Home Apprraisal Question

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2013-02-27 8:05 AM

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Subject: Home Apprraisal Question
Any good tips for getting the best appraised value? I am going to write up a little fact sheet on improvements I've made to the house since purchase. I have owned for just under 10 years now and have done quite a bit, should I go back all ten years or just the last 5? I have read that you should pull your own comps (good and bad) and provide some to the appraiser. What else do you have out there?

I am right on that 20% edge and really want to get out from under PMI. If needed I will bring money to the table to do so.

Thanks

2013-02-27 8:24 AM
in reply to: #4638670

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Subject: RE: Home Apprraisal Question

Was in the process of refinancing and just had an appraiser came in last week.  I've owned my condo for about 8 years and did a few things to it.

While he was poking around taking photos, I pointed out to him where my updates were: hard wood floors, new windows, updated kitchen etc, and when these work was done.  Some were done right after I moved in, some just 2 years ago.  Appraisers are familiar with homes of all ages and can totally tell the new additions from the original ones.

If I had not done anything, the appraised value of my home would be a little lower than the price I bought it for.  Now it's pretty much leveled, but not much more because there is only so much I can do to a condo.  It also depends on the location and the many other factors.

2013-02-27 8:25 AM
in reply to: #4638670

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Subject: RE: Home Apprraisal Question
I'll poke Bripod to chime in.  He's an Appraiser.
2013-02-27 10:03 AM
in reply to: #4638670

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Subject: RE: Home Apprraisal Question
tuwood - 2013-02-27 8:25 AM

I'll poke Bripod to chime in.  He's an Appraiser.

Come on Tony--you know I'm too busy throwing darts to be bothered with this stuff! haha

I always tell people the #1 thing you can do to make your home worth more is to convince your neighbors (those with houses similar to yours) to sell their houses for lots and lots of money. Other than that what you can do you probably already know--keep the house updated and make sure it looks nice on the day the appraiser is coming over.

Making a list of updates/improvements in advance is a great idea. It's helpful for us because not only do we get to learn what's new about the property (which might not be readily apparent when just walking through), we also need to report that stuff to the lender. I'd list almost everything up to 5 years, then major things up to 10 years (roof, kitchen/baths, siding, HVAC, flooring, basement finish, decks/patios, etc). The appraiser doesn't care that you installed a $70 exhaust fan in the bathroom back in 2004, but if you replaced a rotting deck and awful-looking patio right after you bought the place, that's helpful to know.
2013-02-27 11:01 AM
in reply to: #4638670

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Subject: RE: Home Apprraisal Question
Just hope you don't have all the effing foreclosures in your area like I did! Sold my house last year, had the price negotiated and agreed on by both parties, jut had an appraisal 9 months before to refinance the house so I could get my ex wife's name off of the mortgage and the negotiated price was within reason of that appraised value. New appraisal comes back $15000 under what was expected Still made a good profit but taking a $15000 hit wasn't what I expected! Good luck.
2013-02-27 11:17 AM
in reply to: #4638670

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Subject: RE: Home Apprraisal Question

you could always walk around with the appraiser dropping hundred dollar bills out of your pocket.  "Oopsies, did you drop that sir.  Let me grab that for you."

Then make a lot of references about the number your looking for.  You know I could bench 340 lbs. back in the day.  Di you hear about that new Chevy "340" that's coming out next year.  Seems like 340 days since I've been wanting to sell this house...

2013-02-27 12:05 PM
in reply to: #4639033

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Subject: RE: Home Apprraisal Question
tuwood - 2013-02-27 10:17 AM

you could always walk around with the appraiser dropping hundred dollar bills out of your pocket.  "Oopsies, did you drop that sir.  Let me grab that for you."

Then make a lot of references about the number your looking for.  You know I could bench 340 lbs. back in the day.  Di you hear about that new Chevy "340" that's coming out next year.  Seems like 340 days since I've been wanting to sell this house...

This GOLD! Thank you COJ!

Now I can get out from under my PMI as well!

