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re: Am I being taken? Real estate question
Posted on 3/29/13 at 4:35 pm to Latebloomer
Posted on 3/29/13 at 4:35 pm to Latebloomer
Heated and cooled= living area
0
Posted on 3/29/13 at 5:06 pm to MoreOrLes
quote:Which is total bullshite. Seems a few getting their butts sued would do the industry a major service.
BECAUSE AN APPRAISAL IS A PROFESSIONAL OPINION of value ....the appraiser has latitude over what they count.
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
Posted on 3/29/13 at 7:22 pm to LordSnow
quote:The market is definitely swinging to a seller's market; inventories are shrinking. There are plenty of fish in the sea.
Yes, but not without running this buyer off.
Posted on 3/29/13 at 7:23 pm to NC_Tigah
quote:
Which is total bullshite. Seems a few getting their butts sued would do the industry a major service.
Well if you going to start filing suits for or against professional opinions.....get your check book out because you know what they say about opinions.....they are like.....lol
I don't disagree that it's a problem but I think a lot of the problem is the call wheel system the Feds went to. It means you aren't going to get an appraiser from your area necessarily ......meaning the next guy up for an appraisal order may be not so familiar with your area.
Posted on 3/29/13 at 7:36 pm to MoreOrLes
quote:Professional opinions are fine, assuming they are professional. When two such "professional opinions" rendered over a 50 day span vary by 50% of value, something is very very wrong. When two "professional opinions" offer 10-15% differences in sq footage as with the OP, something is very very wrong.
Well if you going to start filing suits for or against professional opinions.....
Now, I understand you being more comfortable with the process. I do. Allowing nitwits with huge variance of "professional opinions" into the mix is certainly going to be less daunting to an experienced professional realtor, and more likely to burn a DIY'er. But that does not make it right.
This post was edited on 3/31/13 at 11:23 am
Posted on 3/29/13 at 7:39 pm to LordSnow
The personal relationship between the appraiser and the purchaser gives the appearance of a conflict of interest which should raise professional ethics issues for the appraiser. I would ask the licensing board for appraisers if the appraiser has a conflict of interests. You'd be surprised how seriously licensing boards take inquiries about ethical issues that could discredit the profession.
Posted on 3/29/13 at 7:50 pm to Poodlebrain
quote:
You'd be surprised how seriously licensing boards take inquiries about ethical issues that could discredit the profession.
Posted on 3/30/13 at 5:31 pm to Poodlebrain
quote:
I would ask the licensing board for appraisers if the appraiser has a conflict of interests. You'd be surprised how seriously licensing boards take inquiries about ethical issues that could discredit the profession.
This, unfortunately, will have no baring on this sellers sale. The bank orders the appraisal not the buyer (unless its a cash sale with no mortgage). Furthermore, this buyer will be tainted.
Even if the seller screamed bloody murder and got the value changed.....the buyer will see it as just that further creating buyers remorse.
Its a flawed process but it is the one we have.
Again, if the seller is not please he can choose not to sell it for the appraised value. Only once in 10 years have i seen a buyer pay more than the appraised value. And that was 3k.
This post was edited on 3/30/13 at 5:34 pm
Posted on 3/30/13 at 5:37 pm to MoreOrLes
What does the tax appraisers website say ? It should have the official footage listed because its what you are getting taxed on. If you added on and didn't pull a permit or tell the tax appraisers office then it doesn't count and your screwed. Ask your tax appraiser and not some douchebag independent appraiser.
Posted on 3/30/13 at 10:55 pm to MoreOrLes
quote:The licensing board will want to know if the appraiser was aware of who the buyer is. Any personal relationship between the buyer and the appraiser will effect the confidence of the bank, the seller and the public in general with respect to the impartiality, and independence, of appraisers. That is not good for the profession.
The bank orders the appraisal not the buyer (unless its a cash sale with no mortgage). Furthermore, this buyer will be tainted.
The bottom line is that the appraiser should have removed himself from the project if he was aware the appraisal was for use by a person with whom he had a raltionship that could give the impression of a conflict of interests.
Posted on 3/31/13 at 10:00 am to LordSnow
Keep us updated on what happens. I am interested in what happens
Posted on 3/31/13 at 11:39 am to LordSnow
quote:
Yes, but not without running this buyer off.
Well if you're gonna lose 7g from this buyer then run him off.
Posted on 3/31/13 at 1:52 pm to ZereauxSum
a basement would not be counted in the square footage of the house but a closed in sunroom that is heated and cooled and finished in the same manner as the rest of the home would be counted in the square footage.
the new appraisal hvcc laws prevent a lender from selecting a particular appraiser however there are ways to work the system
the new appraisal hvcc laws prevent a lender from selecting a particular appraiser however there are ways to work the system
Posted on 3/31/13 at 2:29 pm to novabill
quote:Not counted? Even at a reduced rate? Certainly that is not true here. Not really pertinent to the OP, but j/c where you guys are getting that?
a basement would not be counted in the square footage of the house
Posted on 3/31/13 at 2:54 pm to NC_Tigah
It would be counted. But not as living area. Footage below grade is not counted in home size. Much like a detached mother-in-law.
Posted on 3/31/13 at 4:44 pm to novabill
quote:
It would be counted. But not as living area. Footage below grade is not counted in home size.
maybe you're talking unfinished basement quote:
2.5 Story 16694 Total SqFt 12778 Heated SqFt
Bldg Description Size
1 BASE (FIRST FLOOR) 4795
1 GARAGE - FINISHED 1111
1 PORCH - SCREENED - FINISHED 230
1 CARPORT - FINISHED 207
1 UTILITY - FINISHED 30
1 PORCH - OPEN - FINISHED 1514
1 UPPER STORY - FINISHED 3564
1 BASEMENT - OPEN-ENDED FINISHED 4419
1 BASEMENT - UNFINISHED 824
quote:
2.0 STORY 9894 Total SqFt 7607 Heated SqFt
Bldg Description Size
1 BASE (FIRST FLOOR) 2982
1 GARAGE - FINISHED 856
1 PORCH - OPEN - FINISHED 76
1 UPPER STORY - FINISHED 2466
1 BASEMENT - UNFINISHED 711
1 BASEMENT - UNFINISHED 32
1 BASEMENT - OPEN-ENDED FINISHED 2159
1 PORCH - OPEN - FINISHED 612
Posted on 3/31/13 at 4:54 pm to NC_Tigah
The basement would obviously count for something, but it's variable from house to house. Finished basement with just drywall and climate control obviously wouldn't appraise for as much as one finished with a wine cellar/home theatre/wet bar/etc.
Posted on 3/31/13 at 5:18 pm to Ric Flair
in the box with the appraiser list the square footage of the house the square footage of the basement would not be included in that number
Posted on 4/1/13 at 12:52 pm to LordSnow
sure the sunroom should be counted---my last house had a sunroom all the way across the back of the house and it was totally counted in our price---it was heated and cooled as well! get a second appraisal
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