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Started By
Message
re: Property Appraisal Question
Posted on 11/15/23 at 1:11 pm to biglosdaddy
Posted on 11/15/23 at 1:11 pm to biglosdaddy
They use a computer program and what ever # it comes up with, that is your value.
1
Posted on 11/15/23 at 1:12 pm to Free888
quote:
I ran into an appraisal issue years ago when refinancing my last home. It was obvious the appraiser was just lazy, using comps he must have used for other appraisals (different style homes from miles away when there were a number of recent sales in my neighborhood with my home style). For purposes of my loan it didn’t matter, but I did point it out to the bank to make them aware of the issue.
Appraisals are scams and just CYA for a bank to cover their asses.
I had to get an appraisal for my refi a few years ago and the dude walked around my house for 10 minutes and asked me what I paid for the house and magically that was the "appraised value" on his report.
I had to pay $450 for this lazy arse to do nothing.
frick appraisers and their scam arse "service".
Posted on 11/15/23 at 1:13 pm to biglosdaddy
Sorry to hijack but is now a good time to become a slumlord? And can I get liability insurance on them?
30k houses on fb marketplace makes a man think
30k houses on fb marketplace makes a man think
Posted on 11/15/23 at 1:29 pm to biglosdaddy
The appraisal business is the most bs dirty unchecked business in real estate, construction, and banking . They can do what they want and if you question it, too bad. And it costs people thousands of dollars when they’re wrong clearly wrong as you pointed out.
Posted on 11/15/23 at 1:31 pm to biglosdaddy
Had an appraisal done on a house once and it came back about 50% less than the lowest of 3 offers we had on the house. The comps used were similar to the house but the house we were selling had a 3600 square foot shop with a 18 foot high roll up door, a 7.5" thick slab and a 400 amp 3 phase service. I asked about the value of that shop and the answer was it actually reduced the value of the home. I balked at this and the appraiser came back with an additional...wait for it....$3500. At the time I had a tenant in that shop building on a month to month lease paying $4000 a month. With a 12 month lease it would have EASILY rented for $3600 a month. It was worth $3500 TOTAL. Stopped arguing with the appraiser when a 4th offer came in for 25% more than the highest offer, in cash, and settled in 10 days. The appraisal racket is a slick con.
I have sold several homes where the appraiser asked the realtor what the offer was in my presence and when they had the number say something along the lines of "what do you know, thats exactly what it will appraise for". They are a bunch of crooks and there is no meaningful data in what they do...
I have sold several homes where the appraiser asked the realtor what the offer was in my presence and when they had the number say something along the lines of "what do you know, thats exactly what it will appraise for". They are a bunch of crooks and there is no meaningful data in what they do...
Posted on 11/15/23 at 1:31 pm to CocomoLSU
quote:
You realize you can determine the value of a single unit that is packaged with other units, right?
Wrong. It’s not apples to apples. And even id you tried equate it, you’d have to rely on some arbitrary multiplier pulled out of someone’s arse.
Posted on 11/15/23 at 1:34 pm to poochie
My appraisal dumbassert story:
I sold my house a few years ago by owner. I got an independent appraisal done on it to get the market “value”. I was expecting $250k. He came back at $200k.
But here’s the kicker. Coincidently I got a heloc 10 years before and the SAME GUY appraised it for $210k. And I had added on square footage and bought an adjacent lot in those 10 years. I challenged and he said to pound sand.
I said frick it, put it on the market for $250k and guess what I got? $250k!!!
frick those slime balls.
I sold my house a few years ago by owner. I got an independent appraisal done on it to get the market “value”. I was expecting $250k. He came back at $200k.
But here’s the kicker. Coincidently I got a heloc 10 years before and the SAME GUY appraised it for $210k. And I had added on square footage and bought an adjacent lot in those 10 years. I challenged and he said to pound sand.
I said frick it, put it on the market for $250k and guess what I got? $250k!!!
frick those slime balls.
Posted on 11/15/23 at 1:37 pm to biglosdaddy
quote:
It lowers it to where we would be missing out on 10% of what we expected to make off of it.
