Home Appraisal - asking for pics, info, etc.

Joker on Jack
Match on a Fire

We just bought a house and the appraisal took forever, apparently the appraisers in the area are run thin right now. I do think its nuts that he's asking them to basically do his job. Is he going to split the $500 fee he gets with them?

New normal. They don’t even do a site visit on existing homes (not new construction) that have good history online

quote:

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other than comps, is there anything we can include in this DIY-appraisal thingy that could help get the appraised value higher?

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I believe appraisers can make adjustments for things like lot size, lot location, quality of construction, # of bedrooms/baths and other random amenities (garage size, patio size, new roof, etc.) But there isn't much you can do other than that. If you are filling out the questionnaire be sure to be as descriptive as possible and note where there may have been premium materials used.

Florida RE agent until about 3 months ago

You're out on the walk away 15 day inspection period unless it was written in the offer or approved to get an extension. Appraisals come after this timeframe and have no bearing on the inspection. Seller can have your escrow at this point, unless there's an appraisal contingency & you don't appraise.

Seller's agent provides comps if they're concerned about a low appraisal. Low appraisal hurts the seller unless there are cash buyers at the same price. They wouldn't take a financed offer if there were equal cash offers. (This doesn't mean you're overpaying)

The appraiser is halfassing it with the questionnaire. Finishes don't change an appraisal. If there is something truly unique/valuable about the construction, the seller's agent would make it known to the appraiser without even being asked. The appraiser is paid by the bank to go to the property and do their job. There are enough appraisers to keep up in metropolitan areas but 3-4 weeks is normal turnaround time. Middle of nowhere appraiser might be overwhelmed but your agent should be on top of this.

Your home inspection was to verify any issues with the property that would dissuade you from buying. The appraisal is for the lender to verify their risk, not for you to feel better about the price. You said inspections were good so you should feel fine with your offer.

This all assumes you're on an As-is contract and not buying in 'Naples' (southwest region)



TLDR:
- 99.999% chance you will appraise.
- Talk to your agent instead of guys online that don't live in the state.
- Read section 8, 'Financing' on your contract. (Pg 2 on As-is contract)
- See if on Section 19 Addenda, option F. Appraisal Contingency was checked and confirm that you & seller initialed the addendum as part of the offer. (Pg 11 on As-is contract)
- Call your agent