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What is the normal time range for comps? Seems they would have to adjust the older one upward to reflect current market conditions.
Well... It depends on the appraiser and the underwriter.
Appraiser has to defend the basis of their opinion of value, and may want firm comps to avoid grilling by a zealous UW over market assumptions.
And, not all underwriters are working the local market.
I'd say over half the homes here are not appraising for the sales price right now. It seems ridiculous to me that when the market is getting multiple over asking price offers in 2 days, that an appraiser would think market value is less than asking price. And that some appraisers use comps from last August, when there are numerous recent comps from last 3 months.
I saw the report. Very few comps in that area. The most recent comp closed in December which means they bought it Octoberish. It was in the same building and sold for 315. I had a feeling that one was going to get us. She came down 9000 so I m actually happy the appraisal came in low now. It means I have to put down and extra 6000 but the loan will be 15000 less. All good.
It seems ridiculous to me that when the market is getting multiple over asking price offers in 2 days,
that an appraiser would think market value is less than asking price.
That sort of thinking is just wht the agents and sellers are counting on.
your agent should be at the home during the appraisal to answer any questions
Not really, unless the agent can be quiet and respectful.
Too many agents don't have those skills in their toolboxes.
Wanna see a deal go down the tubes? Let an appraiser think an agent from either side is there to tell them how to properly do their appraisal job, to interfere, to influence, etc.
Not really, unless the agent can be quiet and respectful.
Too many agents don't have those skills in their toolboxes.
Wanna see a deal go down the tubes? Let an appraiser think an agent from either side is there to tell them how to properly do their appraisal job, to interfere, to influence, etc.
I am assuming that providing information such as the number of offers the number close to the final asking price should be information that the realtor would be providing to the appraiser. If someone has 20 offers and of those 20 offer say half are within 1% (or less given the price point of the house) of the contract price, I would hope that would have some influence.
I am assuming that providing information such as the number of offers the number close to the final asking price should be information that the realtor would be providing to the appraiser. If someone has 20 offers and of those 20 offer say half are within 1% (or less given the price point of the house) of the contract price, I would hope that would have some influence.
1. Confidential information I would not share.
Because...
2. Any qualified appraiser can tell you there is more to a contract or offer than the price. The terms matter, too.
If the appraisers don't get the written offers in full, the offer price is irrelevant, and anyway confidential. Who is to say any of them would be closed sales to use for comps?
1. Confidential information I would not share.
Because...
2. Any qualified appraiser can tell you there is more to a contract or offer than the price. The terms matter, too.
If the appraisers don't get the written offers in full, the offer price is irrelevant, and anyway confidential. Who is to say any of them would be closed sales to use for comps?
Yeah, we weren't the only 340 offer. This house will close for 331. Im sure there will be a few people who bid on this house scratching their heads. I noticed one of the house we lost closed for slightly less than our offer. It was an older house so maybe that was inspection related give back.
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