The arbitrariness of appraisals.

[scaredyclassic]

Today my house appraised at 135,000 more than it did at the last failed refi attempt 6 m ago.

Just how arbitrary are these things?

[bearishgurl]

scaredy, of course it depends on what has sold around you for the last six months. Perhaps comparable sold comps have either been selling for a higher price in the last six months, or, if you’re in a “custom area” (wine country?), more expensive properties have recently sold than what sold six months ago.

Compare your three recent sold comps on this recent appraisal to the three sold comps on the appraisal that was done six months ago and you will have your answer :=]

[Coronita]

pretty arbitrary. On the good news, you can now afford to send your kid to 4 year college 🙂

[scaredyclassic]

nothing has sold in the last 6 months, except for one expensive “outlier” super fancy mansion about a mile away. i guess that could do it?

[Coronita]

You should get a copy of the appraisal report from the lender.. It’s highly subjective based on the the apraiser’s determination of what a “comparable” property to yours was. I had my appraisals swing over a $200k spread between the two times I did a a refinance within a year, simply because the “comparable” of what was used in the appraisal was just so out there….The report will tell you exactly which homes were used as the “comparables” in determining your valuation.

[scaredyclassic]

i got a bad vibe from the assigned appraiser on the phone; he sounded conservative. he wanted a “spring hinge” installed before he’d sign off.

i told the bank i wouldn’t accept him, get me another.

i think my instinct was right…

i feel pretty happy.

my p&i would be the same as my rent was in my former place if this works out, except this place is 6x nicer and 2x as large.

[Anonymous]

I refi’d a year and 1/2 after purchase and the appraisal came in at $140 above purchase appraisal. Some work was done in between and permitted. Maybe because of the permit but the property tax valuation went up about the same as the appraisal. Bummer.

[Author]

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