If you truly feel it came in too low you may try and appeal it.
Sadly, even if your home has some upgrades it most likely will still be valued closley to what homes in your general area are going for.
Best of luck to you!
Kawain Payne, Realtor
You can try and appeal the appraisal - read >>> http://hankmillerteam.com/2011/08/02/low-appraisal-atlanta/ but don't expect success
Understand appeals are rarely successful. Also understand the apprasials are written for underwriters and by/to their guidelines. If you want to shoot me the address, I'll run a desk top look.
It's possible that this is accurate - we are a looooong way from any recovery. Yes your general area is doing better than most however we need to look at the micro market. If you think appraisals are an issue now, wait until spring.... http://hankmillerteam.com/2012/10/24/looking-ahead-to-the-sp
I would be happy to provide you with a property value analysis. I live in Alpharetta and can give you an honest assessment on whether the appraiser's value is accurate. No cost or obligation.
We have been successful in refuting values on a number of refinances in North Fulton. Appraisers are still very cautious on values and with the market rebounding, many are under-valuing homes in this part of the county.
The key to a value rebuttal is to have additional comparable properties to argue your case. Simply not agreeing with the appraiser is not usually cause for overturning the value. In your case it sounds like they have selected poor comparable properties.
Let me know if I can help.
LPO Manager | Evolve Bank & Trust
11605 Haynes Bridge Road Suite 125| Alpharetta, GA 30009
678.468.5626 x110 | fax 678.935.1156 | cell 678.467.9959
An appraisal is just one persons opinion and occasionally you can get an appraiser that does not consider the right comparable sales. However, most of the time they will give you a fairly accurate view of value.
Best wishes, Jeff
Katherine L. Morrison, Realtor
Team Realty Group
Pure judgement on comps on behalf of the appraisers happens all the time. I suggest you send this appraisal report to your agent to review and ask him/her to check for better comps available. If you purchased without an agent, find out an agent actively selling in your neighborhood. I am sure they will be happy to help. I always do help residents with similar issues in the neighborhoods I work the most.
If there are better comps, send them to your lender.
Being proactive is the best aproach!
Since it is a refi you were not working with a Realtor that could have provided you with "comps" that could be directed to the appraiser for another look if in fact he/she missed something that was very glaring. I think you are out of luck, but would suggest that you talk with a mortgage broker about if you are not happy with your current lender. Good luck!
Rick Musto, Managing Broker
Buckhead Home Realty
property against the comparable properties.
Best with your refinancing! I know the process can be a hassle at times....
Licensed Realtor in GA and NJ
Better Homes and Gardens Real Estate Metrobrokers
Selection of comps is somewhat subjective based on the appraiser since it really is a judgment call. The best comps will be of similar age, square footage, # of bedrooms/bathrooms, and style of the subject property. At least 2 of those 3 comps should come from the subject propertyâ€™s neighborhood. One must come from an outside neighborhood to better bracket the overall market area value. Appraisers do need to take into account school districts and city/county boundary lines.
Adjustments would be give where there are variations, such as for square footage, basement vs slab, age, etc.
The Appraiser Independence Code is part of an Act that all lenders must follow makes the disputing of a value quite difficult. To make a dispute, the lender must determine that the appraisal report is flawed and has a material defect. This means that comps that are â€œbetterâ€ must have been available but not used. Your agent would have to provide these â€œbetterâ€ comps to determine if a dispute is justified.
An appraisal cannot be disputed simply because it did not arrive at a certain value. That would be a violation of the Code.
If you only purchased the home 18 monthe ago, I am not sure that interest rates would have dropped enough to justfy a refinance.
Rodney Mason, NMLS #151088
Sr Loan Officer
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia
Prospect Mortgage offers a full selection of mortgage programs including:
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How an Appraisal is made:
Visualize a series of COLUMNS, probably 4 or 5;
The First Column is the SUBJECT HOUSE and the others are COMP's.
Down the page they list FEATURES or FACTORS; such as # Bedrooms, # Baths, House Sqft, Lot Sqft, Fireplace, Pool, Roof, Garage, Fencing. Got it?
Now, in each box created, there will be a VALUE: Lets say the subject house is 915 sqft it would get --- or 0. And the first Comp house has 2500 sqft, it might get -100,000; which means that the house is WORTH $100,000 more because of the square-footage. (It is a negative number because the Selling price of that Comp house was approximately $100,000 more BECAUSE of the square footage and we have to deduct that $100,000 to bring them to equity.) Got it?
Now, lets say that the Subject house has $5,000 worth of new fencing and the Comp house has 25 year old OK fencing.: Then the SUBJECT house would get +5,000 and the Comp. house would get --- or 0.
When you go down the page, and enter everything, you get total Comparative Values on the two houses, which allows for the DIFFERENCES.
The two houses DO NOT have to be literally COMPARABLE, the Appraiser MAKES them comparable using the + and - VALUES.
So the house next door is larger, so what? They made up for that with the values.
Now, if you understand what I just did, then you will understand why;
1.) Two Appraisals can come so close together, and,
2.) Why the Bank will not listen to you about the results.
and in fact I will give you a third;
3.) If you hire your own Appraiser, he will end up with about the same numbers!
I hope I've helped.
Good luck and may God bless