Ar_home_b_search
 

Every once in a while, an appraisal issue comes up that leaves you scratching your head in puzzlement.  On our latest short sale, the appraiser clearly didn't want to bring the appraised value of the property in at the asking price (and, incidentally, the price the buyer was willing to pay).  Even though I provided excellent comps that sold well above the asking price of my listing, the appraiser was somewhat irritable and rushed through his evaluation of the property. 

When the appraisal came back, wonder of wonders - it came in $5,000.00 less than the asking price.  And, to make matters worse, one of the items the appraiser required was for the cement on the back patio to be painted. Yep, the cement had to be painted!  Ridiculous!  As if painting the cement would increase the value of the house.  The buyers requested a re-evaluation of the appraisal, and the appraiser grudgingly agreed to increase the property's value by $5,000.00.  But he stubbornly stuck to his demand that the cement be painted.  And, he wouldn't sign off on the appraisal until he personally verified that the requirement was fulfilled. 

The physical inspector of the property laughed when we told him about it - he couldn't believe that such a thing would ever be considered as an appraisal issue - especially when there was nothing wrong with the cement in the first place! 

Just when you think you've seen it all, something like this comes up!  I guess we've all got to roll with the punches!

 
This post has been included in California Real Estate News
Post is included in group: Short Sales Specialists
Post is included in group: Realtors®
Post is included in group: Posts to Localism
Post is included in group: Diary of a Realtor
Post is included in group: Dedicated Bloggers

1 Comments on Unreasonable Appraisal Issues During Short Sales

JUN
29
2010
267,611 Points 4 Featured Posts Outside Blog

What a very strange request. I cannot imagine why an appraiser would require such a thing. Frankly, he seems out of line. Painting cement has no impact on 'value' although it may look more appealing. Very odd!

4:24pm • #1

What does the graphic say?

Leave a response…



(optional)
What does the graphic say?
 
126

Michele Ashbarry

San Diego, CA

More about me…

Realty Partners

Address: San Diego, CA

Office Phone: (760) 440-9812

Email Me



Links

Archives

RSS 2.0 Feed for this blog