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Old 03-12-2010, 04:51 AM
 
Location: Charlotte, NC
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Our agent suggested to go to another lender and get another lender (his in house lender). So my husband went along with it to see what would happen. They ordered a 2nd appraisal and this 2nd appraisal came in 65K higher than the original appraisal. Is this normal/typical? Why such a significant difference?
I'm skeptical of this 2nd one.

Last edited by sheenie2000; 03-12-2010 at 05:07 AM..
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Old 03-12-2010, 05:41 AM
 
314 posts, read 445,650 times
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Quote:
Originally Posted by sheenie2000 View Post
Our agent suggested to go to another lender and get another lender (his in house lender). So my husband went along with it to see what would happen. They ordered a 2nd appraisal and this 2nd appraisal came in 65K higher than the original appraisal. Is this normal/typical? Why such a significant difference?
I'm skeptical of this 2nd one.
$65,000 differrence on a house priced 350-400K is quite a bit. I would ask to see both appraisals to see how in the world they are so far a part. Got to love REO's.
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Old 03-12-2010, 06:46 AM
 
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Originally Posted by mmoorecharlotte View Post
$65,000 differrence on a house priced 350-400K is quite a bit. I would ask to see both appraisals to see how in the world they are so far a part. Got to love REO's.

That is a huge difference almost double.
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Old 03-12-2010, 06:48 AM
 
Location: midwest transplant
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Was your first lender a broker and your second lender a bank?


Also, side by side, what are the differences?
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Old 03-12-2010, 06:50 AM
 
Location: South Charlotte
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They are completed by 3rd parties now and the lender's have no idea who is doing it or how to even contact them. I wouldn't worry about outside influence being the problem.

Two appriasals completed close to each other and on the same property most likely will always be different but for that large of a difference between the two that is odd.

It's YOUR appraisal so get a copy of it (in a hurry) and take a look at the comps they used.

Now you have 3 appraisals on the property if I'm not mistaken, right? Two that are above the purchase price and 1 below?

Also, I meant to tell you in the previous thread. The bank does have an appraisal but I'm familiar with the foreclosure process and they probably have at least 2 other "opinions of value" from real estate brokers that are supporting their list price or backing that appraisal value.
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Old 03-12-2010, 07:22 AM
 
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Is this for a refi or a purchase?

We refied this year and had an appraisal that came in so low we couldn't believe it. Then the lending bank turned around and LOWERED it even more! I don't know WHY the bank even required an appraisal if they intended to give their own (sight unseen too!)

I do realize our property is hard to appraise as it is unique, but the comps the guy chose to comp our house to were ridiculous! He lowballed and chose houses that were much smaller than ours and gave us $20 per sq. ft. additional, then chose houses with less than 1 acre and tagged on $10K per additional acre for our property!

Thankfully, we still qualified for the amount we wanted as we have 1/3 of our house paid for already, but still......I was quite upset by it all.

Dawn
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Old 03-12-2010, 07:36 AM
 
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Originally Posted by DawnW View Post
Is this for a refi or a purchase?

We refied this year and had an appraisal that came in so low we couldn't believe it. Then the lending bank turned around and LOWERED it even more! I don't know WHY the bank even required an appraisal if they intended to give their own (sight unseen too!)

I do realize our property is hard to appraise as it is unique, but the comps the guy chose to comp our house to were ridiculous! He lowballed and chose houses that were much smaller than ours and gave us $20 per sq. ft. additional, then chose houses with less than 1 acre and tagged on $10K per additional acre for our property!

Thankfully, we still qualified for the amount we wanted as we have 1/3 of our house paid for already, but still......I was quite upset by it all.

Dawn
I think the OP was continuing from the thread low appraisal. here is th thread //www.city-data.com/forum/charl...appraisal.html
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Old 03-12-2010, 07:40 AM
 
Location: Charlotte, NC
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I've seen both. The first appraiser had a lower adjustment for our basement 30k versus new appraisal used 40k. First one compared our home only to foreclosures. 2nd appraiser used a mixture of regular sale homes and foreclosures. But the second one compared our home to a home in a different subdivision (which is weird bc there are plenty of sold comps in ours). She also compared our home to homes on the golf course and custom homes which is in the same subdivision but on the other end. First appraiser was very detailed and thorough, though a little overdone in some aspects. He took pics of dirt on the outside exterior on the brick and said it was black mold. He also took pics of a small piece of wallpaper ripped and wrote wallpaper damage. I had to spend 300 bucks on a mold report to confirm it wasn't mold. The second appraiser had no pics like that. And wasn't as detailed. We asked the first appraiser b4 we got the 2nd one and asked y he didn't use the other comps which were higher he said our home is a tract home built with inferior quality and have typically sold less than the custom homes.
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Old 03-12-2010, 07:49 AM
 
Location: Union County
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Yeah, this gets confusing when it could have been continued in the other thread...

When they're basing these appraisals off square footage, which sqft do they use? Is it total overall or HLA? I always get confused looking at the MLS listing of "2900-3400 sqft"... I always take that to mean there's 500 sqft that isn't heated.

What really gets me is that discussion a while back where we had builders and realtors explaining how square footage calculations are usually way off and there's no oversight for what's put into MLS. That is really bad when the "value" boils down to sqft above everything else.
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Old 03-12-2010, 09:03 AM
 
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Originally Posted by MikeyKid View Post
Yeah, this gets confusing when it could have been continued in the other thread...

When they're basing these appraisals off square footage, which sqft do they use? Is it total overall or HLA? I always get confused looking at the MLS listing of "2900-3400 sqft"... I always take that to mean there's 500 sqft that isn't heated.

What really gets me is that discussion a while back where we had builders and realtors explaining how square footage calculations are usually way off and there's no oversight for what's put into MLS. That is really bad when the "value" boils down to sqft above everything else.

Agreed. I hate the range. Just give me total living space period. I can eliminate so many when that is done. I hate reading through to find out that it is not the size I want. I sunheated included as living space in the appraisal? I have never had a unheated space so I really do not know. I have had an unfinished room and bathroom. Can't remember if those were included, too long ago. I would think not.
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