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This article first appeared in the June issue of National Mortgage Professional Magazine. . The home appraisal has been requested…the waiting begins. Will the appraiser give credit for all the upgrades in the home? Is the appraiser familiar with the neighborhood? Tips for Appealing an Appraisal. Sign me up!
This article first appeared in the June issue of National Mortgage Professional Magazine. . The home appraisal has been requested…the waiting begins. Will the appraiser give credit for all the upgrades in the home? Is the appraiser familiar with the neighborhood? Tips for Appealing an Appraisal. Sign me up!
I came across a Facebook post from an appraiser friend of mine about an article written in the Chicago Tribune titled Homebuyers who pay cash win deals as appraisals derail sale in tight Chicago market. The title is definitely eye-catching especially to an appraiser in Chicago. Did the seller set the listing price?
During the normal course of business, appraisers must verify information about the comparables they use (agents can also do this to improve how they list homes- Click Here to read my past article). They must also find out everything about the comparable so that they can assess how it compares to the property that is being appraised.
After 35 years of appraising here, the value effect is none. Often, the MLS mentions that the sellers will fill in the pool, but I don’t know if that has ever happened. The sellers originally bought the land for $12 million back in 2010. Appraising started in the U.S. Where I live, very few homes have pools.
The client claimed in a subsequent professional liability lawsuit that the appraiser wasn’t suitably persuasive as a testifying expert. To read more about this topic, plus 2+ years of previous issues, subscribe to the paid Appraisal Today. Sellers, did you hear that? Here’s an example with the 95747 ZIP code in Roseville.
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