If you are not happy then don't sell it

A little story
Put a house under contract that had a sun room as part of the living square footage. This was the case 2 previous sales as it was recorded in the MLS.

This appraiser decide not to count it even though in the past others had counted it. It did have a mini split ac system.

Anyway,the low appraisal blew the sale. 3 weeks later house goes under contract again for 10k more than the previous contract.....This time it appraises.

I investigated further by calling 3 different appraisers that I know only to find that BECAUSE AN APPRAISAL IS A PROFESSIONAL OPINION of value ....the appraiser has latitude over what they count.

I now meet all appraisers with much of their work done for them to help make sure as much as possible that the home appraises

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Posted by NC_Tigah

Carolinas

Member since Sep 2003

124183 posts

Posted on 3/29/13 at 5:06 pm to MoreOrLes

quote:
BECAUSE AN APPRAISAL IS A PROFESSIONAL OPINION of value ....the appraiser has latitude over what they count.

Which is total bullshite. Seems a few getting their butts sued would do the industry a major service.

Anecdote:
We were refinancing. The loan company came in with a ridiculously low appraisal. ~25% under value. Didn't matter due to amount of equity we had in the home, but just pissed me off. Two months later the county did a tax revaluation appraisal. They were as ridiculously high (>130% of value) as the loan company was low. We're talking massive errors on an expensive property. The spread between the two was huge.
Anyway, sent the county the low ball appraisal, split the difference with them, and lowered my tax bill. So it worked out. But what a 3rd world way of dealing with investments. Major major player in the 2008 housing bubble. Needs to change!

This post was edited on 3/29/13 at 5:08 pm

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