Desk Appraisal is killing deal - 1 day before signing - HELP!

[Metamorphic]

<.....snip.....>
Now, appraisers are suposed to appraise to fair "fair market value", <.....snip.......>

Really? And what specific assignment types are we supposed to do that?

Assignments completed under Standard 2-2, specifically lines 635 and 636. If I were writing it for you I would phrase it differently, although I truth, I wouldn't waste my time.

 

[Webbed Feet]

Assignments completed under Standard 2-2, specifically lines 635 and 636. If I were writing it for you I would phrase it differently, although I truth, I wouldn't waste my time.

Assignments would be reported under that Standard. They are developed under a different one. And since when does this gentleman have an IRS type issue?

 

[Mr Rex]

Webbed, don't you understand capitilization?

Fair Market Value=IRS.

fair market value is an impartial market value or impartial Market Value.



Now back to your regularly scheduled programming.

 

[Webbed Feet]

Webbed, don't you understand capitilization?

Fair Market Value=IRS.

fair market value is an impartial market value or impartial Market Value.



Now back to your regularly scheduled programming.

LOL! ... Sigh, try and help a trainee... Nice graph though!

 

[Workbox]

After reading all the posts and your dilemma and getting attorney trigger happy. I think many are helping you ask the right questions. But I would take two steps back while pointing the finger at the appraiser or appraisal, and turn around and start pointing the finger at your Realtor and begin drilling them about the truth of your market area. After all, you hired them to give you advice and consult you. After all, you're paying them a very hefty commission compared to a minuscule appraisal fee. (As a Note, and pass this around, always get an appraisal done before hiring a Real Estate Agent.)

If I was you, I would hire one of the outstanding Appraiser Forum members to give sound advice/report that are from California and may cover your market area. At this point, stop relying on the what your agent is telling you or the other party. Do your own due diligence, get the truth.

There are to many bad stories of Agents listing a house out of the market price range just to get the Listing.

 

[Hamlet]

Assignments completed under Standard 2-2, specifically lines 635 and 636. If I were writing it for you I would phrase it differently, although I truth, I wouldn't waste my time.

I think Webbed is trying to remind you that there are different types of value, not just fair market. That would be part of the problem identification with the client and falls under SOW Rule, line 382.

 

[Mountain Man]

A "desk top" appraisal is done without the benefit of an on site inspection. The only data source would have been the PREVIOUS listing from when you bought the property, and public records. Therefore, your upgrades and improvements probably would not have been known, noted or considered. Wait for the field review before getting your feathers ruffled... it may all end up okay after another set of eyes actually SEES your house and the short listing history.

 

[Metamorphic]

I think Webbed is trying to remind you that there are different types of value, not just fair market. That would be part of the problem identification with the client and falls under SOW Rule, line 382.

I'm well aware that there are different types of value, I'm also making a soundly based assumption that the OP, or the IU in this case, is aware of NONE of the them. Which is why I used colloquialism in making the point that that its entirely possible that the Appraisal and the Desktop are responding to different ideas about value and why I referenced lines 635 and 636 which state, in part, "The appropriate reporting option and the levle of information necesary in the report are dependend on....the intnded users."

 

[NORTON]

I, being a Certified Residential / FHA Approved (the old days when a test was necessary) am located approximately 15 miles from Folsom, and work there quite often. Something to consider that is a HUGE variable is the interpretation of the traffic exposure to the rear of your home. I looked up your property on MLS....it backs to Auburn - Folsom road which is a primary access route with two lanes each way. In addition, you are also very close (2 parcels) to the intersection of Auburn - Folsom and Oak Avenue....there aren't too many busier intersections of 45 MPH (everybody drives 55) roads in Folsom than that....so if the first appraiser didn't consider your incurable location characteristic, or if the review appraiser over considered it because he wasn't able to stand in your back yard in listen to the noise (or lack of it), the variance between the two appraisals could be significant, and possibly the reason for such differences. Folsom doesn't have nearly the foreclosure rate of down the hill in Sacramento, and is comprised by both older (1950's) neighborhoods as well as luxury gated neighborhoods with million dollar plus homes. I confirm what the others have stated; find out what lender the buyer is using and where the review appraiser is located. If you are still in a position to try and resolve the battle, fell free to send me a note. Good Luck.

 

[Hamlet]

I'm well aware that there are different types of value, I'm also making a soundly based assumption that the OP, or the IU in this case, is aware of NONE of the them. Which is why I used colloquialism in making the point that that its entirely possible that the Appraisal and the Desktop are responding to different ideas about value and why I referenced lines 635 and 636 which state, in part, "The appropriate reporting option and the levle of information necesary in the report are dependend on....the intnded users."

OK, it was just a little confusing because you had implied that a distressed value is never to be sought that only fair market was possible. The OP may not be aware of the different types of value, but others obviously read the thread and I for one believe it is a public service to strive for clarity.

There may be different appraisals on the same subject property seeking different types of value.