[strato58]

I appraise in NJ but is seems to me that there is nothing easier than working in LV...most everything is a tract home. Lots of cookie cutters. Here in NJ that is not the case. Remember underwriters (at least in this part of the country) are difficult these days. No longer can you slap 3 closings on a 1004 and sent it through. These reports are gone over with a fine tooth comb. Again I use 6 comparables on every report. Value has to be strongly supported. Its either there or its not. Don't think you can use positive time adjusments...unless they accept them in your market. That's just ballooning values that are not supportable.
PS adjustments for differences in homes are not set in stone. They are however suppose to be supported by paired sales. So I assume IVOC is a realtor and is use to doing CMA's...but they are noting like a real appraisal report. If your buying good luck but I would not chase unsupportable increasing values. Doesn't anyone remember what just happened in this market???? WOW

[lvoc]

Originally Posted by strato58

Appraisers are not trying to kill deals. Ive been full time appraising for 30 years. You need to support value with a minimum of 4 closings plus active and under contracts. Underwriters will not use the active listings and under contracts as primary support that has to come from closed sales. Anyone that pays out of pocket for the difference between appraised value and sale price has more money that brains. You are supporting the bubble.

Ohhh?

Pass the grain of salt. I don't sell it over an appraisal and then I do sell it for cash. I have been through far to many of these. You guys shoot behind the duck in a rising market Sure you have 4 comps...selected from perhaps 15. You set the price when you pick em. I have seen more than a couple of appraisals where the obvious comps were not there.

And I have two appraisals on the same house last year 30K apart in the same 90 days period. Under 200K house.

I don't believe appraiser are on the take on any such nonsense. I do believe they respond to their customer base which is not the buyer or seller.

[strato58]

Originally Posted by lvoc

You have to get over the belief that an appraisal tells you what market value is. It tells you what a bank is willing to finance for whatever kind of buyer present. But that is not what the home is worth on the open market. Whenever you get a sharply rising market the appraisers always shoot behind the duck. And there is substantial bank pressure on them to do so. They do value pools...generally 20 to 30 percent of what they cost.

So being prepared to go a few percent over appraisal is likely wise and is not overpaying.

WHAT? what type of advise is this? The appraisal is current market value as of the effective date of the appraisal. You are dangerous to purchasers! THERE IS NO SHOOTING BEHIND THE DUCK AND THERE IS NO BANK PRESSURE TO DO SO. YOU HAVE NO IDEA WHAT YOU ARE TALKING ABOUT!! APPRAISER NO LONGER HAVE ANY CONTACT WITH BANKS DIRECTLY. THIS ALL CHANGED AFTER THE CRASH SO THERE WOULD BE NO PRESSURE ON THE APPRAISER AND THE PRESSURE IS IN THE UP DIRECTION NOT DOWN. I HOPE YOUR NOT A LICENSED REALTOR.

[strato58]

Im sorry but you need to stick to your business and not pretend to understand what others do. This type of advise really bends me out of shape quickly. If you want to become an appraiser get your 2000 hrs of experience and do it. Other than that don't tell people of what you do not know

[strato58]

Originally Posted by lvoc

Ohhh?

Pass the grain of salt. I don't sell it over an appraisal and then I do sell it for cash. I have been through far to many of these. You guys shoot behind the duck in a rising market Sure you have 4 comps...selected from perhaps 15. You set the price when you pick em. I have seen more than a couple of appraisals where the obvious comps were not there.

And I have two appraisals on the same house last year 30K apart in the same 90 days period. Under 200K house.

I don't believe appraiser are on the take on any such nonsense. I do believe they respond to their customer base which is not the buyer or seller.

Once again anyone that listens to you is in trouble. Respond to their customer base? Again there is no contact directly with the lender in any form or fashion. You really are lost but continue to give advise. Shoot behind the duck? WOW you are way out of wack..I guess after 30 years of this I don't know and you do.

[Raiderman]

Out of curiosity, as this is a Las Vegas forum, might the market differ than the one you live and work in 3000 miles away? I would tend to believe what LVOC says, as he lives and works in the real estate market HERE.

[lvoc]

Originally Posted by strato58

Once again anyone that listens to you is in trouble. Respond to their customer base? Again there is no contact directly with the lender in any form or fashion. You really are lost but continue to give advise. Shoot behind the duck? WOW you are way out of wack..I guess after 30 years of this I don't know and you do.

ON this subject I am at least as expert as you. And I do not have a vested interest. YOu are in there working the process but you have no real feeling for how your industry is led.

Well over half the houses now listed will not take FHA or VA financing. I know why that is. You should too. And probably half the rest will demand a waiver of the appraisal clause of you are using conventional financing.

Face it. We all know we can sell above appraisal. So you are not reflecting the market accurately.

I just let a seller accept a conventional offer. But that was because we dropped the price to fire sale level for that house to get her a quick sale. If she had the time and inclination we would have listed 15K higher and would have blocked an appraisal contingency. .

[strato58]

Inground pools (not personal property) are considered in the appraised value. Generally the cost of the pool is not fully returned due to functional depreciation. In NJ more people don't want them then do. I would think in the LV climate a good percentage of the pools cost is returned in the market but as you can tell by the comments in this thread some want them and some don't.





Who told you this? Pools are always included in the appraisal. Not the full cost of the pool, but part of it.[/quote][/quote]

[strato58]

Originally Posted by lvoc

ON this subject I am at least as expert as you. And I do not have a vested interest. YOu are in there working the process but you have no real feeling for how your industry is led.

Well over half the houses now listed will not take FHA or VA financing. I know why that is. You should too. And probably half the rest will demand a waiver of the appraisal clause of you are using conventional financing.

Face it. We all know we can sell above appraisal. So you are not reflecting the market accurately.

I just let a seller accept a conventional offer. But that was because we dropped the price to fire sale level for that house to get her a quick sale. If she had the time and inclination we would have listed 15K higher and would have blocked an appraisal contingency. .

As an appraiser I am not an expert in your marketplace because im in NJ. But I do know some of the things you have posted are 100% incorrect. For that, as a professional I ask you to watch what you post. Appraisals are market value not what the lender wants to lend on...amongst other inaccuracies you have posted...too numerous to go over here. Best to you but more importantly best to prospective purchasers. I recommend they contact an appraiser in their local market to find out if they are getting hosed.

[lvoc]

Originally Posted by strato58

As an appraiser I am not an expert in your marketplace because im in NJ. But I do know some of the things you have posted are 100% incorrect. For that, as a professional I ask you to watch what you post. Appraisals are market value not what the lender wants to lend on...amongst other inaccuracies you have posted...too numerous to go over here. Best to you but more importantly best to prospective purchasers. I recommend they contact an appraiser in their local market to find out if they are getting hosed.

Well OK - Just let us make it clear so you do not screw up the local buyers. There is a very large probability that you will have to pay more than the appraisal to buy a home in Las Vegas.

The NJ Appraiser and I may differ on the reason...but it is fact.

In the good old days it used to be possible to beat most sellers down to the appraisal price. That seldom works here nowadays. Sometimes you may be able to negotiate something in between...but mostly the sellers put it back on the market where it was.