I am kinda curious if people are seeing many desktop appraisals come through. This would likely be more prevalent below $250,000 as Fannie Mae has set that as a limit. They are also allowing more leeway in not having to get a full appraisal. These desktop "valuations" are being done from anyone including certified appraisers to just random people as far as I know. Just curious if anyone has seen one used for a transaction lately.
I know that Mark as said that the market is slow right now and I see the same thing. However, I am kinda curious if people are seeing many desktop appraisals come through. This would likely be more prevalent below $250,000 as Fannie Mae has set that as a limit. They are also allowing more leeway in not having to get a full appraisal. These desktop "valuations" are being done from anyone including certified appraisers to just random people as far as I know. Just curious if anyone has seen one used for a transaction lately.
Appraiser's have to disclose to any client when they have done a property in the past 3 years. They shouldn't be disclosing any of the results including the appraised value.
