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Old 06-01-2011, 12:07 AM
 
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I was curious to know, how do lender appraisers calculate the value of house ?

what are important factors that can affect the value of house ?
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Old 06-01-2011, 05:34 AM
 
Location: OK
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This is a loaded question because there are so many factors. But the following are important: condition, upgrades, quality of construction. These are just a few.

Is there a particular area of concern we could address?
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Old 06-01-2011, 05:35 AM
 
Location: MID ATLANTIC
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It's really not that simple to provide a Reader's Digest answer, but here's an attempt at the short answer. It depends upon the type of appraisal, but for a real estate transaction, the bank is looking for market value and the property's marketability. Market value is determined by what comparable properties have sold for, demonstrating current demand. Marketability is determined by the condition of the home and contributing factors.

Perhaps the Fannie appraisal form will lend some more insight: https://www.efanniemae.com/sf/formsd...trans/1004.pdf
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Old 06-01-2011, 08:28 AM
 
Location: Plano, Texas
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sometimes i feel they just guess.
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Old 06-01-2011, 08:55 AM
 
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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 ?
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Old 06-01-2011, 08:56 AM
 
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SWAG

Plus, I have a handy dart board in my office when I can't decide.
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Old 06-01-2011, 10:24 PM
 
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Quote:
Originally Posted by phoenix_new View Post
I was curious to know, how do lender appraisers calculate the value of house ?

what are important factors that can affect the value of house ?
Comparable sales within the last 6 months within a mile of your home. Ceramic tiles, marble counters, inground pool are things that help, but at the end of your area cannot support it extras mean nothing
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Old 06-02-2011, 06:24 AM
 
Location: Austin
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Quote:
Originally Posted by phoenix_new View Post
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 ?
If the appraiser is doing a full appriasal and not just a "drive by", they will measure the house. Measuring the house is not an exact science as 5 different people will come up with 5 different measurements, but they should all be fairly close.
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Old 06-02-2011, 06:41 AM
 
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Quote:
Originally Posted by bookersnook View Post
Comparable sales within the last 6 months within a mile of your home. Ceramic tiles, marble counters, inground pool are things that help, but at the end of your area cannot support it extras mean nothing
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.
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Old 06-02-2011, 08:57 AM
 
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Quote:
Originally Posted by ColbyInFallston View Post
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.
I've seen appraisals done when the best comparables were 20 miles away or more. And the value was well supported. The key is finding a property in a similar enough area where reasonable comparisons to the subject can be made.
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