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re: Appraisals: what a crock of sh¡t...
Posted on 3/17/19 at 8:16 pm to poochie
Posted on 3/17/19 at 8:16 pm to poochie
quote:
If person A is asking $350k for their house and person B agrees to that price then the bank appraiser comes back and says that the house is only worth $325k, that’s inherently incorrect.
LOLOLOL
It's what the bank says after the appraisal.
Now if it's owner to buyer, with no loans, then there is no need for an appraisal.
1
Posted on 3/17/19 at 8:20 pm to SeeeeK
There’s no need if the buyer is an idiot. 
Posted on 3/17/19 at 8:22 pm to PortHudsonPlaya
quote:
but seeing how you need a loan....you prob don’t make very good decisions.
Less than 30% of houses are bought with cash.
Posted on 3/17/19 at 8:25 pm to poochie
Your post sucks, OP.
But frick appraisals anyway. We bought our first house for $179k and it appraised for $196k. Everyone lauded our ability to find such a good deal...
...in 2008 right as the fricking market crashed and sent the value of the “$196k” house into the $150ks.
But frick appraisals anyway. We bought our first house for $179k and it appraised for $196k. Everyone lauded our ability to find such a good deal...
...in 2008 right as the fricking market crashed and sent the value of the “$196k” house into the $150ks.
Posted on 3/17/19 at 8:32 pm to poochie
quote:
If person A is asking $350k for their house and person B agrees to that price then the bank appraiser comes back and says that the house is only worth $325k, that’s inherently incorrect. Something is worth what someone is willing to pay for it. In this case person B is willing to buy the house for $350k and therefore it’s worth is $350k.
you are missing the point of what it is they are appraising, its not what someone is willing to pay for it, its the estimated value if its resold in a loan default
Posted on 3/17/19 at 8:35 pm to poochie
Winner by knockout: the OT.
Posted on 3/17/19 at 8:45 pm to poochie
I’ve done about 6-8 major real estate transactions, and every time the appraisal came back exactly the same as the offer price. Seems sketchy.
Posted on 3/17/19 at 8:57 pm to GusMcRae
The appraisers job for a purchase is to justify the price if its supported by market data. He’s not there to tell you, the buyer, that it’s worth more than you paid.
Posted on 3/17/19 at 9:11 pm to StringedInstruments
2 realtors did their comps when I sold my house, they came up with prices within 5k of each other.
The actual assessor comes in, uses comps miles away, and I have to sell for 10k less than the lowest of the 2 initial estimates.
The actual assessor comes in, uses comps miles away, and I have to sell for 10k less than the lowest of the 2 initial estimates.
Posted on 3/17/19 at 9:26 pm to poochie
The bank gets to decide, but OP is right. Appraisals, at least residential ones, are a crock of shite. Do a superficial walk around, go back to the office and Google some comparables, paste a couple of paragraphs into 40 pages of boilerplate, and done. The house may be solid as a rock or about to fall down. The appraiser doesn't know and it doesn't figure in to his number.
Posted on 3/17/19 at 9:39 pm to Jim Rockford
Two appraisers downvoted.
ETA up to six now.
ETA up to six now.
This post was edited on 3/17/19 at 10:10 pm
Posted on 3/17/19 at 9:52 pm to redbaron
quote:
2 realtors did their comps when I sold my house, they came up with prices within 5k of each other.
The actual assessor comes in, uses comps miles away, and I have to sell for 10k less than the lowest of the 2 initial estimates.
Banks had certain appraisers to use when they needed higher appraisals.
Gotta know how to get work the system, bruh.
Posted on 3/17/19 at 9:56 pm to GusMcRae
quote:
I’ve done about 6-8 major real estate transactions, and every time the appraisal came back exactly the same as the offer price. Seems sketchy.
If you have a good relationship with your bank, are a good risk and are putting a good amount of equity down the bank will make sure the appraisal is equal to the purchase agreement price. Most will. Mine will.
Posted on 3/17/19 at 9:57 pm to fightin tigers
quote:
You dont need an appraisal to buy a house.
The bank does.
Or are you saying buying it in cash?
Posted on 3/17/19 at 11:47 pm to poochie
(no message)
This post was edited on 4/8/19 at 11:57 am
Posted on 3/17/19 at 11:50 pm to lsualum01
quote:This. Absolutely.
However, I don't think that the appraiser should be told what the contract amount is before doing the appraisal.
Posted on 3/18/19 at 12:15 am to poochie
quote:
Let me preface this by saying I am neither buying, selling, or refinancing a home.
Just your standard random Sunday afternoon home appraisal vent. We all have them
Posted on 3/18/19 at 3:53 am to fallguy_1978
quote:
You can go pay 80k for a Corolla if you want to and technically that's what it's worth to you. You can't get an 80k loan for it because when you default on it the bank can only get 10k at auction
This right here. The bank needs to make sure that they will get their money back if you default on the home loan.
Posted on 3/18/19 at 5:25 am to Meatball
It’s a neighborhood thing
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