Looking for a home appraiser

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Another victim of the shitty arse appraiser system. Good luck. I got fricked a year ago.

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I have friends who do all of mine. I have no clue how you got fricked, but it is a workable situation when you know one.

Who ordered the appraisal? If you ordered it, why is it a bad appraisal? People tend to think their houses are worth more than they are. If you are in a subdivision in Prairieville, it is pretty hard to screw it up. The comps should be in the subdivision and most houses are similar.

If your buyer ordered it, then there could be an issue. Lenders are required to use staffing agencies, unless it is an actual bank. So many don't know the area etc. However, subdivision is still pretty easy. Be aware, you do not want to be the biggest or the smallest house in the subdivision.

There are tons of reasons why the value could be what it is. Don't let a shitty realtor (more likely) and your opinion of the home make you think it is undervalued. It is a buyers market right now and people are reducing their prices (alot); also foreclosures, etc. have some impact if there are multiple foreclosures in your subdivision.

The major reason for a problem is if there is an issue with square footage. Review your plans, and then look at the appraisal. I know plenty of people who confused living and gross and wanted to know why they were shorted. Be aware that what you think is valuble is not what the market will bare, so all that money people spend on pools and outdoor kitchens, and patios and jacuzzis don't add what you think. Just be reasonable.

You need to be careful before you start bashing the appraisal. It could lead to issues with other lenders. Some lenders log the address and if another buyer uses a large lender, many USDA go through Chase, etc. The original appraisal could come back up and they will use the lowest value.

Appraisal was ordered by the lender, not by me (the seller).

Personally I do believe that the agreed upon house price was over what it should appraise for, but I'm was not going to turn down a full price offer.

That being said, I think the appraisal is shorting us about 5k. I figure it should be worth a couple hundred bucks to get a second opinion.

Again, the comps may drive the appraisal and it could be completely correct. Just believe that a 10% shortfall from agreed upon price to appraisal should be examined further.

No reason you can't sell it for that price. The buyer just has to make up the difference. Also an appraiser will cost you about $400. If it was ordered by the buyer, it doesn't matter what you do, it won't change their apraisal. The lender will give them a certain percentage of the sales price or the appraised value, whichever is Less.

You will be waisting money.

This is when you need to get to the nut cuttin.

Do you need to sell? Have you had a lot of activity on it? Do you think you can let this guy walk and wait for someone else who may have the exact same problem? Does your payoff depend on the agreed upon price? If it does; then you are upside down and can sell but will need to pay the difference.

Nothing is stopping you from selling it, the guy just needs to put more money down. However, most people won't buy a property above the appraised value because there are too many other houses available. Our market doesn't support that, not many do.

You have some serious decisions to make, and getting another appraisal will not help you with any of them.

Ok, so if you get a shitty appraisal the board's opinion is to sell it at that shitty price?

What kind of terrible thought process is that? Is it the belief that I, have to take a 20k loss because an appraiser is inept at his job?

If my appraisal comes back at 20k more then I will tell the buyer to get a new appraisal and/or lender. If not I think, waiting even 6 months is worth 20k, don't you?

Its an appraisal. An opinion of value. I didn't say you shouldn't keep the asking price, but why do you think it is not right. Where did you pull your value from? There are people that agree to do stupid crap everyday, so if the guy agreed to pay an inflated price, let him buy it. Say okay dumb-arse, put more money down. Why do you think a new appraisal will come back higher, what if it comes back lower?

You never gave us a reason why you thought it was wrong, just that it was. I can ask for a million for mine all day long, it doesn't mean someone will pay that. What I was telling you is that this buyer is done at that price, so make a decision. Sell it to him or don't, but you getting another appraisal doesn't change the fact that he has one saying it is $20k less.

Again, why do you think yours is worth more? Why is it a bad appraisal? Did your realtor give you comparables that show it is worth that price? As I said before, spend $400.00 I really don't care, but you are going to waste your money unless you can justify a higher value.

If you came to this board looking for an appraiser then I assume you don't know any, so you will definitely pay $400. I was trying to help you out.

Spend the money on a new appraisal; so then what? You tell the buyer you aren't selling it. You will need another buyer, because he won't be able to finance it. What I said was make a decision. Keep the buyer you have or hold out, but either way, he can't finance your sales price. So either he makes up the difference or he moves on.

You didn't answer any of my questions, you just think your house is worth more than it is. I told you, people often think their homes are worth more than they are. It has to be a real big screw up to drop the value $20k. Do you even know how to tell if the appraisal is wrong? Do you know if there are better sales, did he use old comps, did he not credit you for an amenity, etc? On an adjustment that size, he either did not credited you for additional lot size or square footage. You can have 24 karat gold and it wouldn't make up that difference.

Who is telling you it is a bad appraisal? Can they justify the difference? How about you look in the phone book and talk to an appraiser, there are tons of them starving in BR that will come to Ascension. Tell them your story and see what they say. I guarantee you will not be happy with the result.

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FSBO. Only realtor we talked with wanted to list it 8k below what this appraisal returned.

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So the appraisal gives a lower value to your house than you think it's worth as well as the professional that sees the transactions in your market.

You looking for a third strike?

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Never said it was wrong, just an opinion based on actual comps in the neighborhood.

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Listing and actual sales are two different things. Why is your house worth the the same value? Is yours the same size, lot size, etc. The comparables are of sales, not listings.

If the realtor wanted to list it below, he knew there was as reason that the house has a certain market value, usually they lean in the opposite direction, so yes the appraisal is probably correct. There business is selling houses at the highest value, not listing them below value.

You can be a smart arse on here all you want, but apparently you either don't want or need to sell your home, because showing two appraisals to a buyer will do nothing for you. As we said earlier you don't have to sell it for less, he just can't finance the higher sales price. What is worth more to you an actual sale or the idea that you "may" get someone to pay you above what an appraiser and a realtor says it is worth.

The questions I asked you had everything to do with the the reason you thought the appraisal was wrong. Now you are telling us you haven't seen it but it is just wrong and you want to waste $400 to prove it. Go ahead. If you knew anything about appraisals you would know why I asked you specific questions about differences, square footage,comparables,Who was telling you it was wrong,and what makes your house different. All things that are relevant.

You have never looked at an appraisal before if you think you can easily determine why there is a difference in value from two appraisals, but I guess people who do that for a living wouldn't know better than you. I can give you 10 appraisals of the same house and all will have different values and you (although you are a rocket scientist I gather) would not know why there is a difference.

Everyone here has offered you advice that would help you, but apparently spending money will make it alright. Go ahead. However, I can tell you why you are in the situation you are.

1. You listed the house on FSBO, so you didn't really do any market research on the sales price. You probably said If I get this much, I can get another house for this much; sound about right?

2. Your buyer is naive and probably hasn't bought a house before, or doesn't have a realtor. Because the way you acted here, you would really act like an arse if you had to pay a realtor 4% because they brought you a buyer.

3. You heard from the loan officer, not your buyer. Your buyer probably won't answer the phone,so you want to be able to say it is worth it. A new appraisal won't change the fact he has to come up with more money. I believe they probably are trying for a 100% loan, so you are really screwed.

I can go on, but since you know better than us. Keep plugging away, while your neighbors sell their houses. Why don't you just tell us you owe more than what the appraisal came back as; that sounds more likely ,than a bad appraisal.

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FSBO

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Thats your first issue.

Move on to another buyer

They wont even consider your appraisal. It couldnt be used anyways since it wasnt ordered by an AMC