A Tale of Two Appraisals

[OSU Beavers]

Both appraisers had full plans and specs. My builder talked to both appraisers to discuss finish and features. ...


I emailed the second appraiser about his appraisal. He said that he used "the best comparable sales available" and that my home was overimproved for the area.


Thanks,
Tony

So what differs between the two appraisals? Did they use the same comparable sales? Did both comparable have sales of homes that were bigger/better and smaller/lesser than your home? Are the sales both from your neighborhood or miles away?

Custom homes are tough to appraise as people have them built directly from the builder therefore there are no recorded sales for an appraiser to base a value on.

 

[tonywilkey]

So what differs between the two appraisals? Did they use the same comparable sales? Did both comparable have sales of homes that were bigger/better and smaller/lesser than your home? Are the sales both from your neighborhood or miles away?

Custom homes are tough to appraise as people have them built directly from the builder therefore there are no recorded sales for an appraiser to base a value on.

They used different comparable sales. The first used higher price sales and the second lower. No sales in my neighborhood. The comparables were 1-7mi away.

 

[RSW]

No sales at all in your neighborhood? Any active listing?