Appraisal questions

[Sammy14]

Hello. Can you tell me the best way to resolve an issue of two private paid for appraisals that are way way off from each other? also, is it normal to not adjust for condition for a comp that is 100 percent upgraded/updated?

 

[shrubberyvaluation]

Hello. Can you tell me the best way to resolve an issue of two private paid for appraisals that are way way off from each other? also, is it normal to not adjust for condition for a comp that is 100 percent upgraded/updated?

It would help to get more information, typically these threads people guess at the facts, give information and it changes as the OP drips more information out. What are you trying to resolve? Adjusting is for differences that a typical buyer would pay differently for between the comp and the subject.

 

[Sammy14]

All three comps had no adjustment for condition although they were block vs wood construction, completely remodeled, each have more than 10 percent difference in square footage, lot size etc. This is for private use and potential buyout and I think it is inaccurate as such.

 

[Tim Hicks (Texas)]

Condition and quality can be too different things. New granite/quartz counter tops, new top of the line appliances, new ceramic wainscots in the baths and new formica counter tops, new appliances and new fiberglass showers are all considered in good condition, but one is higher quality than the other. Without knowing the factual data about the subject and comparable sales we would be challenged to give you informed answers.

 

[CindyR]

might consider hiring a 3rd appraiser to review both reports

 

[Dublin ohio]

All three comps had no adjustment for condition although they were block vs wood construction,

So you are saying that block is inferior or superior to wood construction?

 

[Sammy14]

Condition and quality can be too different things. New granite/quartz counter tops, new top of the line appliances, new ceramic wainscots in the baths and new formica counter tops, new appliances and new fiberglass showers are all considered in good condition, but one is higher quality than the other. Without knowing the factual data about the subject and comparable sales we would be challenged to give you informed answers.

I understand. I apologize I didn't give enough info. Subject is dated, no upgrades from 30 years ago. Very basic quality, mismatched appliances. Comps used were beautifully updated, granite, high quality appliances, tile etc. however, no adjustment was made for what was clearly an investment of hundreds of thousands of dollars. Literally every system and surface inside and up was completely and tastefully redone.

might consider hiring a 3rd appraiser to review both reports

I think that is a great idea.

 

[Surf Cat]

I understand. I apologize I didn't give enough info. Subject is dated, no upgrades from 30 years ago. Very basic quality, mismatched appliances. Comps used were beautifully updated, granite, high quality appliances, tile etc. however, no adjustment was made for what was clearly an investment of hundreds of thousands of dollars. Literally every system and surface inside and up was completely and tastefully redone.

As Shrub has stated in post #2.....you're holding your cards close to your chest and it's hard to discern what you're looking for in regards to help and or advice. Typically, these kinds of posts run on page after page of thoughts and opinions.

Are you the seller and is the Subject property yours that you're trying to sell? Are you the buyer for said Subject property and you think the seller is being unreasonable and holding out for their price therefore, you paid for two appraisals which didn't give you the answer you were looking for? Then there would be questions about the appraisals themselves. But first...you've got to give the goods on what is exactly happening. It doesn't need to be a thesis statement.....just a couple of paragraphs of the facts.

My guess.....is that you're the buyer of the property in question and the appraisals didn't give you the ammo you needed for your offer.

 

[sputnam]

Hello. Can you tell me the best way to resolve an issue of two private paid for appraisals that are way way off from each other? also, is it normal to not adjust for condition for a comp that is 100 percent upgraded/updated?

A side by side review by a qualified and experienced reviewer. If what you want to know is which appraisal is more credible, I can do that for you. If you want someone to verify comparable data, etc.. you'll need someone who is local.

 

[Tom D]

another appraiser's 'official form' review is a 3rd appraisal. plus it verifies which value might be more accurate. i'm assuming your issue is not wanting to over pay thousands for the house.