Anyone a home appraiser?
We just got our appraisal back from our bank for the refi and the number is way less than it should be! The bank is actually investigating as well. The number surprised us because we just built the house a little over a year ago so we've had recent appraisals and are now $80,000 lower than the last one, and I know there have been recent sales in the area that I would think should be comparable and they sold at much higher rates. I had a few questions if anyone knows the answer. When they pick houses to compare to, do they have to 'look" the same? The most recent appraiser told me she picks houses that "look" the same. Well, there are hardly any houses around with similar look, let alone ones that have sold. Don't they go by square footage or number of rooms or anything, and then adjust for the differences? Also, can't you pick a house in town and then adjust for acreage and outbuildings? Just curious how this process works. I took a couple real estate classes in college but it's been a few years and I can't remember the specifics. Something just isn't making sense with this one.
Not sure, but I will be watching this also. Our house was appraised yesterday and I am dreading seeing the numbers as the market has gone down. Hope you are able to get clarification!
Mama to 2 that walk the earth...
An investment in knowledge always pays the best interest. - Benjamin Franklin
We recently were let down by our appraisal for our refinancing. My husband spent a lot of time figuring out how to get it changed. He created an elaborate report including a spreadsheet of comps!
Despite his attempts, the appraisers must use a standard formula that didn't work to our advantage.
The appraisers pulled similar styled homes as ours (cape cod) with as similar sq footage as they could find. Not one of them was even in our small neighborhood! We don't believe any of those homes were comparable because our city is so very diverse and each neighborhood is so very different. They didn't take into account our new roof, new fence, etc.