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How often is there a disagreement on the results from a home appraisal?

Asked by Trulia Philadelphia, Philadelphia, PA Thu Oct 25, 2012

What are the most common disagreements?

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nancyrockford1’s answer
We are actually going through this right now with a refinance. We were appraised for $289,000 and our home would easily sell for $369,000 to $399,000. The appraiser searched for comps up to $300,000 which is ridiculous. We are located in one of the most desirable sections of Philadelphia and this appraiser not only limited the comps to a maximum of $300,000 but provided comps of a neighborhood where homes could never come close to being comparable with ours. Six weeks later and still no answers!!! Frustrating!!!!
0 votes Thank Flag Link Tue Oct 30, 2012
I have a wonderful group of mortgage brokers that I work with at Trident if you need assistance with this whole process please let me know. I know how infuriating it can be.
Feel free to call me if you have any questions.
Ezra Roulinavage
Prudential Fox and Roach, Society Hill
Main office (215) 605-6633
Mobile (215) 605-6633
Direct VM (215) 521-1528
Flag Wed Oct 31, 2012
BEST ANSWER
Appraisals are the wildcard in a real estate deal. Appraisers vary widely in experience and perspective, and changing an appraisal is near impossible. It's always something that we hold our collective breath and hope for the best outcome.

Ana Barlow
The Barlow Group
Keller Williams Realty
267.408.8036
anabarlow@gmail.com
Web Reference: http://www.anabarlow.com
0 votes Thank Flag Link Fri Oct 26, 2012
Actually,
I have had two cases where the appraiser was WAY off with the appraisal and the whole appraisal had to be appealed. It does happen. Especially, if the appraisers are not familiar with the city or with the area of the city where they are sent to appraise. In one case, it was my understanding that the appraiser was from Bucks County trying to appraise a listing in Fishtown. I won't go into the details but the appraisal price the person came up with was ludicrous. I think if the appraiser works mostly in the city and knows the neighborhoods well then it should be fine.
And as always if you have a good realtor that you listen to, they should be able to tell you if a home is priced correctly. I hope that helps.

Ezra Roulinavage
Prudential Fox and Roach, Realtors
Society Hill
Main 215-627-6005
Direct 215-521-1528
Mobile 215-605-6633

"I am never too busy to assist a client"
0 votes Thank Flag Link Thu Oct 25, 2012
Recently, we haven't seen or heard of any disagreements on appraised values. During the real estate boom it happen often. But now since real estate professionals and loan officers aren't allowed to communicate with appraiser anymore and that lenders are keeping a watchful eye on values and fraud, disagreements on values are rare.

The Jamison Team
Kevin and Darlene Jamison
Remax Specialists
215-435-5626
http://www.kevinanddarlene.com
0 votes Thank Flag Link Thu Oct 25, 2012
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