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Will My Home Appraise?

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Boondock

Freshman Member
Joined
Aug 30, 2017
Professional Status
General Public
State
North Carolina
Hey, first time poster here. I was hoping I could get some professional insight to help ease my mind for an upcoming appraisal associated with the sell of our home.

We accepted an offer to sell our home last week for approximately $255,000. It is located in zip code 28078 (near Charlotte, NC). We had multiple offers, constant showings, and it was under contract within 48-hours so we believe it was priced correctly but we are still nervous.

Not sure what information is involved in appraising a home but here are the basics of the home:
- Built 1981
- Crawl space
- Brick foundation; vinyl siding
- 3BR - 2BA: 2 Bedrooms downstairs with 1 full bath, 1 BR upstairs + bonus room & 1 full Bath.
- 2,000 SF
- 1.5 Stories
- 0.67 acres
- In-ground pool
- No garage but plenty of room to add one on.
- Roof - 2007
- Good school district for all 3 levels
- Septic system (3 br)
- Available connection to City Sewer at street
- City water
- There is no master bath connecting to the master suite downstairs, but the proximity between the down stairs bathroom and bedroom would allow you to connect them by adding a door. Not ideal, so we tried to take that into account when setting our sales price.

Improvements:
- New carpet throughout (2014 downstairs, 2016 upstairs) - original hardwoods in kitchen, dining room, and entry way.
- New paint throughout (neutral colors)
- Popcorn ceiling scrapped off and finished (2014)
- Updated both bathrooms (new vanity, flooring, mirrors, etc.)
- New light fixtures, door hardware, plumbing fixtures throughout
- New HVAC system for upstairs & downstairs with new duct work (2016)
- New pool liner (2015)
- Storage shed (2016)
- New plantation shutters

Overall the home showed very well and all feedback from potential buyers were that they loved the house but the layout did not work for everyone's situation. The layout appears to be best for empty nesters, or people with older children where the parents don't need to be on the same floor.

Best Comparable I have is the home across the street that sold last month for $270,000. It is 1,800SF; 3BR-2BA, 0.8 acres, carport, no pool, all brick. There was another home across the street that sold last December for $295,000. It was 3,000SF 5BR-2.5BA on about 0.8 acres so that has us a little concerned but the home did not have any updates and that was not as recent as the first comp listed above. There are other homes that the realtor provided comps for us and they all sold for an average of $126/SF. I am learning that appraisers do not go off $/SF so let me know what additional information might be helpful.

If any of you appraisers out there have an initial opinion on our sales price or how an appraiser might go about reviewing our home it would be helpful.

Kind Regards,
 

Sid Holderly

Senior Member
Gold Supporting Member
Joined
Jun 16, 2005
Professional Status
Certified Residential Appraiser
State
Indiana
Ideal comps would be within 20% of all the specs of the subject. In my area that is generally not possible. The second one is too big to use unless it is the only alternative. You need an appraiser that knows your market.
 

Boondock

Freshman Member
Joined
Aug 30, 2017
Professional Status
General Public
State
North Carolina
No one here can tell you without performing an actual appraisal. Which, if you didn't realize, you are asking for...for free.o_O
Thanks for the heads up. I guess it did come off like that. Not knowing how these forums work I just tried to provide as much information that I could think of. Not looking for a free appraisal, maybe just a consensus that we are priced reasonably or additional advise on what information we should voluntarily provide the appraiser.
 

Boondock

Freshman Member
Joined
Aug 30, 2017
Professional Status
General Public
State
North Carolina
Make sure you apprise your appraiser of all those facts.
Thanks for the advise. So is it common to be present when the lender's appraiser is appraising my home or should I just put a list of improvements together for their use?
 

Boondock

Freshman Member
Joined
Aug 30, 2017
Professional Status
General Public
State
North Carolina
Ideal comps would be within 20% of all the specs of the subject. In my area that is generally not possible. The second one is too big to use unless it is the only alternative. You need an appraiser that knows your market.
Thank you! That helps ease my mind a little. There are a few other homes within our specs within a 2-3mi radius but the two homes I listed are the only ones in our neighborhood that have sold in the past year.
 

bnmappraisal

Elite Member
Gold Supporting Member
Joined
Nov 9, 2011
Professional Status
Certified Residential Appraiser
State
Florida
I would be there with the written list. Try not to follow them around talking. It's distracting. Just stay put and answer any questions they have.
This is very good advice.
We each have our own procedure of inspecting a property (personally, I prefer to start outside measuring and taking pics, then come inside, walk through the home making notes, then take the pics of the interior, then sit down with the homeowner to go over any recent improvements made, etc - but again, that's just my personal SOP - each on here have their own)

There's nothing wrong with having a list of improvements you have done to the property.
 
D

Deleted member 134708

Guest
Print out your list of features and give to appraiser.

Search and search some more on the internet for homes that would best replace your home feature for feature. Be objective in your search and say, "yes, this home does replace mine as it is same sq. ft, same location, same design, similar upgrades etc" Would the buyer that is buying your home also look at that home? If they would, that is a great replacement property to use aka a comparable (comp)

Print out these replacement properties that best represent your home and give to the appraiser.

It's not very hard, just use the judgment you did when you bought your home.
 
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