I Got Hollared At By The Realtor

[Bill_FL]

Hal,

Had one very similar a few years back. LO called another appraiser. He told her I was an idiot for using the unit next door and the other sale in the same building. Why, Fannie says you can go 10 miles. So he did. He made the numebr work. LO called me all giddy telling me how wonderful he was. State got the appraisal from the buyer. State got license of said giddy LO making appraiser. Appraiser now in different line of work.

 

[Bob Ipock]

"most similar and proximate"


That line out of the certification has caused more disciplinary action than anything else I know of.

 

[Paul Shraga]

Way to stick to your guns, Hal !

my similiar anectdote :

Buying my first condo (2 BR 1.5 Ba), FSBO (whew ! no realtors) owner wanted $110,000.

Since we've seen 1 br's going for twice that closer to D.C. we figured it was priced OK. (what the hell did we know...)

Sure enuf, Appraisal comes in @ $97,000 (Bless that Appraiser!!)

Owner does not want to budge , things almost got ugly but she eventually dropped to $100,000 which was the most we would have paid figuring the a tax assesment would make it there shortly.

So we bought it last year and it was assessed for $103,000 this year.

Recent sales are in the $120's (woo hoo !) Metro comin thru eventually also. :mrgreen:

Cheers,

Paul

 

[Austin]

George:
Glad you axed. The question axed of the appraiser for a mortgage in a FRT financed deal is thus: Estimate the most the probable price as of date of appraisal under the assumption that the subject property had been exposed to the market for the average marketing period prior to the date of appraisal. Well, if all of your sales are prior to the data of appraisal and you don’t make any voodoo time adjustments, then how could prices ever go up? It is like flying an airplane, if you keep the line of flight perfectly straight, then the farther you fly the higher the altitude gets. That doesn’t happen because the air pressure, which skews the line of flight maintaining the same distance to the earth, determines the altitude. That way if you fly around the world you make a big circle. You can’t support a time adjustment unless prices of closed sales show an upward trend (point of reference) and how could they have sold and closed at the higher price based on historic sales that were appraised in comparison to historic sales that were sold and appraised based on historic sales, and so on. Appraising is not based on air pressure. A lot of hot air maybe. There is nothing in the past record to support anything different in the future.

 

[Karl]

Just because U Appraise a home for X amount & it sells for XX amount does not mean another appraiser HIT the number Done many homes where FOR WHATEVER reason the person has paid the extra OVER the APPRAISED Value. IF homes VALUES NEVER went up how many people would bother buying a home??

 

[Linda M Lynch]

I live in a community where there are a lot of new people moving in all the time from various parts of the country...and the world. I have come to the conclusion that the amount they are willing to pay for a home has a direct correlation to the area from which they are moving. Someone moves here from New York or LA and they think they are getting a great deal when they are being sold a house $25,000 more than the going rate. Someone moves here from smaller communities and they think they are being charged too much if they have to pay the going rate. I have seen times when I have told someone that they are listing the property way too high and it won't sell and they sell it in a week to someone from New York. Just goes to show, a house is worth what someone will pay.

 

[Bob Ipock]

Just goes to show, a house is worth what someone will pay.

I hope you don't appraise by that cliche. The certification you sign for every report s would not be true for uniformed buyers, buyers not typically movitated etc.. The inflated PRICE would not meet the definition of market value. Price does not always equal value.

When someone "overpays" for a home...beyond what it appraises for by a qualified and competent appraiser....it does not make the house WORTH what they paid, it just means that they paid X amount over the defined market value.

 

[Ghost Rider]

Hal.....I know Bridgeport as well as anyone else out there - most appraisers I know refuse to even go near that place, mostly cause of the south end where you might get shot at and never be seen again, not to mention the disaster of what they call a computer system in the assessors office!!!!!

From what you said, with sales of $70K and $82K, you did them a HUGE favor to even get as close as you did with getting it to $85K!!!!

Can't you use the 2 active listings which have been in on the market for the last 4 months which support the value, even though they haven't closed, and haven't had any activity on them at all?? I LOVE it when I have a realtor show up at an appointment with "comps" for me, which typically consist of 2 or 3 listings (great when I need a comp. 4 or 5 to support the value), a couple sales which closed about 8 months ago, and MAYBE a recent sale, which is larger, newer, or located 18 miles from the subject.........

Oh well, I actually kind of enjoy those phone calls when I'm driving, and get to take my frustrations out on them while I'm stuck in traffic on 95 or in hell in Waterbury on 84.....

 

[Austin]

Linda said:

Just goes to show, a house is worth what someone will pay.

Karl said:

IF homes values never went up, how many people would bother buying a home?

REPLY:
Sheesh! If a house is worth what someone will pay, then what in the devil do we need appraisers for? Why would people buy houses if prices go up? Answer: To live in! If people buy houses because the price is going up then they are not buying houses they are speculating in real estate. Net result? People priced out of the housing market.

Bob: I feel your pain.

 

[Mountain Man]

Just goes to show, a house is worth what someone will pay.

Linda <_< ...... Uh Oh, here comes the wet noodle lashings!!

That is the Deal-a-tor’s and tricky LO's definition of value.... not MARKET VALUE. Market value requires a knowledgeable buyer, and a willing seller, with neither party in duress. A relocated employee from NY, with only one week to buy, does not fall into that category..... they fall into the sucker category. Of which, the Deal-a-tor would love to convince you they are a legit buyer, the house is worth it, and here are some comps from 10 miles away.