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Kevin, Home Buyer in 89178

offered to pay list price, $110,000.On my FHA loan the appraiser said the home was worth $68,000. Is anyone else having problems with appraisals?

Asked by Kevin, 89178 Mon Apr 23, 2012

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15
I think that appraiser saved you a whole lot of grief. Something wasn't disclosed in a 41 year old house that sold in 2010 for $60,000 Year built: 1971

3516 Algonquin Dr
Las Vegas, NV 89169
For Sale:$110,000
$408/mo
Beds: 3
Baths: 2
Sqft: 1,752
Lot: 7,841 sq ft / 0.18 acres
Type: Single Family

Year built: 1971
0 votes Thank Flag Link Sun Apr 29, 2012
Now, David Cooper is an agent, whom I'll definitely love to have in my network and on my team. You are by far, set apart from your run of the mill, average REA's. I have watched you go, above and beyond, the call of duty, in your efforts to assist a retail buyer, while some others here, just speculated as to the validity of the appraiser. Kudos, to you Sir and please keep an eye out for my name, because I will soon be putting my team of Network investors together in your wonderful state and will need a savvy REA, like yourself, as part of it.
Flag Sun Apr 29, 2012
Appraisers are running scared these days after over inflating the appraised value a few years back the banks are leary of the true value. Still the difference you mention tells me something is very wrong. If the comps for similar property in similar areas show $110,000 I would question the Appraiser's judgment. I have seen 1 FSBO for 170,000 that the comps don't match by 30,000. He refuses to use a realtor, in this case the appraiser would probably come in 30,000 or 40,000 lower.
Wardley RE
7670 W Lake Mead Bl ste 100
Las Vegas Nv 89130
0 votes Thank Flag Link Sun Apr 29, 2012
What the appraiser (and the guy from more than 2000 miles away) may have failed to realize is that the Paradise Palms subdivision has a unique value which sets it apart from other homes and subdivisions which may be located only 1/2 mile away. I imagine this is one of the factors that drew you to the house?

Condition will also be a big factor in pricing over there. Some of the neglected homes may very well be in the $68k range, but you can easily spend $20k-$40k to get them into shape. I'm not familiar with the condition of the home you were in contract on, but you may want to request an appraisal review. Your agent may be able to contest the appraisal and provide details and documentation to support a higher price. Between an adjusted appraisal, seller concessions, and you bringing some extra cash to the table, you may be able to still make it happen...if you want to.
0 votes Thank Flag Link Thu Apr 26, 2012
KEVIN: That FHA appraiser found something "really wrong" that wasn't disclosed. I am curious what he found.

DAVID COOPERS Investor with a Buyers Agent License at "Since 1917 Realty". 35 Years Experience
phone 702-499-7037
email davidcooper@lasvegaswinner.org
Facebook http://www.facebook.com/DavidCooper.LasVegas
0 votes Thank Flag Link Tue Apr 24, 2012
SOMETHING IS WRONG WITH THIS 41 YEAR OLD HOUSE??? IS THIS "AS-IS"

3516 Algonquin Dr
Las Vegas, NV 89169


For Sale:$110,000
$408/mo


Beds: 3
Baths: 2
Sqft: 1,752
Lot: 7,841 sq ft / 0.18 acres
Type: Single Family
Year built: 1971
0 votes Thank Flag Link Tue Apr 24, 2012
Kevin, your appraiser, wasn't too far off the mark on this one and if anyone else here, tells you otherwise, then, they're out to take you for a ride and put you into a home with no equity in it. And yes, I've performed my due diligence on the property, as well.
0 votes Thank Flag Link Tue Apr 24, 2012
well said Barbara. It surprises me that Trulia will let just anyone come on here and talk the licensed Realtors down. This guy has no clue what hes talking about .
Flag Sun Apr 29, 2012
I guess my skills must be outdated.......because.....the question didn't contain an address so some of you must have a crystal ball to say that the comps are more. Also, why in the world would an agent in PA comment on the value of property in Las Vegas? You don't have access to our MLS so maybe you should swim in your own pond and leave ours to us? Also, your anymosity towards your fellow agents and questioning of Las Vegas agent's integrity doesn't belong on this website!! As for doing your 'due diligence', that too is interesting given that no address was given!
Flag Tue Apr 24, 2012
Hi Kevin,

Your lender should be able to challenge the appraisal and have FHA send out a new appraiser, for an additional fee of course. That is provided the comps justify the price and your lender has the experience and expertise to know how to do it. Not all do. I had a similar situation in the last 6 months and my lender was able to get it fixed within a week, much to everyone's relief as my clients had already paid quite a bit of money for upgrades on a new home.

