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We just had our house appraised and the appraiser didn't use two recent sales from our neighborhood. They were standard MLS, recorded, easy to find transactions. He completely missed them and used year old sales from a less desirable nearby neighborhood. The market has changed dramatically in the last year. Needless to say, we have contested our appraisal. This is two weeks ago and we're still waiting. Oh, and he was a no show for our original appointment. All that to say, if someone told me they were an appraiser I wouldn't automatically assume they know their stuff. No insult to the OP. It's just an observation from my experience.
I am very familiar with Idaho, and things are nuts there at the moment. Homes in any haphazard condition are selling at crazy prices (maybe your market is like this too right now!) just for people to get their feet within the state. I am sure the seller assumed their listing would be the same. This is part of their confusion. Why didn't theirs go in hours like everyone else's property?
In a normal market there is a lot wrong with this listing and it has been well covered here. For this market, I think it's exposure. Buyers aren't seeing their listing. The specific nature of the property would slow down the sale a bit, but not much if it was easy to find. Not that I think the advice here should go unheeded. We were going to sell recently. Our realtor said it would take a matter of hours to have an accepted offer. We still had professional pictures done. Always good to put your best food forward...
"We just had our house appraised and the appraiser didn't use two recent sales from our neighborhood. They were standard MLS, recorded, easy to find transactions. He completely missed them and used year old sales from a less desirable nearby neighborhood. The market has changed dramatically in the last year. Needless to say, we have contested our appraisal."
Interesting, Cdarocks. We refinanced our home in early 2020 during the bargain-basement-interest-rates bonanza, and our appraiser for the re-fi did the same thing. Ignored close/local comps.
In our case, our **next door neighbor's had just bought their house, and ours and theirs are comparable. Their purchase price was in the MLS and all that. The appraiser didn't use theirs as a comp!!! We still ended up close to what they purchased theirs for, but just weird (I thought) that he didn't use the next door neighbors. Same square footage, < > 4 acres like us, although we have horse rail fences and tube gates around most of the property and a four stall horse barn and next door neighbor doesn't! But then again, maybe the appraiser didn't use the neighbor because they aren't set up for horses?!
Worked out ok for the re-fi though because we had more than enough equity.
"We just had our house appraised and the appraiser didn't use two recent sales from our neighborhood. They were standard MLS, recorded, easy to find transactions. He completely missed them and used year old sales from a less desirable nearby neighborhood. The market has changed dramatically in the last year. Needless to say, we have contested our appraisal."
Interesting, Cdarocks. We refinanced our home in early 2020 during the bargain-basement-interest-rates bonanza, and our appraiser for the re-fi did the same thing. Ignored close/local comps.
In our case, our **next door neighbor's had just bought their house, and ours and theirs are comparable. Their purchase price was in the MLS and all that. The appraiser didn't use theirs as a comp!!! We still ended up close to what they purchased theirs for, but just weird (I thought) that he didn't use the next door neighbors. Same square footage, < > 4 acres like us, although we have horse rail fences and tube gates around most of the property and a four stall horse barn and next door neighbor doesn't! But then again, maybe the appraiser didn't use the neighbor because they aren't set up for horses?!
Worked out ok for the re-fi though because we had more than enough equity.
Do appraisers use data from listings at all or are they required to use verified data from legal documents to ascertain true sales figures? I would doubt that such data is compiled in real time, particularly with many governmental operations currently operating at pandemic related standards causing recent information to be unavailable.
Thanks for the suggestion! I just signed into realtor dot com a few days ago to see a friends possible new house that they are buying in Florida. After I googled this Idaho property, realtor is now sending me emails for new homes, changed prices, etc. in Idaho.
Can adblockers stop/filter certain emails? For example, I still want to get email and even some email from realtor dot com, but not email from realtor for Nampa, ID properties.
We just had our house appraised and the appraiser didn't use two recent sales from our neighborhood. They were standard MLS, recorded, easy to find transactions. He completely missed them and used year old sales from a less desirable nearby neighborhood. The market has changed dramatically in the last year. Needless to say, we have contested our appraisal. This is two weeks ago and we're still waiting. Oh, and he was a no show for our original appointment. All that to say, if someone told me they were an appraiser I wouldn't automatically assume they know their stuff. No insult to the OP. It's just an observation from my experience.
I am very familiar with Idaho, and things are nuts there at the moment. Homes in any haphazard condition are selling at crazy prices (maybe your market is like this too right now!) just for people to get their feet within the state. I am sure the seller assumed their listing would be the same. This is part of their confusion. Why didn't theirs go in hours like everyone else's property?
In a normal market there is a lot wrong with this listing and it has been well covered here. For this market, I think it's exposure. Buyers aren't seeing their listing. The specific nature of the property would slow down the sale a bit, but not much if it was easy to find. Not that I think the advice here should go unheeded. We were going to sell recently. Our realtor said it would take a matter of hours to have an accepted offer. We still had professional pictures done. Always good to put your best food forward...
I see the OP hasn’t responded since original post...
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