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Additional Details
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Thinktank | I was given an inflated real estate appraisal. What can I do?My sales price was based on it.? |
I purchased an investment property last year whose price was based around an appraisal which I now believe to be inflated. In looking at other appraisals, the numbers used are very different. They used $4500 per full bath and my other appraisals used $10,000 per bath. I believe this company inflated the "comps" current value to inflate my value and then my sales price.
This happened in Cape Coral Florida. Please serious answers by professionals only. This is one of 5 errors I have found on the report. |
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theshadow01
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The market is changing in Florida now. Even mortgage companies want a new appraisal if the one you have is over 90 days old. It may be that the market now is very different from what it was when your appraisal was done. |
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the_J_man
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Check how much a relatively comparable property in the neighborhood sold for or is selling for. You could also get another appraisal. I have a real estate license in New Jersey, and am not sure of the exact laws in Florida, but common law says you can base your sales price on a similar property to assess market value. But if your real estate is an investment property, don't worry about your current appraisal. Your home's value will more than likely rise in years to come. |
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no-nickname
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Ironwood is correct. To take it further I would suggest you make a copy of the appraisal with the client and appraiser's names and addresses removed so there will be no bias on the part of the reviewer. As he said as well, appraisals involve opinion so, even if an appraiser come to a conclusion that you believe to be incorrect it very well may not be fraud, just an appraisal that wasn't carefully completed. There is a huge difference. It is even possible that the appraisal you used was the accurate one and others were not as fmailiar with your market. A qualified review appraiser will be able to help you determine this before you even contact a lawyer.
Remember, you as a buyer have a responsibility to do your due diligence before your purchase. If I was not able to determine for myself what a fair price would be, I would require the services of an appraiser I had hired myself, not an appraisal provided by the seller. |
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daniel r
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best thing to do is consult with a real estate attorney for the state of florida. only he or she could give you sound legal advice on any options you may have... |
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neanderthal
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I am a real estate agent in Alabama. Mind you this is MY OWN opinion and I do not mean to put down professional real estate appraisers, but I do not place much faith in appraisals. Why? Well, the real estate market is like the stock market - up and down, red and blue.
Truth, I look at the properties in the same area, the histories and that tells me what I need. But the seller should always decide the sell price, right? So, ultimately the burden is on the seller. AND, a property is worth what someone will pay for it if they really want it.
It's possible the appraisal was not inflated but that it was based on numbers before the slight downturn we are now seeing in some areas.
Did you have a real estate agent or did you just go out there and buy an investment property on your own?
When I list a property I tell the seller what most of the surrounding properties are selling for AT THAT TIME
A buyer should be informed of the same, through a licensed real estate agent, in my humble opinion.
Anyway, I would not be too concerned if I were you, Cape Coral, Florida is is a healthy market and if you ever decide to sell your investment make sure you get a good real estate agent to handle it for you. I'm not licensed in Florida yet but if I were you'd have no problem selling with me. Take care - Preston |
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Jacque w
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Join the club~ remoseful buyers describe just about anyone who bought in the last 6 months.
That does not mean you were a victim, or this was based on an inflated appraisal. First every lender for at least 3 years has run any appraisal through a QC. QC may be done by a desk review, a web based property evaluation and most 1 Million + require a Landsafe Appraisal Reveiwer to physically inspect the subject property and the comps.
As far as " Adjustments to the subject and Comps" +10K for a bathroom on one home may only equate to $4500 in another home. Take the appraisals you are comparing and find the Adjusted cost per square foot. In different geographical areas the cost per square foot changes by $100s of dollars. Considerr the cost to add a full bath, it would be more then $10,000 almost anywhere. The appraiser needs to use your sales price and recent comps within 1 mile, weeding out undesirable areas that may not command sales prices found a few blocks away. The closed sales prices can not have a adjustment that is too inflated. I have seen 2 appraisers on the same property give a veiw in Southern CA ( Veiw from Dodger Stadium in Los Angeles to South Orange County , Ocean, Harbors, Disneyland Fireworks, Helicopters all over, fires all the time....it makes tv boring when you see the world moving in that large of an area) but this veiw caused some major problems. It was priceless in my opinion, 1 appraiser gave $300,000, a review appraiser in his report wrote in his opinion a veiw cannot be considered worth more then $60,000 due to the rural location, vacant lot across from the home that may have a home one day, trees that can grow and obstruct, and weather factors. This panoramic veiw caused a lot of greif. I will admit the seller put the home on the market mid 2005 for 1.5 million, and the selling price was under $900,000. I was stunned the home didnt sell for 1.5 million and crying I did not have $900,000!
You realize the appraiser can not tour any of the homes he uses in the comps. It is information taken from the real estate listing by the agent that sold the comp. The biggest factor in determining a homes value, is entirley how much a buyer is willing to pay. |
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Ironwood
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Take your appraisal to be evaluated by a MAI (Member of the Appraisal Institute) appraiser. You can find them by state in the Appraisal Institute web site. They go by the USPAP rules and it is the only professional that can give you a correct advice about your situation. You have to remember that an appraisal is an opinion of value obtained after the reconciliation of the three valuation methods - comparable sales, cost and capitalization. |
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Searchlight Crusade
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This may be the market receding, if your market has declined since then, or it might be fraud. Only research into comparables will tell you the answer. Fraud happens disturbingly often, and has to guarded against constantly, because those who commit real estate fraud successfully are likely to make a lot of money. Don't jump too quickly to the fraud conclusion, but don't be afraid if that's the way the evidence points.
Your buyers agent, if you used one, may be partially to blame, for not exercising due diligence. This is a problem as many realtors think only of the check they'll get at the end of the process, not their client's best interest, but when I save a client from fraud, I've got a client and referrals for life.
But it's a fairly safe bet that buyer's agents won't initiate fraud. Not so dual agents and non-agency situations, and it's the seller you have a beef against if it was fraud. You may also have a tort against the appraiser for violating their professional standards. No matter who did you wrong, you need an attorney to do anything about it. Do your research, and if your research says it was fraud, go talk to an attorney to see what can be done about it. |
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robert495713
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I would definitely hire a real estate attorney. Check into the other transactions this investment company has been involved in. You might find a pattern. A company around my area (Ohio) is under heavy scrutiny for the exact same thing.
Good luck to you. |
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