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SYLVIA RAMOS…, Real Estate Pro in Arcadia, CA

any one having problems with appraisals coming in to low?

Asked by SYLVIA RAMOS (626) 376-8808, Arcadia, CA Sat Feb 16, 2013

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8
So far I've been trying to buy a Condo in Chicago since February of this year. I've had 3 properties be appraised too low... All 3 properties have come back $15,000-$20,000 less. The last one the selling price was $65,000 and the appraisal came back at $50,000 with comps ranging from $48,000-$75,000
1 vote Thank Flag Link Fri Jul 26, 2013
The new guidelines and inclusions of short sales and foreclosures combined with over cautious appraisers is driving prices down a little. Especially on Condo's
0 votes Thank Flag Link Thu Aug 1, 2013
Yes, we're having major issues with appraisals coming in WELL below market value. Here in So. California and specifically the Inland Empire, appraisers seem to be extremely conservative in their values. We have had a number of properties that had recent sales to support the price. Appraisers came back with values as much as $50,000 to over 100,000 below true market values.
0 votes Thank Flag Link Sun Feb 17, 2013
Hi Sylvia
Yes we are having a problem with low appraissals. I New york we are not allowed to influence the appraissers. We can provide them with comps but other then that we have to allow them to do their appraissal on their own.
This will be a common problem as the market recovers. We will have the homes that sold in a market that was depressed as comps for the recovering market. It will all be a part of the process to recovery which I hope is soon for everyone.
Good Luck
Barbara
0 votes Thank Flag Link Sun Feb 17, 2013
Appraising property is very different than a "good old CMA" which are typically MLS generated. Agents often feel (and I say this because I am in the business of property valuation) that the value of one particular property could be inclined by the appraiser or the BPO agent, to any given sale in the neighborhood whether it is to justify a high or a low value. Fact is, the final value of a property is concluded based on 3 (not 1) sales in the immediate market area and those values need to be within reason/guidelines.
0 votes Thank Flag Link Sun Feb 17, 2013
I have not had that problem with appraisals, I believe it is imperative to meet the appraisers at the property to make sure we can assist them in valuing the home. That has always helped me trememndously. Curiously enough, the only times I have ahd a problem is when the agent did not show up to the appraisal.
0 votes Thank Flag Link Sun Feb 17, 2013
Here in Pinellas County, Florida. We are seeing prices rise at a rate that is too fast. Appraisals are not coming in at price in some areas. I feel, however, that we need to be very careful. Although inventory is limited, which causes prices to go up, we need to be aware that this could cause issues for buyers in the near future. We have a strong market, due to interest rates. Please let's remember what we just left and is still causing so many strong issues. If rates go up, prices will go down. I would love to see some stability somewhere in our industry.
0 votes Thank Flag Link Sun Feb 17, 2013
I'm finding there is definite improvement at least in my market from what was happening a year ago. But every so often one will come in that makes you wonder.
0 votes Thank Flag Link Sun Feb 17, 2013
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