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Old 04-30-2009, 05:33 AM
 
80 posts, read 217,035 times
Reputation: 94

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I won't go into the long story of our situation but it boils down to this:
We talked about selling our home and I told a realtor friend, she brought a client by to look at it, that same day another couple came to look because the day before I put the house on craigslist and they saw it.
BOTH buyers put offers in for full price and over full price.

We accepted a contract and they had the house appraised. Now, I know most people take great pride in their homes but I keep a close pulse on the real estate market in our area(mostly because I enjoy doing that) So I'm aware of every home that has been bought or sold in my area in the last year(what it looks like, how much they asked vs. received, etc)
Anyway, my home has been almost completely updated: A new kitchen designed by a kitchen designer with silestone countertops, custom made cabinets and with new Kenmore Elite appliances(we paid 6K for them), a new roof, new gutters,new Pex plumbing, all new Electrical throughout the house, refinished wood floors, new lighting, a new picket fence surrounding the property,etc, etc. the list could go on but I'm not trying to sell my house here. We live in a 1940's bungalow near downtown Concord.
Anyway, the appraiser came out and looked at my house(he apparantly appraised it when the previous owner bought it years ago) The appraisal came back 29k less than what both people had tried to buy my house for!!
29K!! My house was only $215,000 we are not talking about a luxury home here. Anyway, they submitted the comps to me and all the comps were sold at a much higher persqft price than mine and not one home was updated AT ALL. Why would my home that has been updated come back at such a lower per sq ft price than homes that were sold recently when mine has been updated? I really think this was unfair..what should I do? Of course, the buyer isn't going to buy the house now and they believe their realtor that they shouldn't get another appraisal. I do have that other buyer but I hate to go thru the hassel again. Obviously, I didn't pay for the appraisal but in losing this deal he is taking a sale away from me. Is there anything I can do?
If I got another appraisal from someone else and it came back and what we were thinking, can I take any action against this other appraiser?
Thanks for reading this I know it's long and thanks for any advice you can give me!
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Old 04-30-2009, 05:55 AM
 
80 posts, read 217,035 times
Reputation: 94
Just to add to that as well, the appraiser mentioned to the realtor that his appraisal was above what I purchased the house for.
Why would he take into acct. what I paid for the house?
Shouldn't it just be based on what the house is worth now, not what kindof profit he thinks is fair I should make?
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Old 04-30-2009, 06:20 AM
 
575 posts, read 1,349,821 times
Reputation: 420
Answer: Never have the nicest/most expensive house on the block.
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Old 04-30-2009, 06:24 AM
 
80 posts, read 217,035 times
Reputation: 94
I don't have the nicest on the block. I live near the historic distric and their are homes on my street that range from small bungalows to very large 4000 sq. ft homes...
The problem I'm facing is that he didn't even give my house the same sq. ft price that he gave the other homes that didn't have any work done, he gave my home considerably less. If he even prices my home at the same per sq.ft I would have been o.k., but less? That just doesn't make sense.
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Old 04-30-2009, 06:29 AM
 
Location: The place where the road & the sky collide
21,854 posts, read 27,128,289 times
Reputation: 8923
Quote:
Originally Posted by doubleblessings View Post
I won't go into the long story of our situation but it boils down to this:
We talked about selling our home and I told a realtor friend, she brought a client by to look at it, that same day another couple came to look because the day before I put the house on craigslist and they saw it.
BOTH buyers put offers in for full price and over full price.

We accepted a contract and they had the house appraised. Now, I know most people take great pride in their homes but I keep a close pulse on the real estate market in our area(mostly because I enjoy doing that) So I'm aware of every home that has been bought or sold in my area in the last year(what it looks like, how much they asked vs. received, etc)
Anyway, my home has been almost completely updated: A new kitchen designed by a kitchen designer with silestone countertops, custom made cabinets and with new Kenmore Elite appliances(we paid 6K for them), a new roof, new gutters,new Pex plumbing, all new Electrical throughout the house, refinished wood floors, new lighting, a new picket fence surrounding the property,etc, etc. the list could go on but I'm not trying to sell my house here. We live in a 1940's bungalow near downtown Concord.
Anyway, the appraiser came out and looked at my house(he apparantly appraised it when the previous owner bought it years ago) The appraisal came back 29k less than what both people had tried to buy my house for!!
29K!! My house was only $215,000 we are not talking about a luxury home here. Anyway, they submitted the comps to me and all the comps were sold at a much higher persqft price than mine and not one home was updated AT ALL. Why would my home that has been updated come back at such a lower per sq ft price than homes that were sold recently when mine has been updated? I really think this was unfair..what should I do? Of course, the buyer isn't going to buy the house now and they believe their realtor that they shouldn't get another appraisal. I do have that other buyer but I hate to go thru the hassel again. Obviously, I didn't pay for the appraisal but in losing this deal he is taking a sale away from me. Is there anything I can do?
If I got another appraisal from someone else and it came back and what we were thinking, can I take any action against this other appraiser?
Thanks for reading this I know it's long and thanks for any advice you can give me!
If they paid for the appraiser, he's working for them.
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Old 04-30-2009, 06:43 AM
 
Location: Wouldn't you like to know?
9,114 posts, read 15,638,426 times
Reputation: 3689
I'm not trying to be mean or confrontational, but we are only getting 1 side of the story. We do not know all the reasons why your home was appraised less than what you thought it should be. We only know your OPINION.

You may not like what you heard from the appraiser, or are not giving us the full story...(or as the previous poster said, you didn't factor in who the appraiser works for as part of the reason)

which is it?

This has happened many, many times on here before where people ask for advice w/o giving the whole story.....

Just my experience dealing w/this....
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Old 04-30-2009, 07:21 AM
 
Location: Mostly in my head
19,813 posts, read 55,762,637 times
Reputation: 18988
When I sold my last house, the appraiser measured wrong, per the appraisel I had done to buy it. So I paid for another appraisel, which had the "correct" sq footage. The buyers went through with the purchase.

You can always pay for another appraisel and sometimes it is worth it.
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Old 04-30-2009, 07:26 AM
 
50 posts, read 121,638 times
Reputation: 36
How long ago did the other homes sell? These days comps are only good a few weeks out. I'd suggest you pay for an appraisal before you go forward with trying to sell your home.
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Old 04-30-2009, 07:29 AM
 
80 posts, read 217,035 times
Reputation: 94
Coupon Jack-I agree those things are my opinion.
But the facts are I didn't even list my house(except for 1 day on craigslist) and I had 2 offers the next day for full price and over full price. To me, that seems like my house was fairly priced based on what the market could bear.
My opinions on my upgrades are just my opinions but you can't negate, esp in the market today that that is quite unusual. Another house right up the street last week put a sign in the yard and that night was under contract. If the house is priced right for the area here in downtown and it's not falling apart, they sell quickly.
And even if I didn't put any upgrades and didn't replace the roof wouldn't I then be comparble to those comps and at least get the same sq. price as those, not less?
Thoughts?
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Old 04-30-2009, 07:55 AM
 
80 posts, read 217,035 times
Reputation: 94
Well..looks like it doesn't matter at this point. Apparantly, We are getting another offer today so I'll see what that appraisal goes for.(-:
Thanks for the replys
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