2013-02-27 12:15 PM
in reply to: #4638670

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Subject: RE: Home Apprraisal Question
Thanks for the advice everyone. I will have my list together for the appraiser.
2013-02-27 1:52 PM
in reply to: #4639122

Subject: ...
This user's post has been ignored.

Edited by Teejaay 2013-02-27 1:52 PM
2013-02-27 1:55 PM
in reply to: #4639335

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Husker Nation
Subject: RE: Home Apprraisal Question
Teejaay - 2013-02-27 1:52 PM

Aarondb4 - 2013-02-27 11:05 AM
tuwood - 2013-02-27 10:17 AM

you could always walk around with the appraiser dropping hundred dollar bills out of your pocket.  "Oopsies, did you drop that sir.  Let me grab that for you."

Then make a lot of references about the number your looking for.  You know I could bench 340 lbs. back in the day.  Di you hear about that new Chevy "340" that's coming out next year.  Seems like 340 days since I've been wanting to sell this house...

This GOLD! Thank you COJ!

Now I can get out from under my PMI as well!

I know that youse are somewhat joking but remember .. the appraiser works for the bank .. not you.  They are hired to give an opinion of value so that the bank can make a risk management decision on whether your transaction is worth the risk. The appraiser is paid  their fee no matter the outcome, back in my day usually $350 a pop.  And I know that when I was appraising, a few hundred dollars from "Joe Nobody Homeowner" wouldn't have been enough to risk a relationship with my clients (the banks), a license to practice and an income of about $1000 a day. Now if you dropped like a million or two, threw in a sweet bike AND promised to support me the rest of life should I get caught partaking in fraudulent practices ... just maybe I'd think about taking the risk!  I'm sure Bripod would agree. 


Yeah I'm probably not going to trade a six-figure salary for a couple hundred bucks and possible jail time.
2013-02-27 2:38 PM
in reply to: #4639335

Pro
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500020002000100100100252525
Omaha, NE
Subject: RE: Home Apprraisal Question
Teejaay - 2013-02-27 1:52 PM
Aarondb4 - 2013-02-27 11:05 AM
tuwood - 2013-02-27 10:17 AM

you could always walk around with the appraiser dropping hundred dollar bills out of your pocket.  "Oopsies, did you drop that sir.  Let me grab that for you."

Then make a lot of references about the number your looking for.  You know I could bench 340 lbs. back in the day.  Di you hear about that new Chevy "340" that's coming out next year.  Seems like 340 days since I've been wanting to sell this house...

This GOLD! Thank you COJ!

Now I can get out from under my PMI as well!

I know that youse are somewhat joking but remember .. the appraiser works for the bank .. not you.  They are hired to give an opinion of value so that the bank can make a risk management decision on whether your transaction is worth the risk. The appraiser is paid  their fee no matter the outcome, back in my day usually $350 a pop.  And I know that when I was appraising, a few hundred dollars from "Joe Nobody Homeowner" wouldn't have been enough to risk a relationship with my clients (the banks), a license to practice and an income of about $1000 a day. Now if you dropped like a million or two, threw in a sweet bike AND promised to support me the rest of life should I get caught partaking in fraudulent practices ... just maybe I'd think about taking the risk!  I'm sure Bripod would agree. 

It just takes a sleeve of cookies and a Mountain Dew for Bripod. 



2013-02-27 2:44 PM
in reply to: #4638670

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2504
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Southwest Iowa
Subject: RE: Home Apprraisal Question

Would that be Thin Mint????

 

2013-03-04 7:10 AM
in reply to: #4639033

Regular
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50025
Subject: RE: Home Apprraisal Question
tuwood - 2013-02-27 12:17 PM

you could always walk around with the appraiser dropping hundred dollar bills out of your pocket.  "Oopsies, did you drop that sir.  Let me grab that for you."

Then make a lot of references about the number your looking for.  You know I could bench 340 lbs. back in the day.  Di you hear about that new Chevy "340" that's coming out next year.  Seems like 340 days since I've been wanting to sell this house...



Thanks for you advice it worked!!

No bribing necessary, I got a valuation that will work for us so all is good in my world. Thanks everyone.
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