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Any real estate appraisers here?

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goldnrod24

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I feel like I am getting hosed on an appraisal for a re-fi. Anyone here in the business who might help me sort things out?
 
I'm not an appraiser, but I recently went through the same ordeal. It's all about the comparables. You can select your own appraiser and your own comparables. My house apprased $60k higher 2 years ago.
 
Friends of ours are buying a house just a few houses down on the water. Not sure who their lender used but it appraised so they are closing a week from today!!!! You are refinancing? We went from a 30yr to a 15yr a couple years ago and we have so much equity it wasn't an issue. Hopefully you can get it figured out. Is this the EL place?
 
Yes, the EL place. Doing a refi will save us $300/month which will assist the household budget when I retire this fall.


The appraiser valued 772 sq. ft. of completely finished basement (stud walls, insulation, drywall, carpet, 7' tall ceilings with not exposed ducts or pipes, ducted heat, sump pump w/backup, dehumidifier, egress window and full-size exit door) at $6/sq. ft. !!!!!!! No freaking way; this is not just some paneled walls with a carpet remnant thrown over a tile floor.


I need to know my options for appealing this matter.
 
Wow! I'm not sure what they value basement area as. I know years ago another couple we know was buying a place on the lake and the appraiser kept mentioning "credits" Something along the lines of certain lot features, home finishes gives you credits. Not really sure the value of a credit but that appraiser totally screwed them and they lost the house. Seems the appraisers hold all the power these days.


You could always have the local assessor out!!!!!!!!!!!!!!!!!!! Ya right!!!!
 
lakeliving said:
Wow! I'm not sure what they value basement area as.
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If I am reading the report correctly, "gross living area" is valued at $17/sq. ft. in the subject market area. Basements are $3/sq. ft. plus $1000 per finished room. It's all one big space (room).


There is a large difference in value between $6 and $17 per sq. foot.


I have instructed the CU to appeal this discrepancy to the appraiser. Shrug.
 
Good info, thanks. My deal isn't in the tank as a result, but it still bugs me that I paid for something that I think is incorrect.


If my new boat had come in with less horsepower, I would have raised hell. The same with a lesser appraisal. Or something like that!!! ;-)
 
goldnrod24 said:
Good info, thanks. My deal isn't in the tank as a result, but it still bugs me that I paid for something that I think is incorrect.


If my new boat had come in with less horsepower, I would have raised hell. The same with a lesser appraisal. Or something like that!!! ;-)
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I used it as evidence for appeal with the county tax assessor to get our annual property tax assessment reduced, so it can work in your favor too. They're quick to raise it in a rising market, not so much to lower it when it tanks ;-)
 
I have had this happen to me also, went to refi from 25 yr to 15 yr mortgage. I had done stuck a lot of work and money in the place, blacktop drive, new shop, deck ect. Bank appraiser didn't think much of the shop, 1850 sq ft finished, built in cabinets radiant heat ..it's really nice. Shop appraised at 7500 dollars just the concrete costs 8000. Ive got @ 25k in it not including with my own labor.    Joke!!    
 
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My tax appraiser valued my 22x32 carport at a replacement cost of $47,000!!!! I have $4700 in supplies.... Lets just say I fought it and won I used my neighbors recently built barn as a comp. 1700sq ft two 2tory barn with electrical, finished loft fully enclosed was valued at $48,000. That is a real head scratcher!!  Theirs was even a historical barn that was disassembled and rebuilt on their land beam by beam (new steel roof and new wood siding)
 
Appraisers are bleep bleep's. Just had one tell me my Geo heat systems are not worth anything. That there like a swimming pool to buyers,not worth anything unless the buyer is looking for it and is willing to pay more for it. Also used a bank owned sale as a comp. Lastly, a water front lot in OC Md. is only worth 150K. Told him he's coming to the next assessment hearing I'll be going too.
 
My first place I purchased was a small farm and had a 1970 mobile home 14 by 70ft. My brother who was renting from me would not let the appraiser in. When I got the tax adjustment I was floored he valued the trailer at 25 thousand.


I went to the open book and complained appraiser said he didn't like my brothers attitude so he adjusted the appraisal accordingly.


When I was through with him,  he was looking for a new job..lol
 
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