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Old 03-03-2009, 06:16 AM
 
Location: Pawnee Nation
7,525 posts, read 14,549,525 times
Reputation: 7001

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Quote:
Originally Posted by jctx View Post
How common is it for an appraisal to come in significantly higher than the loan amount?
I rarely hit the loan amount. It is higher as often as it is lower.

Quote:
Originally Posted by jctx View Post
Do appraisers always know what the loan amount is in advance?
No.....we have to have the sales contract to review for concessions, but actual loan amounts are irrelevant to our process.

Quote:
Originally Posted by jctx View Post
How common is it for a purchaser of a resale home to hire an independant appraiser?
Rarely......which is really kind of sad.....a lot of people underwater would not be there if they had had a clear idea of the actual value of their house or investment.

Quote:
Originally Posted by jctx View Post
Can the independant inspector help give the purchasers any insight into the value of the home outside of what areas of the home need some repair, can they give an estimate on the cost of these things in their report?
I'm not an inspector, I'm an appraiser. But if I had things identified as a problem I would get a contractor specializing in that area to provide me with a quote. If your inspector knows roofing prices, do you expect him to also know AC or Plumbing or Foundation jacking?
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Old 03-03-2009, 06:32 AM
 
596 posts, read 2,495,609 times
Reputation: 201
Goodpasture, the part about the inspector not knowing the cost of repairs for various areas of the home seems logical, I was just hopeful.

So ultimately, whatever negative items an inspector comes back with on a home, purchasers need to hire that type of servicer to provide an estimate on the cost of repairs? That seems very expensive as I'm sure there could be a variety of servicers that may need to be hired for estimates...unless they do this for free in hopes that they are hired for the repairs. And these issues are only good for negotiating down the price, right?
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Old 03-03-2009, 07:51 AM
 
Location: Independence, MO
544 posts, read 1,994,126 times
Reputation: 381
Appraisers and realtors check out what other homes in the area are selling for also.
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