I appreciate this forum and you guys taking the time to respond. I would like to add more details that might paint a better picture and reiterate some details. On a side note, when I read many of these post from persons as myself and my own, it appears some of you are hostile. It is almost like you want to show how stupid someone is instead of trying to help them and or answer the question as best you can with the information provided. I understand that an appraiser might need more information than can be provided many times in a "ask the appraiser" public forum and market conditions would need to be determined and other aspects but generally speaking, a 1150 sf, all brick detached garage, with (new information) water, electric, cable, steps to a 15x36 stand-up attic space and 12 foot ceilings in the garage would be a desired amenity for just about any home, generally. Of course, there is always that one home that the amenity would jack up the lot, or crowd the home or not fit or whatever but I am taking about the other 99% of homes where it would be an desired adjustable amenity. I am just struggling with the understanding how any appraiser can adjust @ $2,000.00 for a fence, $1,000.00 for a security system and $2,000.00 for an additional fireplace and give $6,000.00 for a detached garage as described. The percentage of value per amenity related to adjustments are out of proportion. I understand that a seller can't build a $7,000.00 deck and expect $7,000.00 in a higher sales price. We all understand this. So, with that said, in a suburban market with (new information) 7.8% growth rate over the last year in a neighborhood with .32-.45 lot sizes, where all the homes were built by the same builder and would be considered tract built homes, combined with absorbing the information above and in my original post, in a 275-310K price point, what typically would most appraisers adjust for if the subject property had an additional 2 car detached garage?
I did, through the lender, ask for a reconsideration and stated my concerns. I have been in the Real Estate business for 23 years and rarely have I felt it was my obligation to have an appraisal reconsidered. The only issue I have with our appraisal system (some of you are going to loose your mind and send me mean and hurtful messages, lol ) is there are a lot of variables that are opinion when a form of measurement is available. The system has the ability for a lot of science to it but there is an exception to most, if not all, of this science as it can be overridden by opinion and or the available science is not used. Which means very little science. An example would be, I was reading a post a few hours ago and an appraiser stated that they used $2,500.00 as their adjustment for each garage no matter the price point because that was how she was taught. Oh course, most appraisers on the thread drilled her to the point she probably was crying by the time she read all the comments but the point is, opinion is used instead of a set measure (paired sales). I mean, we sent a man to the moon in 1969. Surely there is a way to form basic amenity values per geographical area but can still be adjusted for based on some unique property characteristics involving said amenity.
If I hire 3 appraisers and ask each to appraise the same house, the chances are, they will all be different because of the ability to insert opinion mainly in the adjustment area but comparables to. Not every appraiser is great, nor Realtor, nor lender, nor title company, ext. so don't get crazy about this. It just seems like there should be a way to have more consistency on adjustments. Side note, when this house was appraised in 2010, the appraiser at that time gave this detached garage a $15,000.00 adjustment.
Again, thank you for your time in responding. Your time is valuable and I appreciate your answers.
