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Milton : Real Estate Advice

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  • Local Info2
  • Home Buying2
  • Home Selling0
  • Market Conditions3

Activity 4
Sat Dec 29, 2012
North Point Mall in Alpharetta in the only mall in North Fulton County. Perimter Mall at GA400 and I-285 would be the next closest with Lenox Square and Phipps Plaza just a few more miles south. Phipps Plaza has a theater inside the mall, but the others have one across the street.

Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
Apply Online at
Licensed in Alabama & Georgia with over a decade of lending experience.

Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203K Renovation (Streamline & Consultant) | HomePath® | HomePath® Renovation | HomeStyle® Renovation | VA | USDA | GA Dream | Jumbo Financing.
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Wed Jan 16, 2013
Laquita Baez answered:
I'd be happy to help.

What budget do you have in mind and how soon are you looking to move?
What email address can I send choice listings to? Feel free to email me at the address below.

Laquita Baez
Licensed Realtor in GA and NJ
Better Homes and Gardens Real Estate Metrobrokers
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Mon May 7, 2012
Dan Tabit answered:
An appraisal is on "opinion of value" not a factual absolute statement of value. Appraisers, like everyone else vary in the skill, competence and willingness to take on risk. If the appraisal accomplished your goal and you intend to live in the house, enjoy the house and forget about it. The ultimate expression of value only comes when you place the home on the market and a willing and able buyer makes an acceptable offer. ... more
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Tue Jun 28, 2011

There are two likely explanations for your low value. First, the appraiser must use comparable properties that have sold in the last six months within a reasonable distance from your home. My suspicion is that there are limited numbers of homes in your price range that have sold in that timeframe and within a 5 mile radius of your property. Going back further in time is sometimes allowed but when values are declining, there is a "negative adjustment" to your value for the time since the comparable property sold. I would look at the comparables page of your appraisal to see what adjustments were made on the properties listed there.

A second, more subtle issue is that I have found banks to be extremely conservative when appraising more expensive properties because the limited supply of these home could create a much larger value decline if there are too many listed properties chasing too few buyers. Appraisers understand this and as a result are much more conservative with properties like yours. They work for the lender so there is a bias toward lower valuations on estate properties.

The bright side of your situation is you should consider appealing the assessed value of your property with the city and county to see if you can save on your property taxes and use your appraisal as proof of your property's value.

Best of luck

Timothy Brown | President
Academy Residential Mortgage, Inc.|
11380 Southbridge Pkwy, Suite 200 | Alpharetta, GA 30022
678.468.5626 x110 | fax 678.935.1156 | cell 678.467.9959
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