Property Q&A in York>Question Details

Tweety, Home Owner in York, PA

Appraisal done in Southern York PA?

Asked by Tweety, York, PA Thu Jul 12, 2012

In 2010 my home apprised for 258,000 and since then I done some upgrades
I added 4 car garage with a second floor
Patio, Landscape, hardscape and lighting
Gas stone fireplace
After adding the upgrades my house is being appraised for the same amount.
I feel this is very unfair, is there anything I can do about this?

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Answers

2
It was for refinancing. I was only expecting it go up maybe $20,000 even thou I spent $1000,000. I don't think that was a lot to ask for. Thanks
0 votes Thank Flag Link Fri Jul 13, 2012
Was the appraisal performed for the sale of the home or for refinance. You can dispute the appraisal and get a second appraisal performed. However, if it is for a sale than the buyers as well as the buyer's lender has to accept the appraised value from the new appraiser. Different financing requires an appraiser certified to conduct that type of appraisal, such as a VA or FHA loan. It sounds like you added a lot of value, but keep in mind that home values in the southern end of the county had depreciated on average 18-20% since 2010 and since 2006 prices around 32%. I wish you the best.
0 votes Thank Flag Link Fri Jul 13, 2012
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