$25,000 Adjustment for EV Charger

[Cob]

I saw something in an appraisal report yesterday that I have never seen before and that was a $25,000 adjustment made to 3 comparable sales because the subject proeprty (which has a $310,000 contract price) has an electric vehicle charger. From the appraisal photos it looks like a level 2 charger and the cost for install such a level 2 charger should be no more than $1500 ($3500 if a home's electrical panel also needs to be upgraded). Of course there was no explanation in the appraisal report of how the appraiser derived the amount of the adjustment. There was also a fourth "comparable" included in the report that also had an EV charger, but that supposed comp was useless since it literally had 3x the GLA of the subject property and was in superior, gated community.

Was this a review appraisal you "saw"????

 

[donademo1]

I use the 110 line in my garage. 110, 120, whatever it takes.

70K adjustment? That is one BS appraiser.

220 or 221 - whatever it takes

 

[Fernando]

I'm able to charge my Tesla with regular plug.
I have multiple gas cars so not reliant on Tesla. Overnight charge is sufficient for me.

 

[timd354]

Was this a review appraisal you "saw"????

No, it was the origination appraisal for a purchase that I saw.

 

[TC]

220 or 221 - whatever it takes

 

[Tom D]

The tesla is free, the charger is $25,000.

Did that adjustment somehow make the value match the sale price.

 

[timd354]

The tesla is free, the charger is $25,000.

Did that adjustment somehow make the value match the sale price.

You probably already know the answer to that question, lol. Needless to say, I declined to approve the appraisal and we did not insure that loan.