Re- Finance Appraisal Red Flag # 3
In everyone of my Appraisal reports the addenda data is at least 3 pages, no boiler plate,Â just the market facts. Below are some of the paragraphs in my reports;
This format is used for all residential appraisal reports.
Data from the subject market area MLS number, for Single Family, Attached, and Multi Family Properties.
Present year number of Active, Pending, Expired, and the MLS sales data for the present year and the prior year;
00 Active,Â Â Â vaule range, $00 - $00, Avg. $00, Median $00. Avg Dom 00
00 Pending, value range, $00 - $00. Avg. $00, Median $00. Avg Dom 00
00 Expired,Â value range, $00 - $00, Avg. $00, Median $00, Avg Dom 00
00 sales present year, $00Â - $00, Avg $00, Median $00, Avg Dom 00
00 sales prior year, Â $00 - $00, Avg $00, Median $00, Avg Dom 00
Increase or decrease,00 in sales
Median increase or decrease in value $00 and 00%
Percentage increase or decrease .00% and/or .00% per month
Present and Prior, Ratio Avg is .00%. Median is .00%
If the appraisal report is a Single Family property, a Condo unit and or a 2-4 unit Property the same "Example" would be used. Added to the Example format could be the number of bedrooms
market data, the number of baths market data,and/or any statistic that would support the appraiser's report value and opinions.
If your appraisal report lacks an addenda with statistics numbers, and other data to support the report appraiser's value opinion and conclusions you may not have a credibleÂ value opinion, Question; were did the numbers used in the appraisal report come from?
Have your RE Agent and/or Appraiser fill in the ? blanks; MLS ?,Year?, The single family ratio sales price toÂ final price range was in the ? % to ?% Range. The ? bedroom ratio was %. The average list price for sold properties was $?. The average sales price was $?. The sale price ratio to the old list price was %,Â $?. The average market time was ? days.Â
I recently did an appraisal report for Attorneys who needed a 1992 Market value for a single family property. If there are reliable sources I can do an appraisal. I also did an appraisal report for a property that was torn down by mistake.
Need a well support value opinion for a residential property, Contact meÂ
Illinios licenses;Â Certified RE Appraiser, RE Managing Brokerjack327@sbcglobal.net
773 685 8300