“The Appraiser Screwed Us!”

“The Appraiser Screwed Us!”

 




The appraiser screwed us! My Realtor says the property is worth every bit of $290,000 purchase price, but to come in with a value of $265,000 is crazy. The Realtor gave a copy of the appraisal to the selling agent but not sure where it goes from here. I remember Janice telling me one of the offers they had was all cash, but not sure of the amount. She is telling the other side that we will have to pay the appraised value. Will keep you posted.


It is certainly easy to blame the appraiser for an appraisal that comes in less than a purchase price or your estimate of value in a refinance. However, an appraiser can only use comparable sales that are similar to the subject property and within a certain radius. If there are better comparable properties outside the radius, they most likely wouldn’t be used.

I had conversations with both Realtors about the appraisal, both feel the appraisal is wrong. I asked them to get me some additional comps and explain why they should be used instead of what the appraiser found. I will send them into the appraisal management company to review. The information must be compelling otherwise the value will remain the same.

In the current environment of multiple offers, appraisal issues can happen.

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Joe Petrowsky, NMLS #6869

Right Trac Financial Group, Inc. NMLS #2709

110 Main St.

Manchester, Ct. 06042

Office: 860 647-7701 x116

Fax: 860 647-8940

Cell: 860 836-9294

Email: joe@righttracfg.com

www.righttracfg.com

www.joepetrowsky.com

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Joe Petrowsky does not guarantee nor is in any way responsible for the accuracy of the information provided herein, and provides said information without warranties of any kind, either expressed or implied.

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Comment balloon 6 commentsJoe Petrowsky • October 23 2020 04:08PM

Comments

Good morning, Joe... I feel as if I have this conversation at least once a day... there is a difference between what someone believes a house is worth to them and what a forensic appraisal will value it.

Posted by Nina Hollander, Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor (Coldwell Banker Realty) 24 days ago

Good morning Joe. Sometimes when the appraisal is low, who do you have to blame. Sometimes the appraiser and sometime the agents and the seller. Enjoy your day!

Posted by Wayne Martin, Real Estate Broker - Retired (Wayne M Martin) 24 days ago

I have had 3 appraisals on home that I have challenged and won in every case. Appraiser in my market have been very conservative in the valuations.

Posted by Donald Urschalitz, P.A. Realtor ABR RSPS North Palm Beach County (Lubeck Realty Group) 24 days ago

Often my concern with Multi Offers  +/or  Escalating Clauses . You can only escalate it so far  and then it won’t Appraise !

Posted by Michael J. Perry, Lancaster, PA Relo Specialist (KW Elite ) 24 days ago

Sometimes it's right to blame the appraiser, but you can't just look at the valuation amount. Check the comparables used and, if necessary, point out why they're not good comps.

Posted by Lorrie Semler, REALTOR® in the Dallas area. Call/text 972-416-3417, Real Service. Real Results. Real Estate (United Real Estate) 24 days ago

Good morning Joe Petrowsky  love the post. I was selling real estate back when appraisers would hesistate before raising the value by $100. Now some agents expect and demand another $10,000

Posted by Rocky Dickerson, Superior Service! (Realty One Group) 24 days ago

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