Home appraisal question

[DLow]

Anyone on here recently have an issue with an appraiser, and who did I you contact (in Maricopa County AZ)? We had one done thIs week and it appears he was miserably confused on his job, as well as how to pull legitimate comps. Any help on who to contact, besides him (which I have already done) would be awesome.

 

[OldSchoolBoats]

Anyone on here recently have an issue with an appraiser, and who did I you contact (in Maricopa County AZ)? We had one done thIs week and it appears he was miserably confused on his job, as well as how to pull legitimate comps. Any help on who to contact, besides him (which I have already done) would be awesome.

Whoever ordered the appraisal (assuming mortgage company) can send in a rebuttal with additional comps that weren't used. At that point, it is up to the appraiser to then decide if they want to use those comps and adjust the value.

Is your property a new build by chance??

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[bagged97taco]

We had a similar situation. House came in way low compared to comps and our house was bigger, better property and has a pool. Called mortgage company that sent appraisal out and told them to send someone else out. They adjusted the value just by looking deeper into the comps around us. This appraiser must have never done it before. He sucked

 

[DLow]

Whoever ordered the appraisal (assuming mortgage company) can send in a rebuttal with additional comps that weren't used. At that point, it is up to the appraiser to then decide if they want to use those comps and adjust the value.

Is your property a new build by chance??

Sent from my SM-N960U using Tapatalk

It’s a refi. I’m going to make some calls Monday.

 

[OldSchoolBoats]

It’s a refi. I’m going to make some calls Monday.

Yeah, loan officer would have to send in a rebuttal. Being able to use your comps will depend on the mortgage companies policy for appraisal rebuttals. Good luck...[emoji106][emoji106]

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[El Guapo]

Hi Damin, you can file an official complaint at the AZ state board of appraisal. If you can site things the appraiser did wrong out of USPAP it will increase your chances of getting a disciplinary action taken against the appraiser. USPAP is the bible for appraisers, I can get you a copy if you need one. You will need to site things the appraiser did wrong like violate the competency rule or made errors of omission. If there are errors of omission or a violation of the competency rule, the board can rule that the appraisal is not credible and therefore can't be relied upon by the user. User meaning the lender, or who ever is defined as the user of the report in the report.
It sounds like the appraiser was not competent in your geographical area, meaning he did not understand your neighbored hence the reason he chose comparable sales that were not reliable. If you can also have your agent or LO send you comparable properties you feel better define your home, or its value, that would help. Model matches are best, but they are not always available for all kinds of reasons.
I am a certified appraiser who does not appraise any more, thank God, I hated it! I should be at 43 tomorrow. PM me if you would like my cell, you might already have it.

Happy to help

Cheers,

Bo

 

[DLow]

Hi Damin, you can file an official complaint at the AZ state board of appraisal. If you can site things the appraiser did wrong out of USPAP it will increase your chances of getting a disciplinary action taken against the appraiser. USPAP is the bible for appraisers, I can get you a copy if you need one. You will need to site things the appraiser did wrong like violate the competency rule or made errors of omission. If there are errors of omission or a violation of the competency rule, the board can rule that the appraisal is not credible and therefore can't be relied upon by the user. User meaning the lender, or who ever is defined as the user of the report in the report.
It sounds like the appraiser was not competent in your geographical area, meaning he did not understand your neighbored hence the reason he chose comparable sales that were not reliable. If you can also have your agent or LO send you comparable properties you feel better define your home, or its value, that would help. Model matches are best, but they are not always available for all kinds of reasons.
I am a certified appraiser who does not appraise any more, thank God, I hated it! I should be at 43 tomorrow. PM me if you would like my cell, you might already have it.

Happy to help

Cheers,

Bo

Bo! Had no idea you did that in a past life. I’ll give you a call. We need to catch up anyways.

 

[2Driver]

Banks got a hosing in the last refi craze so I wouldn’t be surprised if they are staying conservative assuming this guy is working with or for the bank.

 

[Tom Slick]

We just finished up the refi on our home and the appraisal came in rediculously low, like 70-80k low. We disputed and provided comps, etc. and still didn't get the adjustment. Ironicaly it ended up costing me the same amount of money towards points as the friends and family discount we were supposed to have received. Personally I think the mortgage company and the appraiser were in on it. Especially to be that far off on the appraisal.

 

[WhatExit?]

Video I received this week from my former realtor here in Maricopa County...

Right now the gap between appraisal value and what the market believes a home is worth is causing some headaches!

Remember that an appraisal is a lagging measure of value – it calculates the value of a home by comparing it to similar homes sold in the recent past. So when the market is surging, sometimes you get big, fat, disappointing gaps between agreed upon purchase price and appraisal value.

Find out what you can do about low appraisals and a milestone in the Arizona market in this week's video...

In a hot housing market, gap between purchase price and appraiser condition ratings causes headaches

Pressure on appraisal turn times are having a profound effect on the conflict of appraisal reports vs what the market believes the home is worth.

www.housingwire.com