How do lender appraisers calculate value of house - Mortgages -Lenders, loans, financing, rates, foreclosures, short-sales, brokers, credit score, deed, lien, refinancing, borrowers - Page 2 - City-Data Forum

MrRational · 06-02-2011, 09:27 AM

before 1998 and the start of the boom... the traditional measures had more merit.
since then? not so much.

Annemieke Roell · 06-02-2011, 10:58 AM

Quote:

Originally Posted by phoenix_new

Is it possible for me or my realtor to ask lender appraiser to check certain things, for e.g to check whether actual square footage and in the records are the same ?

The square footage in the public records are rarel;y accurate, which is why the appraiser measures the house.

Annemieke Roell · 06-02-2011, 10:59 AM

Quote:

Originally Posted by bookersnook

Comparable sales within the last 6 months within a mile of your home.

That would be desirable but not absolutely necessary.

Annemieke Roell · 06-02-2011, 11:01 AM

Quote:

Originally Posted by ColbyInFallston

What if there aren't any? We put an offer in on a home yesterday (we have a buyer's agent) and even she was saying that the comps don't help. Only 3 houses sold in the last 6 months - none that were within a mile. The selling prices were $49,000, $136,525 and $362,890. None of these were actually comparable to this house, they were just the closest homes that sold.

Than the appraiser, if he/she is worth his/her salt, will go to competing neighborhoods and find sales that ARE comparable. And if that does not fit the lender's guidelines the Loan Officer needs to find another lender.