Real Estate Consumer Info.com

There has to be another way to get an FHA appraisal raised!  Anyone know how to do it?

Here's the story behind my situation!  A few short sales, foreclosures in a particular community and throw in a few divorces and we've got some low sales prices.  The market is slightly turning around and most of the inventory has now been marked under contract.  Great - except that there are now not enough closed comps!

The only one we can use that is decent is $218,000 with no location, no 6 panel doors, no skylite.   The appraiser adjusted +1000.  

How flippin' generous!  Is that in 1970's prices?   Wait it gets better!

No fireplace on one comp - adjust +2000.  Where can you get a fireplace ANYWHERE for $2000?   So let's talk about the location adjustment where one townhome backs to other units and the other backs up to a nice nature sanctuary with no neighbors behind.  Appraiser says +1000.  That's it?  Is that in 1960's prices?

In fact I went thru all the comparables and NOT ONE of his adjustments was what any appraiser I contacted would have done.  All lower obviously than what they would have used.  So we are $5000 off the mark on the sales price.  That's alot of money to a seller of an average townhouse.  So let's see the market kicked the seller in the groin this year 10% or so.  Yeah, let's be sure he's really doubled over and take another 5K off the price.  Yeah, yeah!  He can't afford to have any kids now!

So somehow Lyn has to deal with it!  Where do I go to complain if I've already taken it up with the owner of the appraisal company?

Suggestions?  

Appraisal Nightmares!

I proudly serve and sell real estate in the Northwest Suburbs of Chicago.  If you are thinking about purchasing or selling your home in the communities of Schaumburg, Elk Grove Village, Hoffman Estates, Roselle, Palatine, Medinah, Itasca, Bloomingdale, Carol Stream, Bartlett, Hanover Park, Streamwood, Elgin, South Elgin, St. Charles and more importantly, want to work with a local area expert, contact me immediately.

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How can we sell anything if we can't get it to appraise!  ©2009 Lyn Sims - RealEstateConsumerInfo.com and RealEstateBuyMe.com

 

                       
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