3rd bedroom - worth $100k or $20k

[Tom D]

not being a lender loan, the appraisers could look back and go as far as needed to find an verifiable adjustment.
but, having been a r.e. broker before being an appraiser i would suggest you call several r.e. offices in the area and tell them yous are thinking about selling. see what 3 seperate r.e. agents come up with. it's free and it may help, or more confuse. but it's free and it's an agent job to know values also.

 

[Fernando]

not being a lender loan, the appraisers could look back and go as far as needed to find an verifiable adjustment.
but, having been a r.e. broker before being an appraiser i would suggest you call several r.e. offices in the area and tell them yous are thinking about selling. see what 3 seperate r.e. agents come up with. it's free and it may help, or more confuse. but it's free and it's an agent job to know values also.

When there's no recent 3 bedrm units for sale in subject's complex, I would go back in time and see how much a 3 bedrm and 2 bedrm unit differ in price.
It's a starting point for a base line to think like a computer model using data points from the past.

 

[Tom D]

you are talking appraiser tech lingo to a pedestrian asked question. you think that gave them any answer other than a duh, what is he saying. i at least gave them another option that possible could help. why couldn't a realtor at least inform them about their 3 bedroom marketability. i'm using them for support, or direction. fernando i bet your wife gives you her opinion of which you might consider as support of your opinion, or not.
poster, unfortunately, it is always hard to appraise the nicest, or biggest, in any area. the question is how far would it go above the 2 bedroom high, or why it wouldn't, for what reason. maybe a local realtor might help in addition.

 

[Fernando]

you are talking appraiser tech lingo to a pedestrian asked question. you think that gave them any answer other than a duh, what is he saying. i at least gave them another option that possible could help. why couldn't a realtor at least inform them about their 3 bedroom marketability. i'm using them for support, or direction. fernando i bet your wife gives you her opinion of which you might consider as support of your opinion, or not.
poster, unfortunately, it is always hard to appraise the nicest, or biggest, in any area. the question is how far would it go above the 2 bedroom high, or why it wouldn't, for what reason. maybe a local realtor might help in addition.

You're right. The appraiser has his/her reasons for the adjustments. I don't like to criticize other appraisers reports because each appraiser has their way of doing things.
I hope to give advice so other appraisers can do a better job in assuring and convincing reader of the report of a well thought out appraisal.

 

[Tom D]

you are right also king. but, i think that there are too many appraisers who don't, or won't, explain the difficulty of some properties to the owner.
i just did one for a listing price, 2 family in zombie land neighborhood. i explained why it was very difficult and what i did to figure it out. by talking to the realtor i made her smarter, instead of just giving a number. i now have another fan of my talents.

 

[Fernando]

Whenever I know there will be a second appraisal, I make sure my report is "better" not just in terms of accuracy but in reading the report.
Whenever there are two appraisals for reader to review, they will be different because appraisers have own style and technique in adjusting and choosing comps.
Although some differences, the appraised values should be within closer range.

 

[CGinMN]

If you have a 1500sf 2 bedroom beachfront condo, and an otherwise similar 1500sf 3 bedroom condo, the difference in the market might just be a matter of preference. A bedroom adjustment might not even be supported. The GLA adjustment, view, floor, unit variation, quality, etc. are often going to be more important. But if they’re using < $100/sf on a $700+/sf condo, I don’t have much confidence in the other adjustments.

 

[Tom D]

i tell invesrors don't buy the biggest or nicest or best property because what do you compare it to, to set a value. we just came thru an abundance of sales to a big slowdown of data. so, i go with the capitalizing of the extra 3rd bedroom rental income which can give a current value.
you can also looking at the last 5 years increase % get an increas from the previous 3 bedroom sale. but now you have to take into account the higher interest rate affect. also, a concern in the insurance costs now. have that greatly increased to affect the debt ratio. now if you figure out both, or one of them, to a good confidence level. sad to say, the quality of appraisers can vary, just like in other professions.