Home Buying in Glen Ellyn>Question Details

Sajed786, Home Buyer in Glen Ellyn, IL

Wrong appraisal report???

Asked by Sajed786, Glen Ellyn, IL Tue Apr 24, 2012

My hosue was appraised in 11/2010 for $395,000 and now last month 03/2012 it was wrongly appraised to $330,000, when trying to refinance.
How long does the wrong appraisal report get stuck to your house, if I try to sell now will the new appraiser have access to this wrong appraisal report doenin 03/2012?
How do I get the appraisal report corrected?
Thank you.

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An appraisal is an opinion of value. Each appraiser will use their own comps. The most desirable ones to use are those that have closed within the past 6 months, within a 1 mile radius. It is true that property values may have declined, however sometimes it is just that homes that close through the winter sell at lower prices. It could also ne that there is an inaccuracy in the appraisal, or the appraiser chose to use different adjustments for different things. There is no cut and dry rule about how much they have to use for each additional bath or half bath, conditions, pools, central a/c, things like that.
1 vote Thank Flag Link Tue Apr 24, 2012
I brought the house in 2009 unfinisehd for $290,000 and put in $140,000 for a total of $430,000. So I know the appraisal report doen recently is wrong.
My question is that does the new apraiser have access to the old report???
Flag Tue Apr 24, 2012
An appraisal does not "get stuck to your home" and it not available for other appraisers to view unless you choose to share it with them.

The appraisal is an opinion of value as mentioned in prior posts and is specific to that point in time / that transaction. The loan officer you worked with could have ordered another appraisal and sent it to a different lender if he/she felt it was a bad appraisal. The risk with this is that you have to pay for each appraisal and they're not cheap (approx $350).

The appraisal is not recorded anywhere so a potential buyer would have no idea that your home was appraised at a certain amount.

I hope this helps.
1 vote Thank Flag Link Thu May 10, 2012
Thank you for you reply it brought some ease to me.
Flag Thu May 10, 2012
The two appraisals were done at different times, by different people, using different Comp's.
You may be unhappy with the results, but
The Banks are going to rely on the latest appraisal.

You may spend your money getting another appraisal, but
the bank does not have to accept it.

This may be another way of telling you that you offered too much for the house.
If the Seller is inflexible, you should look for another house.
0 votes Thank Flag Link Tue Apr 24, 2012
I brought the house in 2009 unfinisehd for $290,000 and put in $140,000 for a total of $430,000. So I know the appraisal report doen recently is wrong.
My question is that does the new apraiser have access to the old report???
Flag Tue Apr 24, 2012
What makes you think the recent $330,000 appraisal is incorrect? Perhaps property values have declined in the past 14 months. Or perhaps the first appraisal was too high.
0 votes Thank Flag Link Tue Apr 24, 2012
I brought the house in 2009 unfinisehd for $290,000 and put in $140,000 for a total of $430,000. So I know the appraisal report doen recently is wrong.
My question is that does the new apraiser have access to the old report???
Flag Tue Apr 24, 2012
Don Tepper, Real Estate Pro in Fairfax, VA
MVP'08
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