What you "expected" to make on it is worthless and not something an appraisal takes into account. If you can show it was appraised LOWER than similar comps then you've got a legit gripe. But if it's simply a matter of you hoping you'd make more money on it than you're out of luck and better hope for a market improvement.
Posted on 11/15/23 at 2:00 pm to sidewalkside
We priced it at what the last few units sold at, which are all the same square footage.
Posted on 11/15/23 at 2:31 pm to biglosdaddy
Well an appraisal is nothing more than a fancy educated guess. The market will formally let you know what it's worth if and when offers come in.
This post was edited on 11/15/23 at 2:32 pm
Posted on 11/15/23 at 2:46 pm to TheSadvocate
quote:
Post pics of your unit
Had no idea you were an Aggy
Posted on 11/15/23 at 2:47 pm to sidewalkside
quote:
Well an appraisal is nothing more than a fancy educated guess. The market will formally let you know what it's worth if and when offers come in.
The problem is when the lender defers to the appraisal over the market for valuation.
Posted on 11/15/23 at 3:18 pm to zztop1234
quote:No we dont. The lenders run our appraisals through a computer program and it gives each appraisal a risk score of 1-5. If our appraisal is a risk level 4 or 5, the computer program spits out comparables that it thinks we should have used instead and we have to respond as to why we did or did not use the comparable.
They use a computer program and what ever # it comes up with, that is your value.
This post was edited on 11/15/23 at 3:34 pm
Posted on 11/15/23 at 3:22 pm to jclem11
quote:10 minutes is a very quick for an onsite inspection, but its not as detailed as a home inspection. Our job is to determine value. 95% of the work is done at my desk and not in the field.
dude walked around my house for 10 minutes
Posted on 11/15/23 at 3:28 pm to poochie
quote:You clearly no nothing about the profession. Every appraisal is scrutinized by a human reviewer and run through a computer program. We cannot do whatever we want.
The appraisal business is the most bs dirty unchecked business in real estate, construction, and banking . They can do what they want and if you question it, too bad.
We are held to certain standards by our clients which are the lenders. If we do not meet those standards, we are called out on it.
People dont like the appraiser because he often gives you the truth about your property and you dont want to hear it.
Posted on 11/15/23 at 3:32 pm to AwgustaDawg
quote:It sounds like you got a residential appraiser to appraise your property when you should have gotten a commercial appraiser. A commercial appraiser could have better handled your complex mixed-use property.
At the time I had a tenant in that shop building on a month to month lease paying $4000 a month. With a 12 month lease it would have EASILY rented for $3600 a month. It was worth $3500 TOTAL.
Posted on 11/15/23 at 4:00 pm to TigerBlood17
quote:
It sounds like you got a residential appraiser to appraise your property when you should have gotten a commercial appraiser. A commercial appraiser could have better handled your complex mixed-use property
I'm sure he wasn't zoned properly.
It's tough to get value when you are out of code.
Posted on 11/15/23 at 4:02 pm to TigerBlood17
quote:
People dont like the appraiser because he often gives you the truth about your property and you dont want to hear it.
yes, just look at all these joyous appraisal stories...
yall are in the banks' pocket. Whatever they tell yall so they can sell the loan, yall do. "find comps to make it worth $X" "ok, done..."
back to my $250k house. the buyer got an appraisal for his bank, miraculously $260k.
yeah, tell me your profession makes sense and has integrity again so i can laugh in your face, you bunch of no good hacks.
This post was edited on 11/15/23 at 4:04 pm
Posted on 11/15/23 at 4:07 pm to TigerBlood17
Do you not think that it's absurd that as the appraiser you have access to the agreed upon offer before you do any of your "work"?
Posted on 11/15/23 at 4:10 pm to poochie
quote:If you only knew the amount of times I have determined the market value was lower than the contract price and the sale either fell through or was renegotiated.
yall are in the banks' pocket. Whatever they tell yall so they can sell the loan, yall do. "find comps to make it worth $X" "ok, done..."
This post was edited on 11/15/23 at 4:18 pm
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