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Bank Apprasiers

By
Real Estate Agent with CIR REALTY

Lately I've had more and more bank apprasiers coming back out looking at the homes buyers are wishing to buy.

Armed with tape measures, camera and a notepad - the jot down their impression of what the home is worth.

I always come armed for what can be a nail bitting situation.  I know I've done my job, but this person hired by the bank ISN'T a Realtor®.  They don't live in the area, and have no clue on what the market is doing.

I always offer a list of comparables and where I got my numbers from.  We all understand what the list price is and sale price is - what the buyer is willing to pay.

I know they are not the enemy - but WE never get to know what they valued the house at.  Very rarely - and sometimes if we do find out....they are so far off - it does leave me scratching my head on how they reached that number.

Just recently I had one that appraised $25,000.00 less than the sold price.  A direct comparable with less upgrades and not on a water view lot sold for more than mine did.  What the heck?

Another Realtor® friend had the same thing - this time the apprasier went in before she listed it - but he too came in $30,000 less then anything around the same area that had recently sold.

Maybe I need to take an appraisers course - to get inside their heads.  I have no clue - where or how they get prices.  Especially when - houses are selling for more in the same area for comparison.

 

 

 

Posted by

REALTOR®

Make it Airdrie  ~ Terri Stephens ~ CIR REALTY

403.827.4663

 

 

Deborah Byron Leffler BzyBee Real Estate Lady!
Keller Williams Realty Boise - Nampa, ID

I wish we could get more appropriate values on homes.   I had one that we knew was on the high side....but it had the neighborhood values and a ton of upgrades so my client was willing to pay top price....and they were putting down a substantial down payment.....

It came in $16,000 lower than asking price.....the seller came down and I had very happy buyers....but how does this help the plunging home prices?   When will they ever come up in value????

Jun 21, 2011 04:29 AM