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Oh Glory Me...I'm Singing The Under Appraised Home Blues...

By
Real Estate Agent with Long & Foster Real Estate, Inc., Annapolis MD 21403 DRE# 319853

Oh Glory Me...I'm Singing The Under Appraised Home Blues...

So the day began. A dreary rainy day but full of promise as I headed to the office to begin the task of accomplishing the many items on my To Do list. I had a song in my heart and a lilt in my step as I danced over the rain puddles between car and office.

And then the email came. We are looking into this right away. I just got this information. Wow!! It was the appraisal news I had been waiting on for a week, asking about daily and telling myself that old adage that 'no news is good news'. Well wrong answer on that one.

singing the bluesSo the ol' blues song began as I analyzed the appraisal and comps used. Hmmm. Without going through each and every stanza of this appraisal song I will just say this appraisal makes no sense at all. None, nadda, no way.

Our home was immaculate yet was lumped with the 'Cat House' which was not. She even noted it in the remarks area that we were alike in condition. Now, nothing against cats mind you but the 'Cat House' had 4 of them that ran wild inside. they pee'd and clawed on every floor and up the walls. The smell was so powerful that your eyes would weep as soon as you hit the front door. Yes it sold but for tens of thousands under value and the Buyers had to rip out ALL the flooring on all levels AND some of the drywall. Must be why the Sales Price VS Gross Living Area was so much lower than any of the others. You think???

And the 2 sales in the like kind community right next door that settled in the past 2 weeks were not even used. No she went over to a community miles away whose overall value was lower to begin with due to location. But hey....the comp was a new home and so she valued it being in 'superior condition' compared to my immaculate 12 year old home with all the bells and whistles, upgrades, upkeep and landscaping package and no kids or pets ever inside its doors. Makes sense to me. NOT!!

So the rain let up as I worked away at my computer writing a dissertation letter to the appraiser for her consideration. Lunch passed and then dinner with nary a bite from me. It is now after 2am and I am still here. Though I am finished writing to the appraiser I am still singing the 'Underappraised Home Blues'.

Gee...It sure would have been nice if when I met her at the house I could have talked to her and her to me. It would have been nice if I could have shared what I knew about the 'Cat House' and why it was not a good comp, of information about the neighborhood and how it is one of the most sought after in the area. How an open not only drew the buyer she was appraising for but 18 other buyers as well of which a few others were late in getting their offers together. It would have been nice if she had not avoided me like the plague because I had a 'vested interest' in the property. No comps allowed with this appraiser. No sirree. Only the floor plan, plat and list of upgrades would she take from me. Oh Glory Me...

So now we wait for her to evaluate my 5 page letter of consideration that I will be sending in the morning. Yep, 5 pages. She did not have a clue. Really, really had no clue.

 The sellers are tossing and turning for sure as this sleepless night slowly moves into day light. As for me sleep is not happening either. Kind of hard to shut the mind down when that song keeps playing in my head.

Oh Glory Me... I'm Singing the Under Appraised Homes Blues'

Times like these take all the fun out of real estate

 

Posted by
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About the Author Martha Brown- As a third generation Annapolitan I love to write about my experiences in and out of the real estate market. Licensed since 1992 all with Long & Foster I am a Certified Residential Specialist (CRS) and a Seller Representation Specialist (SRS) whose passion is homes in the Annapolis MD area and surrounding communities. My goal is to help my clients understand the real estate market and to then make sound real estate decisions. 

 

Martha can be reached  at 410-260-2800 ofc or 

martha@homesaroundannapolis.com.

When searching for Annapolis area homes for sale

there is no better place than

www.HomesAroundAnnapolis.com

 

Have a real estate question?? 

 Ask Martha

 

 
         Bringing 'Peace of Mind' since 1992                  
 
All Photographs and/or written material and content produced by Martha Brown. All Rights Reserved and may not be reproduced or reprinted without express written permission of

Martha Brown of Long & Foster Real Estate.

