Help with my appraisal dispute

[sputnam]

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

What are you even talking about?

 

[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

Okay. Now, what are you doing?

 

[Zoe]

What are you even talking about?

You tell me.

 

[Surf Cat]

Breath Zoe......deep breaths....you are no longer in the 3rd dimension..... everything's okay. Now that you're calm....take your meds.

 

[Zoe]

Breath Zoe......deep breaths....you are no longer in the 3rd dimension..... everything's okay. Now that you're calm....take your meds.

It's okay. Okay?

 

[sputnam]

You tell me.

I have no idea. You quoted my post and replied but, your reply has nothing to do with what I was saying.

 

[Zoe]

It's okay. Okay?

I do that sometimes. I am on the wrong thread. I think I am on one thread and I am on another thread.

I'm sorry.

 

[Terrel L. Shields]

Really kind of weird in here. Very hostile.

The purpose of ask an appraiser is not to simply rubberstamp your own thoughts. A contrarian view of what you think you see is intended to show that without explicit and personal knowledge of the report contents, we cannot realistically place ourselves into the mind of the appraiser nor do we have to tools to inflate a value. That's not our job. We are not value enhancers. We try to estimate the market as it is. The rest is speculation without data and subject to interpretation at best.

While I normally work just to the N and E of Tulsa, I am somewhat familiar with the city and its market, yet even so, it does not give me the expertise to predict the reaction of a purchase intended for remodeling and flipping(?) Often those properties are a marketing proposition. Are other people vying for the property and are they actual buyers or investors? There are a lot of questions to be answered in the decision that an individual appraiser askes themselves in their experience and expertise to develop a final answer.

I will say this. You can get 3 or 4 appraisers to value the property "as is" and "as repaired" and I bet none of them will get within 3% of each other.

 

[Tom D]

I do that sometimes. I am on the wrong thread. I think I am on one thread and I am on another thread.

I'm sorry.

That's too funny. You should be more on the 'you know you are getting old' thread.

 

[Tom D]

The purpose of ask an appraiser is not to simply rubberstamp your own thoughts.

I will say this. You can get 3 or 4 appraisers to value the property "as is" and "as repaired" and I bet none of them will get within 3% of each other.

3% is never happening. When i reviewed i thought 5-10% was close. Too much advice on this thread, when mostly like you said, they want our rubberstamped opinion to use, for free.
I do like the obsessive compulsive repeaters of the same question when they don't like our answers.