Appraisal didn't include similar house in comp

[Michigan CG]

I think Pete just volunteered to review the appraisal! :new_smile-l: I heard he works for Kool Aid....send him a year supply of the Punch flavor woohoo and he will do the Ratterman sensitivity analysis for the GLA difference. Doubt it is $15/SF.

 

[TC]

Ah, Regent Square, the home of Dunning's Grill. Spent too many nights there killing brain cells back in the 80's.

I'm assuming you are located in the Edgewood area of the Square and not the City or Wilkinsburg. I see at least 18 sales ranging from 220K to 290K. You might want to challenge the report if you think the value is off.

TC

 

[Pittsburgh Pete]

I think Pete just volunteered to review the appraisal! :new_smile-l: I heard he works for Kool Aid....send him a year supply of the Punch flavor woohoo and he will do the Ratterman sensitivity analysis for the GLA difference. Doubt it is $15/SF.

Don't these posts have to be approved by a moderator???????

Regent Square is a diverse area--quick review of WPMLS data shows numerous 4-6 BR houses that sold this year ranging from $100,000 to $350,000+; 46 total sales in Regent Square from January to the present.

BTW--hate the punch flavor--too sugary. Prefer grape or cherry!!!

 

[DTB]

Are 6 bedrooms and 2 baths (one bath on 3rd level) common for that area? Would be an oddball around here.

 

[Rutang]

in Edgewood...my mortgage agent is pursing a challenge of the appraisal based on some of the language in the appraisal doc itself (quoting 4 comps in some spots, but only detailing out 3) and not including any 4+ bedroom houses. We'll see how it goes.

Edgewood carries more value than Swissvale, Wilkinsburg, or the city. In talking with my mortgage agent, she was concerned that the appraiser may not have been familiar with the area. She also said she had a little trouble locating a few comp sales, but then when she altered her search criteria, she found even more. I've never searched the WPMLS, but maybe that plays into it also.

 

[Victoria]

in Edgewood...my mortgage agent is pursing a challenge of the appraisal based on some of the language in the appraisal doc itself (quoting 4 comps in some spots, but only detailing out 3) and not including any 4+ bedroom houses. We'll see how it goes.

That is what I was trying to point out in post #17. Either the appraiser made some mistakes with their comments or you do not have the complete report.

 

[Pittsburgh Pete]

in Edgewood...my mortgage agent is pursing a challenge of the appraisal based on some of the language in the appraisal doc itself (quoting 4 comps in some spots, but only detailing out 3) and not including any 4+ bedroom houses. We'll see how it goes.

Edgewood carries more value than Swissvale, Wilkinsburg, or the city. In talking with my mortgage agent, she was concerned that the appraiser may not have been familiar with the area. She also said she had a little trouble locating a few comp sales, but then when she altered her search criteria, she found even more. I've never searched the WPMLS, but maybe that plays into it also.

In the WPMLS there are two separate areas listed under "East Allegheny": Regent Square and Edgewood. Some Regent Square properties are listed in the Edgewood section--I didn't check to see if any Edgewood properties are listed in the Regent Square section. This minor fact might have led the appraiser to miss some relevant sales. The other possibility is that the appraiser may be right--something to consider although the $15/SF size adjustment sounds more like a Homestead area adjustment.

Good luck.

 

[TC]

I'll take a wild guess that an AMC is involved and the appraiser was not geo-competent.

TC

 

[Rutang]

In the WPMLS there are two separate areas listed under "East Allegheny": Regent Square and Edgewood. Some Regent Square properties are listed in the Edgewood section--I didn't check to see if any Edgewood properties are listed in the Regent Square section. This minor fact might have led the appraiser to miss some relevant sales.
Good luck.

This seems to be it...our mortgage agent pulled in "Regent Square" and found another house that is very equivalent in sq footage and bedroom/bathroom count, that sold for a little above $360k.

She submitted the additional comps to the lender, so we will see what happens...