Home Selling in Lombard>Question Details

alison, Home Seller in San Diego, CA

We got our condo appraised by buyer's lender. We made extensive upgrades but not given addl value over recently sold units that had no upgrades. ????

Asked by alison, San Diego, CA Fri Mar 22, 2013

These included granite counters, wood floors, master bath complete remodel, etc. They took 6 years off the age of the condo but no value added.
Is this standard practice?

Help the community by answering this question:


I do understand that a homeowner, who thinks that they put a lot of extras into their property condo or single family home and then see hm, was that actually considered?

As you know Realtors see a lot of homes, and appraisers should as well, but the one in your case may not have been an expert in your area.... On the other hand, did your property appraise out, considering the sale price and the down payment of the buyers. If the answer is yes, then you have really nothing to worry or think about, if on the other hand the appraisal is much much lower than the sale price and creates a problem for the loan for the buyers etc., then you may have to involve your listing agent to provide the appraiser with additional information of the additional value of your particular property, i.e. provide those comps the listing agent used to price your home originally....

So since we do not know what the end result of said appraisal was, hard for us to make any kind of
good recommendation .....

Good Luck to you
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0 votes Thank Flag Link Fri Mar 22, 2013
Appraisers (like agents) come from many different schools of thought. They may or may not be market experts in the area. If they rely on quick and dirty analysis, the results are not favorable.

Appraisers generally work independently of the bank and the buyer's agent, but the sellers agent can provide input on how the property was priced and valued. As a seller's agent I provide the appraiser with the necessary comps and notes to help them understand the value. Although the appraiser has already made their opinion, it does not hurt your agent to approach the appraiser with the comp data to see if they would alter their valuation. You may or may not have the right to order a 2nd appraisal, but the lender is not going to be obligated to take it.

Geoff Ommen
Broker Baird & Warner
0 votes Thank Flag Link Fri Mar 22, 2013
With appraisals, there's very little standardization. That's one of the main problems with the profession. They are given guidelines to use, but there's so much variation in interpretation between good and bad appraisers that you can get 10-30% price differences between appraisals.

Then again, a lender's appraiser is typically suggested by the lender to appraise a property for the lowest possible value to give the lender the highest level of security. For example, lending you 80% of $250K is very different from 80% of $350K on the same house.
Web Reference: http://www.archershomes.com
0 votes Thank Flag Link Fri Mar 22, 2013
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