Appraisal came in $5k short, run or stay?

[sdrealtor]

Just to clarify an appraisal is not necessarily an opinion of market value but rather appraised value. Here is an extreme example. Someone discovers a new item. It’s impossible to appraise it because there is nothing like it to base its value on so the market will determie the market value. While appraisals are often good estimates of fair market value they arent always. If the property doesnt have good comps of similar properties the appraisal will be tough but that doesnt mean the property isnt worth it.

You really need someone to do a good market analysis to see if the price holds water.

[SD Realtor]

I would also add that I have seen two different appraisers appraise the same property and come in at different valuations. If you really love the home then to me 5k is not a dealbreaker. If your priority is financially driven then you tell the seller take the appraised value or I walk and follow through.

[SD Realtor]

I would also add that I have seen two different appraisers appraise the same property and come in at different valuations. If you really love the home then to me 5k is not a dealbreaker. If your priority is financially driven then you tell the seller take the appraised value or I walk and follow through.

[SD Realtor]

I would also add that I have seen two different appraisers appraise the same property and come in at different valuations. If you really love the home then to me 5k is not a dealbreaker. If your priority is financially driven then you tell the seller take the appraised value or I walk and follow through.

[SD Realtor]

I would also add that I have seen two different appraisers appraise the same property and come in at different valuations. If you really love the home then to me 5k is not a dealbreaker. If your priority is financially driven then you tell the seller take the appraised value or I walk and follow through.

[SD Realtor]

I would also add that I have seen two different appraisers appraise the same property and come in at different valuations. If you really love the home then to me 5k is not a dealbreaker. If your priority is financially driven then you tell the seller take the appraised value or I walk and follow through.

[ccutequeen]

Thanks for the reply.
I did have my realtor do the market analysis. There were two comps, which appraiser also listed in his report, sold on and before Nov 09. They have the same floor plan. The difference is unit I am looking to buy is located in middle of complex, face a nice green area with fountain while another two units are located in same building facing complex parking lot. The interior of this unit has new carpet, new paint and newer appliance (I don’t really know how much diff those makes but thought it should make some) while comps has appliance from 80s, older carpret and no new paint. Would those difference justify some price difference? The appraiser has put in “same” when compare those factors.

[ccutequeen]

Thanks for the reply.
I did have my realtor do the market analysis. There were two comps, which appraiser also listed in his report, sold on and before Nov 09. They have the same floor plan. The difference is unit I am looking to buy is located in middle of complex, face a nice green area with fountain while another two units are located in same building facing complex parking lot. The interior of this unit has new carpet, new paint and newer appliance (I don’t really know how much diff those makes but thought it should make some) while comps has appliance from 80s, older carpret and no new paint. Would those difference justify some price difference? The appraiser has put in “same” when compare those factors.

[ccutequeen]

Thanks for the reply.
I did have my realtor do the market analysis. There were two comps, which appraiser also listed in his report, sold on and before Nov 09. They have the same floor plan. The difference is unit I am looking to buy is located in middle of complex, face a nice green area with fountain while another two units are located in same building facing complex parking lot. The interior of this unit has new carpet, new paint and newer appliance (I don’t really know how much diff those makes but thought it should make some) while comps has appliance from 80s, older carpret and no new paint. Would those difference justify some price difference? The appraiser has put in “same” when compare those factors.

[ccutequeen]

Thanks for the reply.
I did have my realtor do the market analysis. There were two comps, which appraiser also listed in his report, sold on and before Nov 09. They have the same floor plan. The difference is unit I am looking to buy is located in middle of complex, face a nice green area with fountain while another two units are located in same building facing complex parking lot. The interior of this unit has new carpet, new paint and newer appliance (I don’t really know how much diff those makes but thought it should make some) while comps has appliance from 80s, older carpret and no new paint. Would those difference justify some price difference? The appraiser has put in “same” when compare those factors.

[ccutequeen]

Thanks for the reply.
I did have my realtor do the market analysis. There were two comps, which appraiser also listed in his report, sold on and before Nov 09. They have the same floor plan. The difference is unit I am looking to buy is located in middle of complex, face a nice green area with fountain while another two units are located in same building facing complex parking lot. The interior of this unit has new carpet, new paint and newer appliance (I don’t really know how much diff those makes but thought it should make some) while comps has appliance from 80s, older carpret and no new paint. Would those difference justify some price difference? The appraiser has put in “same” when compare those factors.

