That sure is one heck of a hefty addendum comment ! Hopefully they are plum-tired by the end of reading it and have no more energy to complain ! Mission accomplished. ---- If they offer to show a prior appraisal I will surely look it over, but I will never leave with it to mail back at later time. That may appear like I might really need that report so I can proceed with mine. I do, however, do a blitz review of it, and jot down key pieces of data from it like that appraiser's measured size of home levels (if large or complex), addreses of comps used, above-grade living area of comps and any adjusted $ #'s to reveal the $/sf they applied, note other adjustment line items perceived for that home/neighborhood, especially any adjustment (view/lot/garage/deck) seeming to be too large (or too small)...and the appr. name and lic. #.
I must say that many and most times I see NOTHING conflicting in that other report. Where all of this goes stuff goes off-the-charts with the expectations of homeowners, and their new prospective lender reps, is the notion that .....because the house was "appraised" in the recent past.....and is now being appraised again today.....that there SHOULD be yet another quantum shift UP in concluded value. If, the other value was tweaked, or pushed and may have been given some extra favor at that time.....sure as heck that may not be the case today. They expect that their home value is nothing but up, up...up. I will always ask what is "new, replaced or updated since this (last) report ? I give a chance for a positive element of in-put to assist me to a possible higher value. Nine out of ten times the answer is "nothing". (But, we have a new Mercedes SUV in the garage, does that count ?) There HAVE been affects upon many a local neighborhood and market area in the aftermath of 9/11, company staff reductions and the war ! I do not care if the new home builders are still racheting up their base prices, for justified reason or not, if folks keep buying "new" that (base) price trend will continue. If interest rates go up, that trend may halt quickly. The meat of market value comes from re-sales of existing homes with at least some element of maturity in their market, not the willing cost/price paid by those with full ability to enter the transaction reflecting their stark demand for new, IMHO. Values less than contract price ?.....many of us have chimed in about that subject here before, and the absolute misery it causes those other persons in the mix.
