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Started By
Message
re: Home Appraisal - asking for pics, info, etc.
Posted on 5/18/21 at 1:48 pm to Ruxins Rascals
Posted on 5/18/21 at 1:48 pm to Ruxins Rascals
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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Did you get the apprasial number you needed?
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Did you get the apprasial number you needed?
2
Posted on 5/18/21 at 2:03 pm to ItzMe1972
Yup, within $1,000 of purchase price. Magic
Posted on 5/18/21 at 3:08 pm to Cracker
Yes it is the comp they used. It is however not the closest comp to the home in the same neighborhood.
This post was edited on 5/18/21 at 3:11 pm
Posted on 5/18/21 at 3:16 pm to ItzMe1972
quote:
Appraisers/Appraisals are the worst
To be fair, the appraisers work for the bank, not for the purchaser. The bank is buying the house and letting you live in it until you pay them back.
InB4 "Its worth what someone is willing to pay".
This post was edited on 5/18/21 at 3:17 pm
Posted on 5/18/21 at 3:24 pm to Ruxins Rascals
Yup, within $1,000 of purchase price. Magic
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Were you disappointed?
I know some people want to know the fair market value when getting an appraisal, afterall you're paying for it.
But getting a number that works to get the transaction done is the more importnant part.
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Were you disappointed?
I know some people want to know the fair market value when getting an appraisal, afterall you're paying for it.
But getting a number that works to get the transaction done is the more importnant part.
Posted on 5/18/21 at 7:20 pm to Ruxins Rascals
So you are a licensed appraiser that is legally obligated & liable for the comp?
Posted on 5/18/21 at 10:13 pm to Slagathor
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
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
This post was edited on 5/18/21 at 11:17 pm
Posted on 5/19/21 at 7:53 am to ItzMe1972
quote:
Were you disappointed?
It would have been nice to have some additional instant equity in the home. I would have also liked to get the true results of what I paid for, but as long as the sale can continue as normal I am O.K.
Posted on 5/19/21 at 7:54 am to Cracker
quote:
So you are a licensed appraiser that is legally obligated & liable for the comp?
Nope, but if I was an Appraiser, I'd be a little more prideful in my work and provide a quality product for which I was paid to complete
Posted on 5/19/21 at 8:09 pm to Slagathor
What type of Loan ?
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