Any ideas on what Lone Tree versus Centennial should look like as an adjustment on an appraisal?

Asked by Dlb, Centennial, CO Mon Dec 15, 2008

We are in the process of disputing an appraisal. One of the appraisals came back with a Lone Tree comp (we are buying in Heritage Greens (Centennial)) and said there was no adjustment between Lone Tree and Centennial. One appraiser came back and said there was a 250000 adjustment ( not in our favor, of course) between the two. If you know these markets, please weigh in. Should there be any adjustment between the two communities? And, if so, does 250000 K seem reasonable? Thanks

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The Kinslow…, Agent, Centennial, CO
Tue Dec 16, 2008
Wow, $250,000 difference in the appraisals, that is a huge difference. Your first question should be...Are the Appraisers familiar with these areas? Are they appraising high end homes regularly? It's all part of the process of buying a high end property. Number 1 you should be working with a Realtor that knows the area. Number 2 your Realtor who sells high end homes and works out of an office that sells high end homes would give you suggestions on lenders that work with appraisers that know the area. Hiring the right people from the start would have saved you all of the worry and you would know that you're paying what the home is worth today. The appraisers job is to determine what the home is worth, so as to protect the lender and therefore you from being upside down on the property. If the appraiser (who knows the area well) determines the price is higher than what you're comfortable paying for it, then this isn't the house for you. There's a lot of homes available, have you been out shopping with a Realtor? If you're doing this on your own, you're probably missing a lot of opportunities. At least email a Realtor, tell them what you're looking for and I bet they come back with some properties you didn't know were available. We really do work hard for our Buyer's.
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Stefan Geyer, Agent, Aurora, CO
Tue Dec 16, 2008
It may be useful to determine if any viable comparables from Heritage Greens were overlooked in the appraisal report, and if they were, it would be important to know why. Your agent can help you identify these in the MLS. I am wondering if the appraiser chose Lone Tree because both neighborhoods reside near a golf course? The appraiser likely explained their reasoning in the addendum, so it is worth a thorough read. If you are still not content with the value estimate in the report, you may want to check with the lender to find out if there is a dispute process. Each lender has different guidelines for dealing with disputes such as yours. All the best.
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