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Additional Details
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Curious | Appraisal too low?? |
I purchased a home a little over a year ago. At the time I borrowed a loan the appraisal came at $180,000. I'm trying to sell the home now and the appraisal came out to only $156,000. How is that possible when only a year ago it came out to $180,000? Not only that, but the county assessor is assessing it at $210,000. I'm pretty sure that the appraisal is low for the area, especially since other homes have gone for well over $200,000. It is a rural area and I don't think the appraiser took that into consideration. The median sale of a home in the town is $350,000. The buyers really want the home, but the lender will only lend them 75% of the value and I can't afford to hold a second note, especially since I owe about $142,000. What do I do? Do I order a second appraisal? Do I confront the current appraiser? What? |
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glenn
 |
Have your real estate agent call the appraiser and ask for the comparable sales they used and what adjustments they used. See if those were the best sales to use. The appraiser will want to use homes about the same age and very close by. They need to have sold within the last six months and be almost the same size. The fewer adjustments used the better.
Also if your agent is very familiar with the market they may have actually walked thru the houses used as comparables by the appraiser (the appraiser does not get an opportunity to do that). Your agent can point out the differences that might not be apparent in the MLS printout (why your home is better).
If there is no apparent problem with this appraisal then you don't have much chance with a second guy. If there are problems but the appraiser won't listen to reason then you may want to start fresh with another guy. |
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Pengy
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With today's market it is not surprising that the appraisal went down it is a buyers market because of the glut of homes on the market, and it only going to get worse. Housing has been overpriced for awhile.Would contact the county assessor and show him the fair market appraisal and get the taxes lowered though |
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ms.chacha
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its not surprising..but you should do your own cma..i recently came across the same problem did my own cma and contacted another appraiser..sometimes people just dont know what they are doing..also if the appraisal was ordered thru the buyers broker i would really think about getting a second appraisal it benefits the buyer in terms of negotiating for it to come lower |
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acermill
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Welcome to the world of depreciating real estate values. For some reason, many folks think that the value of real estate can NOT possibly go down. The current market is showing otherwise.
Before you request another appraisal, do be aware that the buyer's lender may NOT accept an appraisal from the appraiser of your choice. Do not confront the appraiser until you see a copy of his appraisal, and how he came to the current appraised value of your property.
Unless he made an obvious error (land size, square footage of house) I'd venture that you are going to be stuck pretty much with what he derived. |
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W. E
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The appraiser can do a rebuttal and add more comp's (comparables to the appraisal) Have the buyers talk to their rep (or you can) The person who you are working with to get the loan approved. See if you can talk to the Underwriter that is underwriting the file. Many times a appraisal goes thru an appraisal review, and if it does not pass, a field review is ordered. The field review is not a "drive by" but a company that pulls data online for the property. It does not always give accurate information. Get a copy of the field review for rebuttal - - have your appraiser comment and send over the rebuttal to the loan officer & he/she can forward it on. BPO’s are quirkly!!! The rebuttel should list what the purchase prices was over a year ago, any and all improvements you have made to the property. If this did go thru the field review, check the report over carfully and disbute any&/all things that is not "true" in the report. For instance, are the listings or sale used similar to what was provided? Remember the review is based on data gathered from the market, it is nothing more than a Market Analysis and not an appraisal of real property.
The borrower's loan amount could be lowered, by other reasons also. If they got approved for a 90 percent loan or a 80 percent loan (just an example, ok) Rural properties are lowered by 5 percent of value by some lenders. Do you know what LTV the borrowers are approved at? LTV = Loan to Value. 100 percent, 97, 95, etc??? Were they putting money down, were you helping with closing cost?
Just remember the appraisal can always be disputed; a second appraisal may come turn out a little better. I have even see 3 appraisals done on a property, and the appraisal acccepted at the higher value. As mentioned, the borrower can challenge the appraisal. Some appraisals are performed in error. The neighborhood comparables may need to be re-identified and redefined. Some homes in a neighborhood may not accurately represent the true market value of the neighborhood.
The appraiser that did the appriasal, was that person a local person? One that knows the area? Just curious. |
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Blue October
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pengy or chacha have the correct answer dude....
it has to do with what the current market will bear...
you are current "upside down on your loan"....as are many people in the US right now...this will last for about 2 more years before we stop seeing this and the massive foreclosures.
good luck |
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godged
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I would ask your appraiser to see the comparable properties he or she used to value your home. Most are reasonable people. so talk to them about your concerns. There is an appraiser in my area that is consistently low and will not adjust his appraisals.
Unfortunately, home values are coming down a bit, which might explain part of the low appraisal.
What the county assesses the home at has little or nothing to do with current market value. But the new buyers may be able to utilize the appraisal to lower the county's assessment for tax purposes. |
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Expert Realtor
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What the county assessor appraises it at has nothing to do with the current market value.
If what you say is true...then I smell a rat.
If most of the homes in the area have gone for $200K, then I cannot see how your home appraised for $156K unless something DRASTIC happened in your neighborhood...your listing agent should be able to uncover as to why. It could be changes in zoning, etc.
Second, I am wondering if an appraisal trainee did the appraisal or if they used an automated appraisal system...both of which will be the reasons for lowball appraisers.
However, what I highly suspect is that the Realtor for the buyer (or the buyer themselves) is somehow connected to the appraiser, (and you would be SHOCKED at how often that happens and is a major conflict of interest...the bank may pick the appraiser, but sometimes these folks know each other), and that is why the value is coming in low.
You cannot confront the current appaiser b/c they do not represent you, they represent the bank. They are under no legal obligation to even show you the report.
However, you can offer to PAY for another appraial if the bank selects another one...that may or may not help you. No lender will accept an appraisal ordered directly by the seller.
If you don't have a listing agent, that's too bad, b/c Realtor's are very experienced in how to challenge an appraisal and they know how appraisals are structured and what matters in value vs what doesn't.
I wish you luck, but you may have to pass on this buyer. |
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Boots McGraw
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You need to review the report the appraiser gave you to determine the method he or she used to calculate the appraisal and compare it to the method the county uses to calculate the tax assessment.
When I bought my house this past March, the appraiser took an average price of three "comparable" homes, adjusted the amount for square footage differences and "apparent age", and came up with the appraisal.
The county, on the other hand, used a different set of "comparable" homes, and didn't factor "apparent age" into the equation. The calculations of both, however, show the "fair market value" of a home.
The appraiser came up with $97,000. The county came up with $124,000. Needless to say, I protested the county's decision, presented the facts from the appraiser, and had my assessment lowered to $97,000.
If you don't think the first appraiser was "fair" in choosing "comparable" homes, by all means, spend the $300 or so and find another one who will use the same "comparable" homes the county did. |
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