My condo appraisal came back low with a comp that had a different view is thier somthing I can do?

Asked by Mattjew, 33160 Mon Aug 6, 2012

I went to refi my condo but when the bank did the appraisal It seemed to be very low. I am not a real estate expert but the condo unit they use to compare it with had a different view. My unit has a much nicer view and I don't know what to do the bank rep said he will ask about it but I want to make sure this kid doesn't screw it up.

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Thomas Pludw…, Agent, Aventura, FL
Tue Aug 7, 2012
Take pictures of the views and explain to the "kid" why yours is worth more. Do this by email.
If you want me to give you a value email me.
Thomas Pludwinski
Cell: 305 968 2932 -Miami

skype: thomasplud

Elite International Realty
16137 Biscayne Blvd.
Aventura, Florida 33160
0 votes
Annette Law…, Agent, Palm Harbor, FL
Tue Aug 7, 2012
It is very likely the 'value' of the view has been factored into the base value.
If the tax assessors website indicates the type of view such as ocean, garden, standard, inter-coastal this value HAS been integrated into the base value, if such value exists.

IF such value is not distinguished in the base value, you will be compelled to find units with comparable views sold within the past few months in your community and then argue your case. If such data does not exist their is little anyone can do.

An overwhelming number of lenders will not loan on condos. Don't overlook this issue as you pursue doing battle with Goliath.

Best of success to you,
Annette Lawrence, Broker/Associate
Remax Realtec Group
Chat real estate on:
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Beatriz Narv…, Agent, Doral, FL
Tue Aug 7, 2012
The best appraisal is expected to come up with future sales ......... not much you can do now.
0 votes
Howard Vogin, , Boca Raton, FL
Tue Aug 7, 2012
Look over the appraisal. When an appraisal is completed, the appraiser will adjust the value of the comps based on differences between the subject property and comp. These will be both plus and minus adjustments. It is not always easy to find exact matches and that is why they make these adjustments. Also, keep in mind the appraisal will have several comparables and they will not use only one review to determine the value of your property.

Find a local realtor who can review the appraisal with you and ask them to see if there are any better comps.

Good Luck
0 votes
James Loftis, , Hollywood, FL
Mon Aug 6, 2012
Banks usually base the value of a property based on a BPO (Broker Price Opinion) of the property, not a full blown appraisal. You may want to have your own BPO performed on the property and based on that.value, speak with a bank manager in order to get your value revised.

The view that your property has should have a positive or negative value on your property
I have performed 1000's of bpo's and would be glad to help you.

Please contact me at anytime.

James Loftis
Real Estate 911 Inc
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