How to get house upgrade information to an appraiser

[bjmiinphoenix]

My home and another home, two doors down, were appraised within two days of each other in regards to pending sales. Both homes have the same sq. ft., lot size and very similar upgrades. The appraisal report for the other home listed these upgrades. My appraisal had no listed upgrades. The other home's appraisal value was 12% higher. Any suggestions on how a seller can get upgrade information to an appraiser in a home sell situation? Thank You.

 

[Pamela Crowley (Florida)]

Send it to the buyer's lender, through the buyer, who will then deliver it to the appraiser.

Are you SURE the other appraisal isn't over-valued???

 

[bjmiinphoenix]

Thank you for the reply. It sounds as if I need to hope the buyer's lender will forward the information on and that the appraiser will then actually use it. It's unsettling that no upgrade (15K over the last 3 years on a new roof, heat pump, exterior paint, etc.)information was listed on the appraisal. I am not out to assign blame, just want to make sure information is fully disseminated.

 

[AJL118]

1234567890

 

[Pamela Crowley (Florida)]

bjmiinphoenix - Based on your post #3, those aren't upgrades. A new roof, heat pump, exterior paint, ext. are ongoing maintenance that any homeowner incurs. If you didn't do those things, it would be a negative. If you did those things, it would be neutral. JMO.

Ditto.....

 

[bjmiinphoenix]

On the home I just purchased, 2 seer 14 heat pumps installed in 2007 were listed as an upgrade in the appraisal along with newer carpet. I would think that 2 identical homes side-by-side would appraise a little differently if one had a new roof and heat pump and the other had an 18 yr. roof and heat pump.

 

[Mary B]

I feel your pain. I'm not an appraiser ;-) But - as you can see from even reading this forum - different appraisers - different results.

 

[Peacemaker]

Most big lenders just want fast and cheap appraisals. They are getting what they pay for, and unfortunately, it's the homeowners who can suffer in this case. I can't say for certain that is what happened to you, but it's very likely IMHO. And, as was previously pointed out, the other appraisal could have been improperly overvalued, no one here can say without reviewing the reports.

But just for your info: appraisers don't "give" value we extract the values from the market. We are supposed to analyze the market and determine how much extra the typical buyer would pay for a certain feature. We are supposed to "prove it" to the lender by citing market data in the appraisal report. This is not always easy, sometimes the available data is thin. And there sometimes IS a fine line between maintenance and upgrades. When you have a crazy market like we do in some areas, it's not always possible to prove something to a lender.

So it's entirely possible that your appraisal is the correct, well-researched and supported one, and the other one, the appraiser just arbitrarily slapped some extra value on for some upgrades and called it a day. That's just as wrong as not valuing everything that truly adds value to a property.

 

[LI-Appr]

Didn't you speak to or give a list of what you are now talking about to the appraiser when he was inspecting your home?

 

[Walter Kirk]

Didn't you speak to or give a list of what you are now talking about to the appraiser when he was inspecting your home?

You, or your agent could have provided the appraiser with any information that you felt was helpful when the appraiser inspected your property. I always appreciate lists of possible comps, copies of surveys, floor plans and lists of improvements. The only time I object to sellers input is when they insist that I alter my conclusion.