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Thanks for all the replies which are almost clear as mud.We'll still be able to purchase the vacation home if nothing changes. It would be nice if another house wasn't on our appraisal ,besides the other inaccuracies.My broker has another appraiser working on comps this weekend.We're in an agriculture based county even though alot of subdivisions are popping up.
We're under contract on the other property at an agreed to price. If anything changes I'll update.Looks like you guys don't think I should hold my breath.Again thank you for a different perspective.
UPDATE-The appraiser reviewed the 2 comps sent in that were overlooked ,and refigured value.Not as much as we were hoping for,but a positive outcome none the less.Time to move forward .
Because of time, I closed escrow, I then found out a second apprisal was done and it was lower then the sale price. My down payment was large so it would cover the difference, that is why the Lender continue to close. Can I sue the Lender for failure to advise me of this?
Im going through a loan refi and had the appraisal done. I have put in an inground pool and a small apt that is fully liveable (wall unit heater and ac, shower and toilet, and small kitchenette) the total square footage is approx 175 sq ft. I had an appraisal done 2 yrs ago and it was $192k. I have researched the county assessor and they have my property (minus the pool and apt) at $194k. The appraisal last week was done for the refi and he came in the main house but wasnt even interested in going in the apt. I got the report from the bank today stating that my property came in at $195K. Here is my argument. It seems that the county typically undervalues the property here and my neighbors have refied in the past 6-9 months and have all been appraised from $188-205K all within 100 sq ft difference. None of them have a pool or an apt. So my argument is why would the appraiser only value my property at $1000 more than the county when the county hasnt even appraised my property with the new additions? Im really frustrated and dont know what to do. The bank has told me there is nothing I can do. Someone please help. Thanks in advance.
Because of time, I closed escrow, I then found out a second apprisal was done and it was lower then the sale price. My down payment was large so it would cover the difference, that is why the Lender continue to close. Can I sue the Lender for failure to advise me of this?
Why were there two appraisals done? And, more importantly, did you pay for both of the appraisals? If so, you were entitled to a copy of both upon request. The lender uses the lessor of the sales price or the appraised value. Your large down payment did not change the loan amount calculations. The real key here is: what did your contract state in regards to the appraisal? If your loan was an FHA loan, the lender was under obligation to use the lower of the two and you could have a case. If it was a conventional loan, you need to refer to your contract.
Im going through a loan refi and had the appraisal done. I have put in an inground pool and a small apt that is fully liveable (wall unit heater and ac, shower and toilet, and small kitchenette) the total square footage is approx 175 sq ft. I had an appraisal done 2 yrs ago and it was $192k. I have researched the county assessor and they have my property (minus the pool and apt) at $194k. The appraisal last week was done for the refi and he came in the main house but wasnt even interested in going in the apt. I got the report from the bank today stating that my property came in at $195K. Here is my argument. It seems that the county typically undervalues the property here and my neighbors have refied in the past 6-9 months and have all been appraised from $188-205K all within 100 sq ft difference. None of them have a pool or an apt. So my argument is why would the appraiser only value my property at $1000 more than the county when the county hasnt even appraised my property with the new additions? Im really frustrated and dont know what to do. The bank has told me there is nothing I can do. Someone please help. Thanks in advance.
It is impossible to comment on this because we don't know where you are located, what the zoning is etc etc.
What you could do is have the appraisal reviewed by a competent appraiser in your market.
If you like, send me the pdf of the report and I can review it for USPAP compliance. This is a service that we provide free of charge for the people on this board.
If the report is found to be not USPAP compliant you should have it reviewed, either by an appraiser you hire or by your state's appraiser board.
This is due to the new HVCC rules and regulations. The mortgage industry is trying to get this new regulation overturned and put on a 6 month suspension so the "experts" can review it. With HVCC you have appraisers not knowing the true value of a market and the Appraisal Management Companies are just using the appraisers who charge the least amount so they can keep the profits.
Im going through a loan refi and had the appraisal done. I have put in an inground pool and a small apt that is fully liveable (wall unit heater and ac, shower and toilet, and small kitchenette) the total square footage is approx 175 sq ft. I had an appraisal done 2 yrs ago and it was $192k. I have researched the county assessor and they have my property (minus the pool and apt) at $194k. The appraisal last week was done for the refi and he came in the main house but wasnt even interested in going in the apt. I got the report from the bank today stating that my property came in at $195K. Here is my argument. It seems that the county typically undervalues the property here and my neighbors have refied in the past 6-9 months and have all been appraised from $188-205K all within 100 sq ft difference. None of them have a pool or an apt. So my argument is why would the appraiser only value my property at $1000 more than the county when the county hasnt even appraised my property with the new additions? Im really frustrated and dont know what to do. The bank has told me there is nothing I can do. Someone please help. Thanks in advance.
First off, the assessor's value has zero to do with an appraisal. Secondly, depending on what market you are in a pool may not add much value. Third, as a fyi-having an apartment in your property may actually kill your deal if you are doing a secondary market loan (Fannie Freddie FHA). If none of the comps have an apartment how would the appraiser be able to put a value on it.
If your neighbors similarily sized homes are appraising for $188-$205k and yours came in at $195k it sounds about right. How much did the pool cost you? A 175 sq ft apartment probably doesn't add much (if any) value. Is is legal for you to have this apartment (permits & zoning)?
First off, the assessor's value has zero to do with an appraisal.
It was appraised for property tax purposes. It may or may not be close to market value.
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Secondly, depending on what market you are in a pool may not add much value
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True, but the pool should still be mentioned in the report.
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Third, as a fyi-having an apartment in your property may actually kill your deal if you are doing a secondary market loan (Fannie Freddie FHA).
Why is that?
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If none of the comps have an apartment how would the appraiser be able to put a value on it.
By either finding houses in competing neighborhoods that DO have apartments and/or by using other accepted appraisal practices to find the contributing value.
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How much did the pool cost you?
Why is that relevant?
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A 175 sq ft apartment probably doesn't add much (if any) value
This is due to the new HVCC rules and regulations. The mortgage industry is trying to get this new regulation overturned and put on a 6 month suspension so the "experts" can review it. With HVCC you have appraisers not knowing the true value of a market and the Appraisal Management Companies are just using the appraisers who charge the least amount so they can keep the profits.
The HVCC is bad for everybody involved and would not have been necessary to be implemented if the states would have just enforced USPAP.
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