Tagged: opinion of value

Value too Low? Order Multiple Appraisals! 8

Value too Low? Order Multiple Appraisals!

Appraised value is not as high as the agreed (contract) price get multiple appraisals Folks, An article titled 4 Ways to Deal If Your Appraisal Comes in Low with incorrect info has been making the rounds. This is the second time I’ve seen it in different publications. In it, Diane Saatchi, a senior broker with Saunders & Associates in Bridgehampton, NY, is quoted: “Order a second appraisal Most often, if the appraised value is not as high as the agreed (contract) price, the seller’s agent will ask to see the comps and get a second or third appraisal,” Saatchi says....

Appraisal / Appraisal News / Appraisers News

Report an Opinion of Value as a RANGE - Yes or No - Imagecredit Flick - brandbook.de 3

Report an Opinion of Value as a RANGE – Yes or No?

Can appraisers report an opinion of value as a range? Can that be done? The answer is both YES and NO, or as some like to say, “It Depends!” Here’s an interesting example of YES, involving two commercial properties in Miami Beach (yeah, I know, resi’s, but hang with me here!): Appraisals: Town-owned lots in West Palm Beach worth millions You will notice in the article that the value reported in the appraisals is stated as a RANGE by the appraisers. That is entirely acceptable when appraisals are done under the guidance of USPAP Standard 2. It makes sense to do it...

Appraisal / Appraisal News / Appraisers News / Uniform Standards of Professional Appraisal Practice / USPAP

An appraisal is not THE opinion of value - Imagecredit Flickr - takomabibelot 0

An Appraisal is not THE Opinion of Value

My opinion of value is well-supported… Some of you are going to need to hang up your ego hats for this one. You know who you are. I see you hanging out on the online appraisal forums. You are the ones who do not just have an opinion, but THE opinion. Don’t worry, I will let you put it back on before I am done. As appraisers, we are often asked a question similar to this, “Why can two professionals appraise the same property, yet come up with two different values?” It is an excellent question, and one that has...

Appraisal / Appraisal News / Appraisers News

Why Most Purchase Appraisals SHOULD come in Just Above the Purchase Price 3

Why Most Purchase Appraisals SHOULD come in Just Above the Purchase Price

“…You come in just above the purchase price…” How many times have you had this comment from someone who knows relatively little about the appraisal process, “I am not so sure about you appraisers. Seems like every time there is a purchase transaction needing an appraisal, you come in just above the purchase price. If the house is selling for $200,000, you come in at $202,000. If it is selling for $450,000, you come in at $460,000. Seems a little rigged to me.” Ever had a client get really upset when you asked to see the purchase contract before you...

Appraisal / Appraisal News / Appraisers News / Uniform Standards of Professional Appraisal Practice / USPAP

Like Type Properties - comparables 1

Like Type Properties

Without finding the proper comparables, an appraiser is easily challenged.. Very recently, I was presented with an appraisal report that was actually a fourth revision. The appraiser had accurately completed a report and submitted the report for consideration to the lender, then over the next six weeks apparently, was barraged with a continual flow of reconsideration requests and alternative comparables, until the report appraiser finally felt pressured enough not only to re-grid alternative comparables, but also to change the opinion of value by almost 20%. I was involved in a quality assurance review and, fortunately for the appraiser, was able...

Appraisal / Appraisal News / Appraisers News

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NAR on Low Valuation in Home Appraisals

WASHINGTON (October 10, 2012) – The real estate market is recovering but still faces hurdles, notably from tight mortgage credit, but problems with a sizeable share of real estate appraisals also are holding back home sales, according to survey findings by the National Association of Realtors®. Most appraisers are competent and provide good valuations that are compliant with the Uniform Standards of Professional Appraisal Practice. However, appraisals generally lag market conditions and some changes to the appraisal process have been causing problems in recent years, including the use of out-of-area valuators without local expertise or full access to local data,...

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