Help with my appraisal dispute

[Zoe]

You probably do know... however, the appraiser has to base his opinions and conclusions on the analysis of data. If you have data that supports a higher value, provide it.

I am not reviewing the appraisal. I have to follow USPAP then. I am not competent to review the appraisal. The original poster needs to address their concerns with the lender. If I was the appraiser, they could address them with me.

I already know they have a copy of the appraisal. I am not sharing any confidential information with them at this point in time.

I can contact my client and say I need to revise this appraisal report because of this......................

But my client can also do the same with me...............

There is a term called "privacy".

privacy

Definition of privacy in the Legal Dictionary by The Free Dictionary

legal-dictionary.thefreedictionary.com

 

[KHS445]

As I wrote earlier, the advice you receive on this forum is worth what you have paid for it. That said, I think if you read between the useless babble from people with multiple posts that are not really on point, you should have some suggestions as to what your next steps should be.

The lender is the appraiser's client, so everything should be submitted to the lender. I would suggest that you go line by line through the appraisal and make comments on any areas you have concerns. While not all-inclusive, I would address things like the difference in square footage, the large location adjustment to one of the comps, the possible lack of an adjustment for a comp that backs up to a commercial district, the lack of any mention of the pool in the cost approach, the site square foot adjustments being $3.98 per square foot when the value assigned to your site in the cost approach was $2.54 per square foot, why there is an adjustment for the comp with no basement/basement finish but no adjustment for the two comps that have finished basements approximately half the size of yours, why in the cost approach was there no credit given for the basement finish, etc.

Having been a mortgage and commercial lender for over 25 years, I understand that your lender can only rely on the information presented to them. This is why I would suggest you give the lender a rather detailed list of the work you are going to be completing, with a breakdown of the materials and labor costs. You might even show them other properties you have worked on or rehabbed, so they can see the quality of your work.

I have no idea if or how the answers to these and other questions would affect the estimate of value. All adjustments must be derived using local market-based information, which the appraiser can hopefully provide proof of.

 

[Zoe]

Hi everyone. I’m buying a luxury property to remodel and the appraisal just came back a little lower than expected.
House is 8630 sqft according to the county assessor and all listings. It is built on a hill and technically 3 stories and has an indoor pool, hot tub, and full size sauna. It is in a very wealthy neighborhood and school district. The nearby comps with the same sqft, finishing and amenities sold for well over what mine appraised at. The appraiser has a copy of my rehab budget submitted to the bank and the scope of work.

The scope of work does not reflect improvements that will be done out of pocket as I’m a builder as well and have skit of leftover material I can use to make modifications without it needing financed by the bank.

Can I add those details in my dispute?

Here’s a couple of my concerns. The appraisal shows opinion of site value
Dwelling 6353 sqft @ $208
Basement 1694 sqft @ $40.67
Garages 1745 sqft @ $61.57

The “basement” is the lower level that is fully finished with a media room, spare room, bar, fireplace and half bath. It has windows to the outside at normal heights and has a back door that walks out to the back patio/yard.

The garage appraised higher than that living space.

One of the comps they used is from over a year and a half ago.

I’m also only seeing 8004 sqft appraised and no notes about the pool. Why am I missing 630 sqft?

I’ve attached the appraisal, the nearby comps and the listing for the subject property. I’m only looking to add about $150k to the appraisal through my dispute.

Thank you all so much in advance. I’m trying to get this email sent back tonight so the appraiser can get started ASAP.

7455 S Sleepy Hollow Dr, Tulsa, OK 74136 | Zillow

This 8627 square feet Single Family home has 5 bedrooms and 7 bathrooms. It is located at 7455 S Sleepy Hollow Dr, Tulsa, OK.

www.zillow.com

yes, we did the best we could.

You are in Oklahoma. I have appraised large multifamily apartments in Oklahoma. I like Oklahoma.

 

[Zoe]

I like Oklahoma but you can't afford me. You would be giving me middle finger when I quoted you the price. LOL

 

[Zoe]

Your lender would not even consider me based on my price to do it. I would need airline, rental car, hotel, food expense, and probably at least 4 days. Your lender would say you are loco. LOL.

I have tried to help you best I can.

You can thank me or not. Doesn't matter. It was free.

I like you for some unknown reason.

 

[Zoe]

I would need temporary license also.

Just forget me. Take my advice on contacting your lender.

 

[Ricky LaFleur]

Zoe, you sure seem unsure how to answer but very willing to answer. Multiple times.

 

[BRCJR]

Zoe, you sure seem unsure how to answer but very willing to answer. Multiple times.

it is all about post count

 

[Zoe]

Zoe, you sure seem unsure how to answer but very willing to answer. Multiple times.

Head surfer is paying me a penny per post. Call me Donald. LOL

 

[savageinvestor]

You probably do know... however, the appraiser has to base his opinions and conclusions on the analysis of data. If you have data that supports a higher value, provide it.

I do and did submit the closest things I could find, it’s just tough to comp such a unique property. Nobody sells in this neighborhood, and nothing even matches this house anywhere nearby. Most people build these type of homes and they’re never seen on MLS.