But please remember,.As agents we can only nicely provide comps it the appraiser requests them...they may especially if they not from your area...Hopefully, a good appraiser will benefit from the help you agent will give them...Please be aware they also have access to all the comps...good luck with refinancing..
Diane. 732 859 2376
thanks for explaining that. after the the 5 or 6 homes in the column are totaled there is the sold price on the top of the column, and the adjusted price on the bottom after the appraisers adds or deducts $ for the different options. my question is is the appraised value the average of the adjusted comps?
Francesca, Broker Sales Associate
the bank hired the appraiser but we paid in advance for the appraisal. i was home when the appraiser came in. this is for a refinance but we are anxious because we are hoping to get cash out to purchase a home without selling our current home, so many things are depending on this appraisal.
12 days since you started the process of a loan app, or 12 days since the appraisal?
Your loan officer is not supposed to have direct contact with the appraiser; but others who work for the bank are in contact with the appraisal company, or directly with the specific appraiser.
If it's been 12 days since the actual appraisal, that seem very long. If it's been 12 days since you started your loan, find out the exact date on which the appraisal was ordered; the exact date of when it was performed; and the bank's deadline for completed appraisal delivered to the bank.
You can ask your loan officer to find out these exact dates for you. You are entitled to this information, so take a stand accordingly.
thanks for your advice.
Lenders negotiate rates and service expectations with the appraisal companies. The appraisal goes to the lender, but if you pay for it... it's yours. Some lenders do not charge for the appraisal until closing; others ask you to pay upfront for appraisal fees. If you pay upfront, it's yours for the asking as soon as it is done.
A low appraisal can be challenged, but it's very difficult to get the lender to listen unless you have compelling documentation.
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 we 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, they MAKE then comparable with the 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!
Also, please do not compare/equate the ASSESSMENT with the APPRAISAL: The ASSESSMENT is based on the LAST SELLING PRICE OF THE PROPERTY which might be last year. five years ago, or thirty years ago.
I hope I've helped.
Good luck and may God bless
Good luck to you..
Diane. Agent..732 859 2476
Appraisers look for closed sales. Only in complete absence of closed sales will appraisers look to properties not yet closed. Unless your home is non-conforming, there are likely closed sale comps to support an appraisal. There has been recent activity from which to pull data.