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Message
Home Appraisal - asking for pics, info, etc.
Posted on 5/17/21 at 5:48 pm
Posted on 5/17/21 at 5:48 pm
We've been waiting 2 weeks to get an appraisal done on a house we're buying (aggravatingly running us past the 15 day cooling off period).
The appraiser is asking our realtor for photos of the property/house etc. as well as to fill out a lengthy questionnaire. This seems like basically asking our realtor to do most if not all of the appraisal... Is this normal?
Also, we're a bit concerned that the appraisal may come in lower than our purchase price due to the current insanity of the market... other than comps, is there anything we can include in this DIY-appraisal thingy that could help get the appraised value higher?
Many thanks to anyone with insight into this process!
The appraiser is asking our realtor for photos of the property/house etc. as well as to fill out a lengthy questionnaire. This seems like basically asking our realtor to do most if not all of the appraisal... Is this normal?
Also, we're a bit concerned that the appraisal may come in lower than our purchase price due to the current insanity of the market... other than comps, is there anything we can include in this DIY-appraisal thingy that could help get the appraised value higher?
Many thanks to anyone with insight into this process!
12
Posted on 5/17/21 at 6:06 pm to Slagathor
You shouldn't have to supply the appraiser with anything. That's what you are paying him for
Posted on 5/17/21 at 6:12 pm to Bucktail1
quote:
You shouldn't have to supply the appraiser with anything. That's what you are paying him for
This was my immediate response... I was really indignant.
But given the nature of the market and the possibility that the appraisal may be lower than purchase price, my SO saw it as a possible opportunity to influence it versus demanding that the appraiser do the legwork and possibly overlook something.
I think it's BS but then again so has every facet of this whole process been up to this point.
Posted on 5/17/21 at 7:05 pm to Slagathor
Joker on Jack
Match on a Fire
Match on a Fire
Posted on 5/17/21 at 7:07 pm to Slagathor
Finance contingency should run through the contract and appraisal is part of finance contingency if ordered by the lender. Different from home inspection due diligence period.
In GA.
In GA.
Posted on 5/17/21 at 7:12 pm to deeprig9
Hmmm... will have to look at the contract again (this is in FL). I was under the impression we could walk away but would lose our earnest money. I know we didn’t commit to make up the difference in cash but are luckily prepared to do so up to a point.
I’m more wondering how this can possibly be an acceptable method to appraise a home... it feels so off.
I’m more wondering how this can possibly be an acceptable method to appraise a home... it feels so off.
Posted on 5/17/21 at 7:41 pm to Slagathor
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?
Posted on 5/17/21 at 7:42 pm to Slagathor
All "typical" VA, FHA, Bond and Conventional appraisals require a full inspection, and completion of a 1004 form by the appraiser.
The type of appraisal order, can however change based on the LTV.
Are you financing say 50% of sales price ?
The type of appraisal order, can however change based on the LTV.
Are you financing say 50% of sales price ?
Posted on 5/17/21 at 7:44 pm to Slagathor
Sounds like appraiser is trying his best to get it done in a timely manor.
Posted on 5/17/21 at 7:53 pm to indytiger
quote:
We just bought a house and the appraisal took forever, apparently the appraisers in the area are run thin right now.
Homes in my area are going within about 4 days of listing so I totally get that they can’t possibly keep up.
I’m halfway miffed that it seems like we’re paying $500 to do the work but also now I’m pissed that we didn’t get this questionnaire almost immediately after being ordered by the lender instead of 2 weeks later.
ETA: D4L, we are putting more than 20% down but it’s just a 30yr fixed rate mortgage. To my knowledge it’s nothing special to allow any different type of appraisal.
This post was edited on 5/17/21 at 7:59 pm
Posted on 5/17/21 at 10:24 pm to Slagathor
I’m doing a refi and they were out in 3 days.
Posted on 5/18/21 at 8:16 am to indytiger
quote:
pparently the appraisers in the area are run thin right now.
I order 5-7 appraisals a week and the wait times are getting worse and worse. They are super busy right now. rush appraisals are bordering on the normal appraisal times not long ago.
Posted on 5/18/21 at 8:38 am to Slagathor
New normal. They don’t even do a site visit on existing homes (not new construction) that have good history online
Posted on 5/18/21 at 8:50 am to Slagathor
Just hire an electrician to look over electricals. HVAC guy for that system. Spetic guy if applicable. You look at room, attic, basement, etc. That is a better inspection, IMO. The seller in this market isn't replacing a stove, roof, etc.
Posted on 5/18/21 at 9:05 am to indytiger
quote:
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?
our market is insane as others here in Central Texas and i am friends with an appraiser that lives in my neighborhood.
i asked how busy he was and he said that he declined 90 jobs in a single day. he can realistically only do about 10 a week with walkthrough and write up.
we're in Temple (30 miles south of Waco and 40 miles north of Austin) and he's being asked to go to both of those cities as well as our community of about 450k population.
so it's one of two things, he's swamped and is just trying to get some help to make his job faster so he can move on, or he's just being lazy.
Posted on 5/18/21 at 9:24 am to Slagathor
quote:
other than comps, is there anything we can include in this DIY-appraisal thingy that could help get the appraised value higher?
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.
Posted on 5/18/21 at 10:10 am to skidry
quote:
New normal. They don’t even do a site visit on existing homes (not new construction) that have good history online
this makes me feel a little better (not that I have a choice, lol)
AUCE, we were luckily able to get home inspection, septic pump out and inspection, pool inspection, etc. all done within this time and at least feel okay about that part
This post was edited on 5/18/21 at 10:12 am
Posted on 5/18/21 at 12:04 pm to indytiger
quote:
$500 fee
that's your problem FHA is paying 700 per and appraisers can pick and choose what they will do and when 500 is an OK fee its hardly competitive bump that fee up to 1000 it will be done quick.
Posted on 5/18/21 at 1:45 pm to Slagathor
Appraisers/Appraisals are the worst. I just had one done on a home I am buying and the closest comp to the home I am buying was 1.5+ miles away. I guess location does not matter at all...
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