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I would suggest that you discuss this issue with the appraiser when he/she calls to make the appointment so they can research for the correct comps. I can't count the times I've gone out to appraise what public record says is a 1,500 sf house only to find that it's been scraped and is now a 3,000 sf house. I've got all the wrong comps and I have to come back to shoot the correct ones. I always think, "Ya know, you could have mentioned this when I called you". BTW, we are REQUIRED to photograph every comp in person.
Thanks - I will definitely mention this to them beforehand.
The house across the street from me that has no utilities has been vacant for almost 8 years. It was in some kind of legal limbo with the bank for a while. Just a few weeks ago it was sold at an auction, and now it's on the "regular market". No work has been done on it, but from what I understand, it needs to be gutted.
Is it likely this would bring down my appraisal? Or will it not even be taken into account?
of course, if there's a large number of crappy houses in your neighborhood, then that's going to lower your value anyway.
you're free to provide something in writing to the appraiser about these other 3 houses that represents information that you KNOW, not what you think or what you've heard.
Follow up question to this, given the info I've shared so far... The bank is giving me the option of getting a broker price opinion rather than a traditional appraisal. Is one more likely than the other to work in my favor? I've never had this done before. Thanks.
Follow up question to this, given the info I've shared so far... The bank is giving me the option of getting a broker price opinion rather than a traditional appraisal. Is one more likely than the other to work in my favor? I've never had this done before. Thanks.
I would think a BPO could be more favorable. Agents have, very few (if any) restrictions on what they can use, and ignore. Appraisers have much more strict rules and guidelines.
It may be possible to request a full appraisal if you don't agree with the BPO. And, I wouldn't think it possible to go the other way and use a BPO to override an appraisal. It may give you a second option for getting the value you need.
Thanks Diana. How do they know what the condition was of the home at the time of the sale? Is there some sort of indicator on MLS, etc that show it was sold in a certain condition?
Yes. MLS will describe the condition and will have photos. Additionally, the appraiser should contact the listing agent and verify the condition of the sale.
Fixer uppers should not be used as comparables for a house in superior condition. However, there are areas where recent comparable sales are not available in which case the appraiser may decide to use the fixer uppers with an extensive explanation.
Follow up question to this, given the info I've shared so far... The bank is giving me the option of getting a broker price opinion rather than a traditional appraisal. Is one more likely than the other to work in my favor? I've never had this done before. Thanks.
Is there a significant price consideration in choosing one over the other in your area?
What is the price you're being quoted for each service?
These days you can usually look at the photos on a listing and tell if it has been updated or not.
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BTW, we are REQUIRED to photograph every comp in person.
