Home Buying in 80134>Question Details

Shelley Brya…, Real Estate Pro in Englewood, CO

Is anyone having any issues with low appraisals coming in?

Asked by Shelley Bryant, Englewood, CO Sun Oct 14, 2012

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6
Shelley,

This is an update to an old question. The appraisers lately have been very cooperative and I have not had issues with appraisals for sometime. During these transition times with quickly appreciating homes, I have seen some real difficulties keeping up with the rapidly appreciating values. The appraisers now are actually taking the local appreciation into account and the appraisals are sometimes coming in higher than I think and higher than the sales price. This is definitely helping the market to improve.

Robert McGuire
Broker/Consultant
Your Castle Realestate
http://about.me/robertmcguire33
0 votes Thank Flag Link Fri May 31, 2013
I think being at the appraisal is the best thing to do to avoid this happening as much as possible. While talking up the neighborhood and pointing out value adds of the property, make sure you also point out distressed sales in the neighborhood that might bring property value down. I think these are often overlooked and included as "comparables" when they are not a true representation of market value.
0 votes Thank Flag Link Mon May 20, 2013
I have seen appraisals come in above, at value and below value all throughout this year. If you are struggling with low appraisals, make sure you find out what information you can give the appraiser. Most appraisers welcome additional information because it makes for less that they have to do. Sheila had a great point. You could state that your client requires you to be there to let the appraisal in which would give a great opportunity to talk up the property. I have also asked for a second appraisal a few times because the appraisals came in low. That may delay the closing, but worth it if you can save your clients the headache and hit to their wallets that a low appraisal could cause. I know a few appraisers that I have hired personally! Best of luck!
0 votes Thank Flag Link Sun Dec 23, 2012
I just had my home refinanced through Loancare svcs and the appraisal came in where I expected it too. Also, I haven't had a problem with appraisals being low on any of the properties I sold this summer. I keep hearing people say "watch out for the appraisal", but I have yet to experience it. Sometimes when I am nervous about it, I will be there with the appraiser talking up the property. Explaining we have a new electrical system or new sewer system... things they may not otherwise have seen.
0 votes Thank Flag Link Tue Nov 6, 2012
Used Wells Fargo for a Refi. about 4 months ago and the appraisal came back dreadfully low. About $75K lower than we will list our home once we find a house we want to buy. Loan agent at Wells Fargo said the guy had a very bad reputation for his credibility and his appraisals had blown up several loan deals. Don't unfortunately remember his name.
0 votes Thank Flag Link Sun Oct 21, 2012
We would be happy to help you. We could do a CMA on your home. We have our CVS (certified value specialist) designation which is a mastery of CMA and BPO . Give us a call if you are not currently working with a Realtor.
303-810-8382 Tony and Cindy Anderson
Flag Sun Oct 21, 2012
No we are not having trouble with appraisals coming in. I have a CVS (Certified Value Specialist) designation. The CVS designation provides CMA and BPO mastery combined with the ability to impart the brokers knowledge to appraisers, underwriters, buyers and sellers. Let us know if you need us to help you. Sincerely Tony Anderson 303-810-8382
0 votes Thank Flag Link Sun Oct 14, 2012
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