Relocation Appraisal large difference in value

[Tiffany Gibbons]

So I guess my first question is distressed engineered hardwood the same value as vinyl plank? Second question if the higher appraisal adjust the negative value he gave on the pool liner needing replaced which it didn't, if that put us over 5% difference would they request a third appraisal. Or are we stick with what came back. Looks like per the answers they would request third appraisal if over 5%.

What do the competing listings used look like? Neither the engineered wood or the pool liner would likely make a difference. I doubt a third appraisal will be done. You need to lower the listing price. What does your listing agent think?

 

[Terrel L. Shields]

So, I guess my first question is distressed engineered hardwood the same value as vinyl plank?

Appraisers do not itemize every feature of a house. The market isn't that refined. I cannot tell the difference in Pittsburgh paint and Dupont. The function of an item is more important than the material. There are grades of "granite"(which isn't often real granite) countertops from modest to very expensive. But it serves the same function.

To answer, neither material is important to a property's overall value. Function before form.

 

[J Grant]

Appraisers do not itemize every feature of a house. The market isn't that refined. I cannot tell the difference in Pittsburgh paint and Dupont. The function of an item is more important than the material. There are grades of "granite"(which isn't often real granite) countertops from modest to very expensive. But it serves the same function.

To answer, neither material is important to a property's overall value. Function before form.

Not always - the market here, and I suspect many markets pay for high-quality granite or quartz counters vs base level or old-fashioned pattern granite - even though they both function. Look at the list of builder upgrades for how much stock buyers will spend for higher quality and more attractive material ( which can change over time with trends))

But it is also true as you said, that not every feature gets itemized - it is more about the totality of the features and upgrades , or lack of them

 

[Terrel L. Shields]

he market here, and I suspect many markets pay for high-quality granite or quartz counters vs base level or old-fashioned pattern granite - even though they both function.

Can you differentiate between a granite countertop and accurately compare it to a dated kitchen?

 

[J Grant]

Can you differentiate between a granite countertop and accurately compare it to a dated kitchen?

Yes. Because in my market it is important. Granite is out, btw in high-end homes here or even in middle-priced homes - quartz and quartzite or Jerusalem and exotic stone or even metal are in. If granite is considered well done, it has to be a more in-trend thick slab with swirls, not the pebble look from the eighties -

But again, the upgrades should correlate with the price points and buyer exceptions. In a starter home, people are happy to get a clean, functional kitchen. I understand that very well. I appraise from basic-level starter houses to multi-million $ custom.

A material can be an over improvement for its market too.

What some owners don;t understand is that trends change, and a kitchen remodeled twenty years ago might still look nice but is dated and some buyers will rip it out. Dark or oak cabinets, cabinets, old granite, tile floors with grout lines etc.

 

[OSU Beavers]

Just had a relocation company had us pick 2 out of 3 appraisers who service our rural county to give us a cash price offer. The two amounts was $340,000 and $327,000, we do not have a current contract and had price listed at $367500.. We live in one of the nicer subdivision in our area and they have larger lots and no HOA and 1/2 mile outside city limits. After the relocation company released the appraisal we noticed the lower offer showed we had vinyl and tile floors. We have distressed engineered hardwood throughout the house except tile in bathrooms and laundry room. I tried to get it corrected but the relocation. Company said that the appraiser said that is how he is supposed to list it, is that correct? The higher appraiser listed it as wood. We have dropped the price to $358,000 and have 60 days to try and sell before we have to accept the cash price offer. Also there was a discrepancy on the higher offer with our pool liner needing to be replaced per the client (relocation company) but we had already had that done before listed so the higher offer may be going up a little more. It did appear that the higher appraisal used 6 months of comps and the lower offer only used three, so less to chose from. Again we are in a rural county so not as many houses come on the market as often. Any advice on this would be appreciated. Is this variance in value usual or should it have been closer

Check the Forecasting section of both appraisals. Your area may be in decline due to an over supply of inventory for sale.

 

[Sadie]

Yes. Because in my market it is important. Granite is out, btw in high-end homes here or even in middle-priced homes - quartz and quartzite or Jerusalem and exotic stone or even metal are in. If granite is considered well done, it has to be a more in-trend thick slab with swirls, not the pebble look from the eighties -

But again, the upgrades should correlate with the price points and buyer exceptions. In a starter home, people are happy to get a clean, functional kitchen. I understand that very well. I appraise from basic-level starter houses to multi-million $ custom.

A material can be an over improvement for its market too.

What some owners don;t understand is that trends change, and a kitchen remodeled twenty years ago might still look nice but is dated and some buyers will rip it out. Dark or oak cabinets, cabinets, old granite, tile floors with grout lines etc.

A good example of that is the original Silestone/Corian/CesarStone that was popular 25-30 years ago. That stuff was not cheap.

 

[Tom D]

People in that price range aren't necessarily concerned about price unlike the poor, like poverty stricken appraisers. I get a headache looking at the 40 MLS photos for these homes after doing my easy little row homes.

I don't understand what the poster is asking, did owners think their value came in low.

 

[Sadie]

People in that price range aren't necessarily concerned about price unlike the poor, like poverty stricken appraisers. I get a headache looking at the 40 MLS photos for these homes after doing my easy little row homes.

I don't understand what the poster is asking, did owners think their value came in low.

I.m with you, its clear as mud.

 

[J Grant]

People in that price range aren't necessarily concerned about price unlike the poor, like poverty stricken appraisers. I get a headache looking at the 40 MLS photos for these homes after doing my easy little row homes.

I don't understand what the poster is asking, did owners think their value came in low.

Idk. Million $ home purchase buyers can be concerned about price too - but that is not the issue

We are supposed to provide an MV opinion for the client, which reflects the property, not the people buying it.