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Contesting an appraisal
Posted on 3/5/16 at 9:54 am
Posted on 3/5/16 at 9:54 am
Got my appraisal back this week for my new construction in River Ridge. The appraiser used only two houses in River Ridge ($210/sqft) and three from Metairie ($180/sqft) because he could not find other comps in my neighborhood. He ended up quoting me at $190. I even learned one of the Metairie houses used was built in 2010. I see new houses all over River Ridge but can not find the purchase prices anywhere online. Has anyone ever had this happen and contested (and won) an appraisal? If so what did you do to have it overturned? Thanks
Posted on 3/5/16 at 10:01 am to glhunter
Collect data that supports your value and the appraiser will look at it. Residential appraisers are notorious for half assing values but they usually push value when they can.
Posted on 3/5/16 at 10:36 am to I Love Bama
Thanks I have a lot of new builds around but can not find their value anywhere. All the new builds were private and did not hit the market. Is there a way to find new build costs that were private builds?
Posted on 3/5/16 at 11:25 am to glhunter
Shouldn't there be a contract at the courthouse that has to be filed? This is just a guess.
Posted on 3/5/16 at 12:48 pm to glhunter
Does the appraisal affect in any way your construction loan or your permanent financing? If not, the answer is get over it and move on. If so, then you have homework to do.
Either way, best of luck to you.
Either way, best of luck to you.
Posted on 3/5/16 at 1:23 pm to glhunter
The courthouse will have purchase price in records
Posted on 3/5/16 at 1:28 pm to VABuckeye
Yes it does affect my closing cost. I guess it's time to go to the courthouse. Next question for those in Jefferson parish. Would these records be at the Gretna courthouse? What department do I need to go to?
Posted on 3/5/16 at 4:02 pm to glhunter
A lot of parishes should have let you look up deeds online. Just google *** parish deed lookup. Typically you can look on the tax assessors website/gis to find the deed number to look up
Eta: looks like Jefferson doesn't have deeds online from a quick search. Should still look at the tax assessor website
Go here
Eta: looks like Jefferson doesn't have deeds online from a quick search. Should still look at the tax assessor website
Go here
This post was edited on 3/5/16 at 4:07 pm
Posted on 3/5/16 at 5:49 pm to yellowhammer2098
Great, thanks for the info!
Posted on 3/5/16 at 11:26 pm to glhunter
How is your appraisal for new construction coming in below the cost you are paying your builder? That would mean you are walking in having overpaid?
Posted on 3/6/16 at 8:37 am to glhunter
Same thing happened to me. I contacted my realtor and had her send me over all the homes sold in my neighborhood in last six months. He used only one of them. I live in Webb Park/ Hundred Oaks area of BR and he's giving me comps from Pollard Estates when there were actual sales in my own neighborhood (with better price per Sqtf.) A few emails and all of a sudden I had a higher appraisal. Glad I was able to help him do his job a little better. That same exact scenario happened to me twice, once on a refinance and once on a purchase. Both times got a better appraisal after getting a realtor to give me better comps. That's when I gave up on appraisals. Not worth the price of paper they're written on in my experiences.
Posted on 3/6/16 at 8:51 am to LSUFanHouston
"Overbuilding" is a real thing.
Posted on 3/6/16 at 2:00 pm to iknowmorethanyou
The cost to build is $130sq/ft. Appraiser quoted house at $190sq/ft. Houses in the immediate area sold for between $205 and $217sq/ft. Seems to me the appraiser went on Zillow.com and just pulled houses. Problem is all new builds in my area are private owners so they did not hit the market. I am going to the clerk of courts tomorrow with my own lists of new builds to research.
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