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Old 04-30-2009, 07:56 AM
 
Location: State of Being
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Okay, help me out w/ some facts here. The appraiser was from the bank that the potential buyer had selected for their mortgage? Is that correct? That is where we need to start.
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Old 04-30-2009, 07:57 AM
 
Location: Up above the world so high!
45,270 posts, read 88,310,401 times
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Honestly, I'd spend the money to have another independent apprasial - I have the name of someone if you want to give him a try. I know you are frustrated, but it's better this happened BEFORE you actually were trying to sell on MLS! Forewarned is forearmed.
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Old 04-30-2009, 08:19 AM
 
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Yes, the bank(a local bank here in Cabarrus county) hired him apparantly they use him quite frequently.
He was hired by the bank, not by me.
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Old 04-30-2009, 08:20 AM
 
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I don't think I'll spend the $$ on another appraisal seing that another offer is coming in and they will ultimately have to get an appraisal.
I just spoke with another realtor 1/2 hour ago(she's a friend) and has clients that want to see the house as well. So, this may just work out in the end just not with the original buyers.
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Old 04-30-2009, 08:21 AM
 
Location: Up above the world so high!
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Quote:
Originally Posted by doubleblessings View Post
Yes, the bank(a local bank here in Cabarrus county) hired him apparantly they use him quite frequently.
He was hired by the bank, not by me.
Here's another idea - ask a realtor VERY familiar with the area - someone who sells it a lot - to please run the comps for you and come up with their best sales price. I think this would be a lot more reliable than an appraiser - appraisers ARE fallable, especially when they don't know an area.

Oh, and don't get so hung up on what other homes sold for per square foot - that's not the most important part of a comp.
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Old 04-30-2009, 08:23 AM
 
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The thing is I did..I had 2 realtors who live in my neighborhood run comps and they came up with the price, not me. In fact, one told me I should price it for more.
These are my neighbors who live and work here. That's why I'm so confused.
Maybe it just is that these other folks weren't meant to own this house.
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Old 04-30-2009, 08:26 AM
 
Location: Up above the world so high!
45,270 posts, read 88,310,401 times
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Quote:
Originally Posted by doubleblessings View Post
The thing is I did..I had 2 realtors who live in my neighborhood run comps and they came up with the price, not me. In fact, one told me I should price it for more.
These are my neighbors who live and work here. That's why I'm so confused.
Maybe it just is that these other folks weren't meant to own this house.
Very interesting...were you able to speak to this appraiser yourself? Would LOVE to know how he came to his price, what his reasoning was.
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Old 04-30-2009, 08:29 AM
 
80 posts, read 217,063 times
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I tried calling but he didn't answer.

Do you see why I'm confused and a little angry. I know people come on here and it's hard because they are prideful of their home, I totally get that. I've owned 5 homes already and I'm only 32..I know how it goes. I really think this is a case of an appraiser not knowing how to do his job.
And now that deal is dead...which thankfully I have others interested, but still what a pain...
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Old 04-30-2009, 08:36 AM
 
Location: Up above the world so high!
45,270 posts, read 88,310,401 times
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Quote:
Originally Posted by doubleblessings View Post
I tried calling but he didn't answer.

Do you see why I'm confused and a little angry. I know people come on here and it's hard because they are prideful of their home, I totally get that. I've owned 5 homes already and I'm only 32..I know how it goes. I really think this is a case of an appraiser not knowing how to do his job.
And now that deal is dead...which thankfully I have others interested, but still what a pain...
Please keep us posted - would love to hear how it all works out for you. Good luck!
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Old 04-30-2009, 08:43 AM
 
1,039 posts, read 2,666,470 times
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Quote:
Originally Posted by doubleblessings View Post
I tried calling but he didn't answer.

Do you see why I'm confused and a little angry. I know people come on here and it's hard because they are prideful of their home, I totally get that. I've owned 5 homes already and I'm only 32..I know how it goes. I really think this is a case of an appraiser not knowing how to do his job.
And now that deal is dead...which thankfully I have others interested, but still what a pain...

You definitely have my sympathies on your current situation. I do think some appraisers are very scared to over appraise and are over compensating. Try to put that behind you and see what happens with the new offer. If it happens again with a completely different appraiser it would be time to meet with the appraiser and have them walk you through their comps. I can't imagine that you are over priced if you have gotten 3 offers in this horrible market so quickly. Please give us an update.

Also if the new appraisal comes in at an appropriate amount you may want to file a complaint with the bank. To think this appraiser is making this market even more difficult for people trying to sell their homes, is horrible. If he is wrong he needs to know it and adjust his process. GOOD LUCK!!!!
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