Our lender ordered an out-of-town appraiser for the appraisal of a home we'd like to purchase. The appraiser is in the same county, but several hours away from the subject. How can an appraiser unfamiliar with the area make a fair assessment?
Our lender ordered an out-of-town appraiser for the appraisal of a home we'd like to purchase. The appraiser is in the same county, but several hours away from the subject. How can an appraiser unfamiliar with the area make a fair assessment?
.In the current market, it is often a result of which appraiser will accept the lowest fee and fastest turn time. Some lenders simply don't care about quality. I've seen appraisers come from north of NY City to work in my area on eastern Long Island...that's utterly insane, given the very high population density of the area
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Just keep beating that dead horse and the general public will never trust an appraiser again. Although its true, it doesn't have to be in every single post. God give it a break.
All very good points. Thank you.
I'm very nervous about this appraisal. The house is fantastic, but it is likely the nicest house on the street. Although, it is an urban area, where there aren't really "neighborhoods," and really nice houses are sprinkled here and there all over the place. In other words, there is no one street lined with houses like the one we want. They are all scattered among older urban homes, some that have been updated and some that have not.
It must be a totally different "beast" to appraise an in-town home versus one in the suburbs, no?
Also, the house has tons of upgrades, and possibly, I fear (after reading information on this board) might be "superadequate."
Yet, how is an area ever to improve if ever nicely redone home is held down by the comps around it? This is an area where people are remodeling older homes and making them new again. I just help but think it's an unfair market where such efforts (restoring older homes and revitalizing an urban area) are not rewarded because the comps having done the same yet.
Worried : (