Why seek insight when all you want is what you want?
JGirl,
<........snip.......>I was looking for some answers and explanations because I am not an appraiser and have no idea what goes into an appraisal.
Ok. So I want to look at your statements you have made after coming here knowing you have no idea what it takes to do a proper real estate appraisal.
<.....snip....> it seems to me that some of you are on the ball about things and reasonable, and others are narrow in their views.
Somehow, mysteriously when not knowing what it takes to be an appraiser or complete a real estate appraisal you are now judge and jury over the responding posts as to who knows their stuff and who does not.
<.......snip......> the fact that i have had 2 offers for the same price in 9 days should prove some sort of "market value" where some appraisers think there is none.
What appraiser, at your location involved with this, or on the forum, said your real estate has zero value? Guess what appraisers as a genre are almost never presented with all the offers made on a subject property. We get sent only the one (1) involved in the sale we are hired for. Any others remain only unproven rumors people claim to have recieved but never bother to document for us. Additionally, now using offers you are receiving AFTER your prior sale to sit in judgement of any appraiser involved earlier is making an unfair judgement of that appraiser.
Nobody can consider stuff that did not exist at the time they were asked to make that consideration. And we sure as heck can't consider things that were never presented to us for consideration. Perhaps you need to lay the blame for this on a process somewhere else instead of on the segment of the industry that others fail to provide all the facts to, only verbally claim to have evidence they won't provide.
<........snip........>looking at a house with the mindset that a one bedroom automatically has a functional inadequacy and should be made into a two bedroom is narrow minded.
Your doctor looking at your symptoms of sneezing, coughing, slight fever, and headaches from head congestion, as most likely being a cold or the flu is narrow minded also then. Obviously, the entire medical field should immediately send all such people for an MRI before prescribing a few days of bed rest as their decades of experience means nothing other than being narrow minded.
While it is certainly true in some instances, it is not in others. the style of house that i have for sale is a unique property, and desirable. why should it appraise for the same value as a non-functional one bedroom just because it is a one bedroom? to me, the functionality of the house is greatly improved as a one bedroom. obviously, at least 2 others think so too or they wouldn't have put in bids.
You are making the same exact mistake that almost everyone that gets upset because they didn't get what they wanted out of an appraiser. The mistake is you think we are to provide support for a "
highest possible price" sale to take place. Uninformed about the work of appraising, and not bothering to read the appraisal reports with an unbiased set of eyes, you all miss reading and understanding the definition of market value our work is to fall under. It says "
most probable price," and the data used to arrive at this comes from the preexisting sales that have taken place in your market, not from just a couple of proposed buyers of not ratified contracts the appraisers have never seen. "
most probable" is a statistical concept that does not mean what most sellers want it to mean. The definition of market value also requires
well informed sellers and buyers. Very often, after heavy research, we find out quite a few buyers are neither well informed or well represented by any professional party before making an offer.
i would like to say that it is good to know that some appraisers look at the situation reasonably and are supportive.
Reasonable and supportive? ... Our standard is to be "
Credible" and "
Unbiased." Our mission is not to "
support" anybody or to be "
reasonable" in favor of any party involved in a real estate transaction. In a sale, when we are hired to provide an analysis to be used by lending to determine risk, we are paid to be unemotional and unbiased. So while you may find it comforting to find such appraisers in existance, our industry needs to have their licenses removed from them so they can't be appraisers any longer. Because that leads to appraisal fraud.
I don't think I'll have a problem with the next appraisal - the buyers have some experience with unique properties and I feel like if the appraisal doesn't come in high enough, they would be willing to do some work to get a good appraiser out there.
Unfortunately, for the entire real estate market all over the U.S., this mindset you have has been one of the leading causes of the real estate crash all over this country. You just declared any appraiser that doesn't hit the number you need to not be a "
good" appraiser. As a result of this mindset, copious numbers of like-minded people have all been gravitating to appraisers
who always hit the numbers people need since those were obviously the "
good" appraisers. Only the result of that was massive mortgage and real estate appraisal fraud that set the stage for the entire real estate crash now underway. Some people will never change. Many others, before this is over, are going to awaken to just how badly this damaged our entire country.
I have already found a dozen properties that the other appraiser passed up, even though they are in the same neighborhood and sold more recently. it is disappointing that the first appraiser didn't seem to do any work when deciding the value of the property.
I don't doubt that you may be very correct on the above. I did not like the sound from your postings that, at least based on what you have said, this appraiser did not seem to have proven the one bedroom issue. It sounded more like the appraiser pulled the negative adjustment or "
consideration" for that out of his or her ***. I don't approve of that either.
But until the public wakes up about what is going on in lending regarding an appraisal process that is getting abused, in order to increase profits by the process only selecting the absolutely cheapest appraiser available, and then demanding that appraiser provide an analysis in 24 hours or less, you all are going to keep getting screwed when it comes to real estate appraisals. You get charged $400 to $550 for the appraisal, the appraiser gets paid $150 to $250, some appraisal management company the lender owns as a subsidary pockets the difference, and demands the appraiser gets done in 24 hours after seeing the subject property. This latter is due to sales oriented needs, not anything else. Can't have that borrower having time to shop the loan, don't you know? ..
.. Besides that, the public wants instant gratification regardless of how complex the appraisal situation really was. So unfortunately, if the borrower in your prior transaction got a pile of crap for a real estate appraisal, it is because that is what everyone ELSE involved is demanding. Instead of demanding quality work that takes time, and costs a bit more than paying what the guy flipping burgers at Burger King makes per hour.
Webbed.
