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Same story - different day

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Colorado Guy

Thread Starter
Member
Joined
Feb 9, 2003
Professional Status
Certified Residential Appraiser
State
Colorado
I completed an appraisal for a home this past week. Home appraises for $225k - two soild sales and 2 good actives.

Home had appraised for about 15% higher in Sept 07. This is not a declining market. Take it from there.....

Get an update from the lender - can you please consider 3 other comps to get the value of $350k?

Somedays I could just give up!
 

Workbox

Elite Member
Joined
Mar 2, 2005
Professional Status
Certified Residential Appraiser
State
Colorado
Welcome to the club. We all could give up, but something just drives us. Cheers.
 

Jim Onderisin

Senior Member
Joined
Sep 15, 2003
Professional Status
Certified Residential Appraiser
State
Illinois
My answer would have been, "I'd be happy to consider any other 3 comparable sales you would like to send me." If they bothered to send the sales, I'd tell them why they were not comparable and why I could not consider them.
 

Lee in L.A.

Elite Member
Joined
Jan 24, 2002
Professional Status
Certified Residential Appraiser
State
California
My answer would have been, "I'd be happy to consider any other 3 comparable sales you would like to send me." If they bothered to send the sales, I'd tell them why they were not comparable and why I could not consider them.

Exactly. Usually their "comps" are a joke, so it's an easy addendum or call. :fiddle:
 

leelansford

Elite Member
Joined
Mar 29, 2002
Professional Status
Certified Residential Appraiser
State
Illinois
I completed an appraisal for a home this past week. Home appraises for $225k - two soild sales and 2 good actives.

Home had appraised for about 15% higher in Sept 07. This is not a declining market. Take it from there.....

Get an update from the lender - can you please consider 3 other comps to get the value of $350k?

Somedays I could just give up!

So...what's $125K here or there?!?
 

Mike Kennedy

Elite Member
Joined
Sep 28, 2003
Professional Status
Certified Residential Appraiser
State
New York
Lender or Mortgage Broker?
 

Colorado Guy

Thread Starter
Member
Joined
Feb 9, 2003
Professional Status
Certified Residential Appraiser
State
Colorado
National Lender - think they would have learned!
 
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