Asked by Chris Eisenhard, Broomfield, CO • Thu Jul 5, 2012
Appraisals seem to be a joke now more than ever. My frustrations have come to a boil today watching my listing under contract at $173,000 come in at $163,000 while the same home down the street just appraised on a short sale at $180,000 and they are under contract at $175,000. I was able to get a hold of the appraisal on that deal and the difference is 100% the appraiser. Appraiser on my listing went back over 6 months and thinks late 2011 is the same market as today. This appraiser won't go over 1 mile to find comps. Their appraiser had 4 comps and the closest was 2.1 miles from subject!!
Tough to tell a seller we won't have a problem finding a buyer at this price, the issue will be who we will get for an appraiser. Appraisers aren't taking into consideration level of demand and could care less if the home had multiple offers above list price.
Has anyone been able to get an appraiser to come up on a low appraisal value? Seems like they dig their heels in and won't budge..
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