Much luck with this.

Barbara S Richie, SFR, SRES, REALTOR
"Experience that counts! The expertise to make it happen!"
702.521.5299
lvrepro2000@yahoo.com
Encore Realty Group
0 votes Thank Flag Link Tue Apr 24, 2012
Hello Kevin,
The comps come in higher than that by about $8,000.00
Let me know if I can help you.
Thanks,
John J. Longeway
Realtor®
Keller Williams Realty Southern Nevada
office:702-777-0002
cell:702-325-4833
http://jjlongeway.kwrealty.com
0 votes Thank Flag Link Mon Apr 23, 2012
3516 Algonquin. Las Vegas, Nevada . I forgot the zip. My appraisor used homes with no garage, auction prices and homes that are in Contingent status. I am out the house I liked, and $450 for an appraisal. Im scared to make another offer.
0 votes Thank Flag Link Mon Apr 23, 2012
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Flag Tue Apr 24, 2012
Something is wrong in the situation. I have never heard of an appraisal coming in almost 40% under the offer price, especially on a property in this price range. It is difficult for me to believe that you would offer that much more than what the property is worth, even as a stategy to get the property over other bidders. I know there are those out there who will deliberately overbid on a property knowing the appraisal won't come in at the offer price and hope that the seller lowers the price to the appraised value, but this magnitude of a difference seems extreme. The only way anyone will be able to give you any kind of an answer that is helpful is if the address of the property is known.
0 votes Thank Flag Link Mon Apr 23, 2012
3516 Algonquin. Las Vegas, Nevada . I forgot the zip. My appraisor used homes with no garage, auction prices and homes that are in Contingent status. I am out the house I liked, and $450 for an appraisal. Im scared to make another offer.
Flag Mon Apr 23, 2012
Be very careful with scammers, if anyone suggest to you that you dont need a Realtor and they can help you.....Just Run !!! You need a Realtor who lives and knows this area and this market very well and someone who will be careful with your money. If it smells fishy , its because it is . Some people like to play Realtor, but if they are so great they would get real and get a license.
0 votes Thank Flag Link Mon Apr 23, 2012
Kevin
Yes we are seeing many problems with appraisers. I had a horse property with a huge barn with electrical and plumbing that the appraiser gave NO Value on the appraisal . The appraisers are always the first that is accused when something goes wrong. My personal opinion is that when everything collapsed most experienced appraisers just left the business. To get an offer accepted you are going to half to have a savvy agent in your corner. Good Luck. If I can help let me know.
Thank You
Suzie Marquardt
Fahrnyteam@yahoo.com
702-234-7653
http://www.LasVegasRealEstators.com
0 votes Thank Flag Link Mon Apr 23, 2012
Kevin, something's wrong here. This is the worst case I've heard of and I would appreciate knowing the address or MLS Number of home and would like to do a CMA for you to give you my oppinion of CMV. Yes we are having challenges with appraisers but this is terrible for a veriety of reasons. Please call or email me. Matt

Matthew D’Ercole
One Source Realty and Management
Cell - 702.501.0973
"A Nation of Sheep Breeds a Government of Wolves".
Know the Constitution & Bill of Rights.
Website - http://matthewsellslasvegas.las.mlxchange.com
0 votes Thank Flag Link Mon Apr 23, 2012
I know buyers are going over list price, One of mine just went 10,000 over but he is a cash buyer so he doesnt need an appraisal and he knows hes paying more than he should but he also knows there is a shortage on homes and the bidding wars are back. All he cares about is securing homes in this price range before they really start going up.

Since you are doing FHA , they are not going to let you purchase the house for 40,000 over with a 3.5% down. Im even having a hard time believing that a cash buyer would pay that much over. That sounds like someone trying to take advantage as much as possible lol. I would definitely run from that property and hire a new Realtor because if your Realtor was good at his or her job, you would of never put an offer on that in the first place. Just saying.
0 votes Thank Flag Link Mon Apr 23, 2012
Everyone is having problems with appraisals. You are not alone.
0 votes Thank Flag Link Mon Apr 23, 2012
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