Top 5 Disasters with Appraisers I have personally had in the 2013

I had a few extra minutes and thought I would share with other Realtors around the country some of the issues I have seen in Northwest Arkansas in the past few months with appraisals/appraisers. I have never had an many issues as this year and wondering if other Realtors/Lenders have seen the same thing in other areas.

Top 5 Disasters with Appraisers I have personally had in the 2013

5) Appraisal came in $5000 over purchase price HOWEVER it still got kicked back and investor required another appraisal… CRAZY!

4) Appraisal came in low on a new construction home that was similar pricing as others 2 miles down the street – however the appraiser said “it was a different town and they couldn’t use it” did I mention it was less than 2 miles down the same street! He wouldn’t consider changing it either…

3) Common – but had many come back “too low” but had comps to show the value – that appraiser just choose different comps to use.

2) Couldn’t find any comps – kicked back by investor had to do a in house loan

and the #1 Disaster I have encountered was the appraiser APPRAISED THE WRONG HOME! That’s right. They appraised the home across the street which was also listed. They had the right address on appraisal so how we figured this out finally was because the home they appraised was a couple years old which the one I sold was brand new. The lender kept asking me for an updated termite because all they had was a “new construction termite policy” – so finally when I got the appraisal in – WRONG HOME… funny thing was the home appraised (but the home they appraised incorrectly was actually listed 40K under the value they appraised it for.

What issues have YOU seen in YOUR market? Any tips on how to overcome the appraisal issues?

Have a great week 🙂

 

 

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