[danielwis]

[quote=ccutequeen]Thanks for the reply.
I did have my realtor do the market analysis. There were two comps, which appraiser also listed in his report, sold on and before Nov 09. They have the same floor plan. The difference is unit I am looking to buy is located in middle of complex, face a nice green area with fountain while another two units are located in same building facing complex parking lot. The interior of this unit has new carpet, new paint and newer appliance (I don’t really know how much diff those makes but thought it should make some) while comps has appliance from 80s, older carpret and no new paint. Would those difference justify some price difference? The appraiser has put in “same” when compare those factors.[/quote]

To me, the nice view would be worth the 5,000 by itself. I would pay that to not look at a parking lot. Wouldn’t you? Throw in the newer appliances and new carpeting, and I would say that definitely covers any difference.

In the big scheme of things, 5,000 is not that much, if you feel confident that you have looked at enough inventory and feel this is the unit you want.

That said, it would not hurt to tell your realtor that you want to get the appraisal price. See what the seller does. If they don’t budge, then you have a decision to make. I think you want this unit though, and personally I would not let the 5000 break the deal.

[danielwis]

[quote=ccutequeen]Thanks for the reply.
I did have my realtor do the market analysis. There were two comps, which appraiser also listed in his report, sold on and before Nov 09. They have the same floor plan. The difference is unit I am looking to buy is located in middle of complex, face a nice green area with fountain while another two units are located in same building facing complex parking lot. The interior of this unit has new carpet, new paint and newer appliance (I don’t really know how much diff those makes but thought it should make some) while comps has appliance from 80s, older carpret and no new paint. Would those difference justify some price difference? The appraiser has put in “same” when compare those factors.[/quote]

To me, the nice view would be worth the 5,000 by itself. I would pay that to not look at a parking lot. Wouldn’t you? Throw in the newer appliances and new carpeting, and I would say that definitely covers any difference.

In the big scheme of things, 5,000 is not that much, if you feel confident that you have looked at enough inventory and feel this is the unit you want.

That said, it would not hurt to tell your realtor that you want to get the appraisal price. See what the seller does. If they don’t budge, then you have a decision to make. I think you want this unit though, and personally I would not let the 5000 break the deal.

[danielwis]

[quote=ccutequeen]Thanks for the reply.
I did have my realtor do the market analysis. There were two comps, which appraiser also listed in his report, sold on and before Nov 09. They have the same floor plan. The difference is unit I am looking to buy is located in middle of complex, face a nice green area with fountain while another two units are located in same building facing complex parking lot. The interior of this unit has new carpet, new paint and newer appliance (I don’t really know how much diff those makes but thought it should make some) while comps has appliance from 80s, older carpret and no new paint. Would those difference justify some price difference? The appraiser has put in “same” when compare those factors.[/quote]

To me, the nice view would be worth the 5,000 by itself. I would pay that to not look at a parking lot. Wouldn’t you? Throw in the newer appliances and new carpeting, and I would say that definitely covers any difference.

In the big scheme of things, 5,000 is not that much, if you feel confident that you have looked at enough inventory and feel this is the unit you want.

That said, it would not hurt to tell your realtor that you want to get the appraisal price. See what the seller does. If they don’t budge, then you have a decision to make. I think you want this unit though, and personally I would not let the 5000 break the deal.

[danielwis]

[quote=ccutequeen]Thanks for the reply.
I did have my realtor do the market analysis. There were two comps, which appraiser also listed in his report, sold on and before Nov 09. They have the same floor plan. The difference is unit I am looking to buy is located in middle of complex, face a nice green area with fountain while another two units are located in same building facing complex parking lot. The interior of this unit has new carpet, new paint and newer appliance (I don’t really know how much diff those makes but thought it should make some) while comps has appliance from 80s, older carpret and no new paint. Would those difference justify some price difference? The appraiser has put in “same” when compare those factors.[/quote]

To me, the nice view would be worth the 5,000 by itself. I would pay that to not look at a parking lot. Wouldn’t you? Throw in the newer appliances and new carpeting, and I would say that definitely covers any difference.

In the big scheme of things, 5,000 is not that much, if you feel confident that you have looked at enough inventory and feel this is the unit you want.

That said, it would not hurt to tell your realtor that you want to get the appraisal price. See what the seller does. If they don’t budge, then you have a decision to make. I think you want this unit though, and personally I would not let the 5000 break the deal.

[Author]

Posts