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The appraiser just left our house. From the time she pulled in the driveway, to the time she left was exactly 12 minutes. She was inside the house taking photos for no more than 5 minutes, didn’t ask any questions at all about the many many improvements we’ve made in the 12 years we’ve lived here or the newness of the house’s systems. She didn’t measure anything. This a farm property with acreage and outbuildings, but she only drove her car to the barns and didn’t get out and go inside any of them. This doesn’t sound like a fair or thorough appraisal. If it comes in way low, what recourse do I have?
The "recourse" you have is your agent will have to do an appraisal challenge. The agent will send in his/her own comps and write in an email exactly what you just described, or you write it and your agent just copies it into the email stating, "this is first-hand observation from the seller who was present..."
They will review the information and get it redone with the appraiser, or get a new appraiser to do it correctly.
However, the buyer's credit and situation might have been good enough to where the lender only ordered a "drive-by" appraisal where all the other fluff isn't needed. Either way, if it comes in low, you point out what happened.
Wait and see what the report is. The appraiser may just have needed to check the information she had from other sources and unless something raised a red flag didn't need to dig deeply.
The appraiser just left our house. From the time she pulled in the driveway, to the time she left was exactly 12 minutes. She was inside the house taking photos for no more than 5 minutes, didn’t ask any questions at all about the many many improvements we’ve made in the 12 years we’ve lived here or the newness of the house’s systems. She didn’t measure anything. This a farm property with acreage and outbuildings, but she only drove her car to the barns and didn’t get out and go inside any of them. This doesn’t sound like a fair or thorough appraisal. If it comes in way low, what recourse do I have?
Just a couple of things to clarify.
Unless you have a 5000+ sf house, five minutes is enough to walk around and take photos. An average 3/2 house has 8 rooms, including bathrooms. Pick any room in your house and stand there looking at it for 30 seconds (set a timer).... It's a long time to look at walls, floors, and ceilings. The appraiser is looking for condition, upgrades and damages, she is not deciding if gramma's armoire will fit in the master bedroom or if little Billy or little Suzy will get the front bedroom. A few seconds for each room is sufficient. Even at 30 seconds a room, that would be four minutes for an average house.
It's very possible that she already has a list of improvements, either from MLS or the Realtor. Most appraisers have been in 1000's of homes, we don't need to be told that the wood, granite and stainless steel is not an original 1950's kitchen. We can also tell if a house has been well maintained.
If she came into the house, she should have measured. Are you sure she didn't when she was outside?
She probably should have entered the outbuildings, but not always necessary. It depends on the lender, loan, and location.
Don't assume it will come in low, just because she was quick. I have people frequently surprised how quick an appraisal can be done. I usually tell them that's a good thing, nice homes are quick, it's the rundown, poorly maintained house that takes the longest as they require a lot more notes and pics.
If it does come in low, your only recourse is to provide better comps that support the value.
The "recourse" you have is your agent will have to do an appraisal challenge. The agent will send in his/her own comps and write in an email exactly what you just described, or you write it and your agent just copies it into the email stating, "this is first-hand observation from the seller who was present..."
They will review the information and get it redone with the appraiser, or get a new appraiser to do it correctly.
However, the buyer's credit and situation might have been good enough to where the lender only ordered a "drive-by" appraisal where all the other fluff isn't needed. Either way, if it comes in low, you point out what happened.
Providing better comps that support the value is a good thing.
Criticizing the appraiser, not so much. Very doubtful any of the things mentioned would make the appraisal not credible (honestly, these type of complaints come off as sour grapes). The only one who can change the appraisal is the appraiser. Starting out with criticism does not make the appraiser amicable to changing comps to increase value.
It's very possible that she already has a list of improvements, either from MLS or the Realtor. Most appraisers have been in 1000's of homes, we don't need to be told that the wood, granite and stainless steel is not an original 1950's kitchen. We can also tell if a house has been well maintained.
She probably searched a lot of other property information before actually coming out. It's certainly available. Could easily be that her visit was simply to confirm a few things in person, not starting an indepth evaluation from scratch. When I've had my property appraised they brought a pile of information along, referred to it over and over, asked very few questions, glanced at things as if to verify what they already knew, and were done.
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Might turn out just fine.
