Ashley,
On the appraisal they are suppose to attach photos and info of the homes they used for comps. If this home was not there, then they didn't use it as a comp. They may have plugged it in their heads though, which might have affected their final decision as to your property's current market value.

Good Luck!

Hi Ashley.

Will the comparable that you've explained here affect the appraised value of the home that you want to buy? It may.

Some short sales and foreclosures are included. The home next door may have been a short sale. Based on what you've posetd... we're unable to ascertain.

Also appraisers are still telling us that they are depreciating comps 1 to 1.5% per month which is throughout Tampa Bay Florida which may affect their appraisals as well.



~ Lana

Unconfirmed unless all reports are reviewed. Have you spoke with your Agent OR appraiser it could be less sq. ft. smaller lot many factors come into play when reviewing all.

Appraiser is going to work from 3 -4 "like homes" not just one.

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Lynn911

It's difficult to provide the information you are seeking with what we know about your situation.

Did this home appraise for the sale price?

Was the home next door sold as a foreclosure or short sale?

What are the differences between the homes that qualify them as not being good comps?

Is this a stable neighborhood?


You are correct in questioning this and are justified in collection additional information prior to making your decision.

Good luck

It depends on the appraiser and what the other comparables are going for in the area. If most of the comparables come to around $300k and there is one that is $110k, then the appraiser might of or might not of included that $110k house. You should have your Realtor do a CMA and if it's a big difference, you can show that the apprasial is wrong and show why. How much is the offer that you have in on the house?

what you might do- better is to ask your appraiser to review his work in light of the home next door going for what 40% of your new home.

Also I would ride around and look at the comps he used- are they in areas like yours?
Did appraiser take this in account?

Real tricky Ashley.

John

Yes, having a 252,000 home next to a 110,000 is not good for the first home. In a perfect world homes of similar size, construction quality age would all be grouped together.

You need to adjust your offer, or at least take it under advisement.

Suggest you get appraisal done before offer, or at least provide for an appraisal below 252,000 coming in lower.

You need a good Realtor if you are not already with one.

John

I can help you find one

352-978-4539