Market Conditions in Beverly>Question Details

alfwill, Home Buyer in Chicago, IL

My question about the low appraisals in the Beverly area in Chicago.

Asked by alfwill, Chicago, IL Thu Jul 25, 2013

Thank you for all the information about my recent question on low appraisals in the Beverly area in Chicago. But i am still puzzled about the outcome of the appraisers decision on the property i am selling. Comparable homes in a two block range of my home (including a house on the same block) have been sold in the range of $191,000 to $89,500 within the last twelve months. The brick bungalow house sits on a double lot with two (2) unattached garages. Handicap accessible with hardwood floors, new counter tops in kitchen and bathroom. There is no mortgage or loans on the house. There is a buyer for the house, but the appraiser (who works for one of the top 4 banks with a local branch in Beverly) came back with a value in the low $40ks, using "comps" from houses that are not located in Beverly. I paid $56K for it 25 years ago! This house has been well maintained. In fact I had it rented for two years with tenants paying $1500 per month. Again I ask, why the low appraisal in Beverly?

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Answers

7
From your explanation of the facts, this has nothing to do with Beverly. You simply got a very inaccurate appraisal. You need to contact the lender and appeal this appraisal. If you need help with the appeal feel free to contact me.
Nick Radakovich Home Sales Realty
1 vote Thank Flag Link Sun Jul 28, 2013
Since we do not know the details, it is hard to say why the appraisal came in on a low end. But, you can pay for an independent appraisal report and see if the report shows a different value, if so you can submit it to the buyer and their lender in order to dispute the original appraisal. You can also provide a list of comparable properties that you believe should have been used in the report, and ask the appraiser why those comps were not included.
1 vote Thank Flag Link Fri Jul 26, 2013
Sounds like you got a bad appraisal. Its impossible for us to answer why. I would demand a new appraisal from a new appraiser.
Web Reference: http://Americorpre.com
1 vote Thank Flag Link Thu Jul 25, 2013
Just to let you know, followed your and others advice. Got new appraisal done from the same buyers bank. New appraisal came back 3 times higher! House sold last September. Thanks to all of you!
Flag Sun Jan 12, 2014
I think the appraiser did you a disservice. Most appraisals I have been involved wtith use comps within the last 6 months and within a mile or so of the property. You don't say where the home is located, but few or no sales lately would make it difficult, and keep in mind the nose dive in the market in the last few years. I would suggest having that appraiser run his numbers again. As an aside, I am a Beverly resident too.

Lou Alb
Molloy & Associates
1 vote Thank Flag Link Thu Jul 25, 2013
Thank you!
Flag Thu Jul 25, 2013
If you think you have an appraisal that does not accurately reflect your home's value you can challenge it using the comps used on the appraisal to demonstrate how they also speak to your price and make your point exactly. A Realtor or somebody with access to the MLS can help you with gathering accurate information to make a reasonable and strong argument for your price.
1 vote Thank Flag Link Thu Jul 25, 2013
Dispute the appraisal by providing nearby comparables.
0 votes Thank Flag Link Mon Jul 29, 2013
Thank you! Did that!
Flag Mon Jul 29, 2013
Appraisers work for Appraisal Management Companies who assign them to various financial institutions based on the request of the financial institution. Appraisers are held to a different standard than realtors on offering price opinions. Appraisers have to subscribe to various federal guidelines as well as the guidelines of the financial institution to whom they assigned and laws of the state on zoning and other issues. Appraisers cannot always include improvements made by owners as part of their appraisals due to guidelines set by the federal, state, local authorities as well as the financial institutions. . I did not see any physical description of the property you own, nor of the properties you refer to. It appears you are currently working with a broker,. It may be helpful to you to ask that person about comparables to your property as well as what the overall market trends are in the Beverly area. Good luck to you.
0 votes Thank Flag Link Thu Jul 25, 2013
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