Help with my appraisal dispute

[Zoe]

Makes no difference. The lender is the client of the appraiser and the lender is your lender. You need to address these issues through your lender. The lender will address your concerns with the appraiser.

 

[djd09]

if all comparables have finished basements...the difference is minimal

 

[Zoe]

Since we are getting personal. Was AMC involved? How much did you pay for this appraisal on your truth in lending disclosure?

Ask appraiser and lender how much appraiser was paid?

 

[Joe Flacco]

I don't know the scope of the renovation or the location differences in that market, but what is obvious to me is that comparable two is a better condition house than comparables one and three. Comparable two looks like it was probably remodeled less than five years ago and comparable one looks like it was last remodeled 20+ years ago.

I don't know what the $510k location adjustment to comparable two is for, but that is a big adjustment when the value of the subject site is $190,000. That adjustment would imply that the value of the lot for comparable two is $700k based on the subject's site value of $190k.

 

[savageinvestor]

I understand that they aren’t

I do have a a question just out of curiosity. Your buying this property and appraisal came in lower than purchase price. Have you already closed on the house and already have copy of appraisal or do you have copy of appraisal before the transaction (sale) was closed?

no I’m still in buying process.

 

[savageinvestor]

I understand that they aren’t

no I’m still in buying process.

Not sure why the “ I understand that they aren’t” posted there. Sorry about that.

 

[savageinvestor]

Since we are getting personal. Was AMC involved? How much did you pay for this appraisal on your truth in lending disclosure?

Ask appraiser and lender how much appraiser was paid?

I paid $750 to the lender. Not AMC

 

[Charles West]

Man, that is a big bite from the Tootsie Roll, but what do I know as a CA booboo? I used to tackle 1,000 sf to 1,900 sf, admittedly as a one-man operation, but 9,000? With a hard-money loan? Do you have a crew, and most importantly, from my viewpoint, have you done this a couple of times already?

 

[Joe Flacco]

Of course he is using subs. If the numbers don't work without you doing the labor then it's not worth doing.

 

[savageinvestor]

Appraised as is or "as proposed"? I work the NE OK area. Assuming a finished basement, perhaps it is low, maybe not. I can readily say that the issue I see is the AGE. It was built in 1977. So, costs seem to be in line with what I have got for Grand Lake houses. Without actually valuing the property myself, I'd be reluctant to contest the appraisers opinion.

All of the comps used are older than the subject property