 Posted 9/7/2007 7:33:57 AM
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| recently got an appraisal...planning on going higher than appraisal..is this the standart procedure.? in our opinion it is worth more than the appraisal
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Posted 9/11/2007 9:06:25 AM
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| I have had a very bad experience with an appraiser. He used comps that were not even the same zoning, mine is commercial and he used residential, I have 10+ acres, he used regular sized lots as comps. He had incorrect info listed in the appraisal, on top of that he charged me $2200.- the price for a commercial appraisal, which I didn't get. I'm in the process of filing a complaint with the Dept of Licensing. It's a long process, so far over a year. Finally a month ago, my case was assigned an inspector. I will have to take him to small claims court and because he is in a different county, I have to file in the court there-- a real inconvience. So be aware of appraisers. Betty L 2381
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Posted 9/12/2007 10:33:16 AM
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| You can list higher than the appraised value or lower depending on how quickly you want it to sell. Property owners tend to value higher than an appraisal (sentimental value) it's human nature, however, that's not meant to say your property is not worth more. If the appraisal was done correctly, according to regulations governing the appraisal process, it should reflect an accurate market value, of the property, within its market area and market conditions at the time the appraisal was done. As I have stated in other topic posts, in any field there are good and bad. The appraisal field is no different, there are good appraisers and bad appraisers (BettyL2381 reply appears to reflect one of the bad). I would recommend a second appraisal - I know "UGH!" the cost - from a different appraiser or a desk review of your appraisal (the cost is less than a full appraisal) to verify the value is appropriate for the market area. Or a CMA from a local realtor (which tend to be on the high end). You also need to determine if you are in a declining marke area. If you use the appraisal to establish a list price and list higher, when a contract is agreed upon, the buyers lender will order an appraisal. If that appraisal is lower than the agreed purchase price, the buyer will have to put more of a down payment to get financed (which could kill the deal) or want more concessions or force you to lower the price. With the subprime mess, mortgage industry meltdown, and tighter lending requirements (100% financing is no longer done? - 70 to 80% loan to value ration is normal now) a higher price could restrict potential buyers and extend the amount of time the property is listed.
[font=Times New Roman][b]David Hintz - AZAppraiser[b]
Phone: 602-717-4268
Fax: 520-233-2880
E-Mail: az.appraiser@hotmail.com
www.accurateappraisalsandconsultingofaz.com[/font]
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