So just when everything is moving nicely on our home… I get a copy of the appraisal this morning, $268k! That is $17k less than our offer price, and $2k less than the couple living there for 4 years paid for the house! Now I realize that home prices in this area are flat, but they have not gone down, and for at least the first 2 years the home value should have gone up. Not to mention they finished the basement, adding a bedroom and another full bath.<\/p>\n
So I start looking at the appraisal closely. 2 of the comps seem pretty fair, 1 seems totally bogus, a much older, smaller, ugly home on the wrong side of main street. Then I read further. The appraiser listed the home as a 3 bedroom 2 bath. It isn’t, it’s a 4 bedroom 3 full bath home. She only included the upstairs in the square footage measurements, even took a lot of pictures, but none downstairs. Did she even go down there? There is no downstairs living-area square footage included in the appraisal, even though there is over 1000 square feet of beautifully finished living area.<\/p>\n
The appraisers name is Lynette Richter with Landsafe Appraisals. According to our lender, our only recourse is to have the real estate agent (who is also a licensed appraiser), contact her with a dispute showing better comps and try to get her to alter the appraisal. That, or we can come up with the difference between the offer price and $268k between now and closing. We are not going to be able to do that. The seller could lower the price, but I don’t see that happening. We are probably out $350 and a lot of plans for the near future.<\/p>\n
See why I am somewhat cynical of the entire process? I am normally a very upbeat and positive person, but I am finding it increasingly hard when dealing with banks, appraisers and real estate in general.<\/p>\n","protected":false},"excerpt":{"rendered":"
So just when everything is moving nicely on our home… I get a copy of the appraisal this morning, $268k! That is $17k less than our offer price, and $2k less than the couple living there for 4 years paid for the house! Now I realize that home prices in this area are flat, but […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"class_list":["post-26","post","type-post","status-publish","format-standard","hentry","category-home-improvement"],"_links":{"self":[{"href":"https:\/\/toddosborne.net\/blog\/wp-json\/wp\/v2\/posts\/26"}],"collection":[{"href":"https:\/\/toddosborne.net\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/toddosborne.net\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/toddosborne.net\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/toddosborne.net\/blog\/wp-json\/wp\/v2\/comments?post=26"}],"version-history":[{"count":0,"href":"https:\/\/toddosborne.net\/blog\/wp-json\/wp\/v2\/posts\/26\/revisions"}],"wp:attachment":[{"href":"https:\/\/toddosborne.net\/blog\/wp-json\/wp\/v2\/media?parent=26"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/toddosborne.net\/blog\/wp-json\/wp\/v2\/categories?post=26"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/toddosborne.net\/blog\/wp-json\/wp\/v2\/tags?post=26"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}