Home Appraisal question (Nassau: sale, assessor, lenders)

[modmondays]

Home Appraisal question:

does the home appraiser take into account the posted "Fair Market Values" or other specific "Comp information" that the Nassau Cty. Tax Assessor records and posts on mynassauproperty.com?

I would assume that they would take it into account in order to gauge what other assessors are thinking about the property as well?

Thanks

[jshlee]

That's a tough question to answer since I don't think appraisers disclose that. From looking at two appraisals I had to do when I bought last year because of switching lenders, they didn't "copy" what mynassauproperty.com uses. In fact, they both had different appraisal numbers, and used only 1 overlapping comparable since it was a near direct comparable to the house I bought during the same time period. Other then that, every other comparable wasn't exactly simular. What they all do, including mynassauproperty.com was basically use whatever nearby sale, and normalize the sale price. Very subjective, but I guess there is a science to it. The highly subjective part was which property they used to normalize.

[modmondays]

thanks.

I was wondering whether the appraisers that work the comps and fair market values for mynassauproperty are using basically the same "methodologies" and such as bank appraisers? Essentially what I am trying to figure out is whether the county appraiser's work is generally in-line with the methodology of independent bank appraisers and thus "relatively" apples-to-apples...???

[Back 2 the Midwest]

They are supposed to take all fair market values into account. Some appraisers won't give fair value and won't use comps that sell a certain number for no reason at all. That is how James Becker bagged me in our deal. The guy is clueless. Watch out for him