Home Selling in 94117>Question Details

David Tran, Home Buyer in San Francisco, CA

How to appraise individual unit?

Asked by David Tran, San Francisco, CA Fri Feb 24, 2012

When I bought my unit, in a 3 unit Edwardian, the appraised value was on the entire building. He never even went into my unit. I made major renovations. So how would you value the unit if I where to sell today?

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BEST ANSWER
First, lets attack the old Appraisal: Evidently the appraisal was easy because the amount of the loan must have low compared to the value of the property; the Bank was only concerned about the Loan being covered.

On this VALUE, understand that the reason for doing the appraisal is different; you are trying to find the untimate WORTH of the unit. Now the Unit will have to be compared with other units of the same size in the same area. Then, allowances will be made to the numbers to make the Comp's comparable.

Please understand that you are spending money for nothing; this Appraisal will have no value to anyone. You might get some piece of mind, but you cannot use it for anything. It will expire in 90 days, and you will have wasted ~$450.

The best way to "VALUE" the unit today, without spending $450 is to have a Realtor do a CMA on it.
Less formal, less detailed, you'll get your piece of mind.

Good luck and may God bless
0 votes Thank Flag Link Fri Feb 24, 2012
I will be happy to help you. I hold the Certified Appraisal Degree and can give you a real number.
There is no cost for a market value number. Call (415) 308-5902.
0 votes Thank Flag Link Mon Apr 16, 2012
A great question from a seller.

The very simple answer is to have an agent or two to come by and give you a price opinion for the current market. Dont expect to get every cent back that you put in, but in the current market today we are strugling for good inventory in SF, with the current rates and great weather you may also want to consider selling sooner than the end of the year to achieve your best price and taking a short term rental until you move on.

I'm available to talk further and discuss your need further.

Good luck with your move,

Matthew 729-4189
0 votes Thank Flag Link Sat Feb 25, 2012
A Realtor is the best judge of a possible sales price, even compared to an appraiser. Having seen hundreds, if not thousands of homes thru the eyes of buyers (our own buyers and while holding open houses) we can see things an appraiser can't. We then spend as much time as needed to find and evaluate every possible comparable property. If this is for selling, it is critical to get this done right.

Ciara and I are available to provide that service, free of charge as part of the interview process for your Listing Agent. Alternatively you can use our email only service which will give you a rough idea of your unit's value at http://www.Evaluate-My-Home.com
Web Reference: http://www.SFisHOME.com
0 votes Thank Flag Link Fri Feb 24, 2012
Thanks for answers. I'm planning on selling at the end of the year and want to get the process going.
0 votes Thank Flag Link Fri Feb 24, 2012
One way would be to ask your agent to pull comps for similar sized units in 2 or 3 unit buildings and make adjustments based on your renovations. Let me know if you need help.

Oggi Kashi
Broker Associate, Paragon Real Estate Group CA DRE 01844627
Web Reference: http://www.oggikashi.com
0 votes Thank Flag Link Fri Feb 24, 2012
Hi-I'm a salesman in the city and former appraiser. I can answer any question you might have about this, but I'd need to know a little more to be able to help. Contact me if you're still unsure about your question. Thanks-
Matt Ciganek

http://www.sfpropertyreport.com

mattc@realestatesf.com

415-240-9901
0 votes Thank Flag Link Fri Feb 24, 2012
Ron has the right idea. You should ask an agent in San Francisco to do it for you. She would need to come to your unit so you can point out all the renovations. Then your agent would go back to her office and produce a Comparative Market Analysis with comparable properties that are currently for sale and more importantly, comparables that have sold in the past couple of months. It is very easy to do and the results can be delivered in person (which would be my preference) or emailed.

We all do it as a free service to potential clients and it can be done very quickly.

Good luck,

Sally
0 votes Thank Flag Link Fri Feb 24, 2012
Hello!

Is there a particular reason why you want to have it appraised again? Is your unit a condo and are you looking to refinance? Ultimately, you could have another appraiser come out to do another appraisal and he/she should take into account the improvements you've done. If you're trying to refinance, the bank will have the property appraised.

Hope this helps. Let me know if you have any other questions.

Thanks!

Rich

Rich Bennett, Realtor in SF since 2002

Zephyr Real Estate
DRE#01358540
0 votes Thank Flag Link Fri Feb 24, 2012
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