320 Sixth Street

Annapolis, MD 21403

410-260-2800 office

410-440-7839 cell/text  

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Randy Ostrander
Lake and Lodge Realty LLC - Big Rapids, MI
Real Estate Broker, Serving Big Rapids and West Central MI

Thanks HVCC, yet another appraisal in the garbage. Why would you use a local knowledgable appraiser when you can choose one that doesn't have a clue about local markets and home sales. Makes perfect sense to me. Eh...

Mar 29, 2010 07:03 PM
Don Spera
CR Property Group, LLC - East York, PA
Serving York and Adams County, PA

Martha, hang in there, we all have experienced the emotional roller coaster ride before.  Some how, some way we always get through it. I am sure with your perseverance you will find a resolution.  Best wishes.

Mar 29, 2010 07:22 PM
Lenn Harley
Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate - Leesburg, VA
Real Estate Broker - Virginia & Maryland

Why not leave a folder in the house on the kitchen counter for the appraiser with the comps complete with notes on the comp for "The Cat House". 

At least you're on record with the facts.

Mar 29, 2010 10:00 PM
Robert L. Brown
www.mrbrownsellsgr.com - Grand Rapids, MI
Grand Rapids Real Estate Bellabay Realty, West Mic

Been here before. All you can do is get ALL of your supportive documentation and send it to the appraiser and hopefully they will change their mind.

Mar 30, 2010 03:16 AM
Leslie Prest
Leslie Prest, Prest Realty, Sales and Rentals in Payson, AZ - Payson, AZ
Owner, Assoc. Broker, Prest Realty, Payson,

I've had bad appraisals too, there used to be an appraiser who was notorious for it. Good luck with it.

Mar 30, 2010 06:49 AM
Michelle Gibson
Hansen Real Estate Group Inc. - Wellington, FL
REALTOR

Martha - Unfortunately I've been in this situation too and in my experience appraisers are like the referees I deal with, as soon as they make a call it's set in stone and there is no turning back even if it's a bad call.  I hope everything works out for you and your client.

Mar 30, 2010 07:03 AM
Dr. Stacey-Ann Baugh
Century 21 New Millennium - Upper Marlboro, MD
A doctor who makes house calls.

I hope you are able to work through this.  The appraisal situation can certainly be frustrating.  Keep us posted on what happens after you send your documentation.

Mar 30, 2010 09:34 AM
Susan Neal
RE/MAX Gold, Fair Oaks - Fair Oaks, CA
Fair Oaks CA & Sacramento Area Real Estate Broker

Hi Martha, I realize that we are not supposed to try to influence the appraiser, but I have never had an appraiser who refused any information I had about comps that he or she doesn't.  I have often been inside a "sold" house while it was listed, and I know that it isn't a fair comp. to my listing.  Since it is now sold, the appraiser can't see the inside, and will appreciate hearing the good and the bad from me about it, without obviously giving a sales pitch about the appraisal - just letting the appraiser take or leave the info. 

I did have one sort of snippy appraiser that made me concerned.  I removed the key from the lockbox and informed him that he had to have me let him in.  That gave me an opportunity to come armed with my own comps, which again he could consider or ignore.  The key is to be helpful, and honest, not manipulative.  This appraiser should have trusted you to not try to twist his arm or something.

Mar 30, 2010 02:36 PM
Margaret Woda
Long & Foster Real Estate, Inc. - Crofton, MD
Maryland Real Estate & Military Relocation

Oh my, Martha, only you could tell this story with such heart and humor. 

Apr 05, 2010 12:46 AM
Ellie McIntire
Ellicott City Clarksville Howard County Maryland Real Estate - Ellicott City, MD
Luxury service in Central Maryland

I just had an appraiser use a sold that was 8 months old instead of a recent comp half a mile away. It seems to be getting worse.

Apr 07, 2010 11:29 PM